47-1A-604.3. Issuance of script--Authorization by board of directors--Conditions.
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/sd/title-47/chapter-47-1/47-1a-604-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board of directors may authorize the issuance of scrip subject to any condition considered desirable, including:
(1)That the scrip will become void if not exchanged for full shares before a specified date; and
(2)That the shares for which the scrip is exchangeable may be sold and the proceeds paid to the scripholders.