Guam § 28604 - Fractional Shares.

§ 28604. Fractional Shares.

(a) A corporation may:

(1) Issue fractions of a share or pay in money the value of fractions

of a share;

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(2) Arrange for disposition of fractional shares by the

shareholders;

(3) Issue scrip in registered or bearer form entitling the holder to

receive a full share upon surrendering enough scrip to equal a full

share.

(b) Each certificate representing scrip must be conspicuously labeled

scrip and must contain the information required by § 28610(b).

(c) The holder of a fractional share is entitled to exercise the rights of a

shareholder, including the right to vote, to receive dividends, and to

participate in the assets of the corporation upon liquidation. The holder of

scrip is not entitled to any of these rights unless the scrip provides for them.

(d) 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.