Michigan § 450.1338 - Fractions of share or scrip.
Full text of Michigan Michigan Compiled Laws § 450.1338 — Fractions of share or scrip., with citation guidance and answers to common questions.
§ 450.1338. Fractions of share or scrip.
A corporation may issue fractions of shares and may do 1 of the following:
Issue certificates for fractions of shares that entitle the holders to exercise voting rights and to receive dividends and distributions in proportion to their fractional holdings.
Pay in cash the fair value of fractions of shares as of the time when those entitled to receive the fractions are determined.
Issue scrip in registered or bearer form over the manual or facsimile signature of an officer of the corporation or of its agent, exchangeable as provided in the scrip for full shares. The scrip shall not entitle the holder to any right of a shareholder except as provided in the scrip. The scrip shall be issued subject to the condition that it becomes void if not exchanged for certificates representing full shares before a specified date. The scrip may be subject to the condition that the shares for which the scrip is exchangeable may be sold by the corporation and the proceeds of the sale distributed to the holders of the scrip, or subject to any other condition that the board may determine.
A corporation may provide reasonable opportunity for persons entitled to fractions of a share or scrip to sell them or to purchase additional fractions of a share or scrip needed to acquire a full share.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 450.1338
What does Michigan Compiled Laws § 450.1338 cover?
Section 450.1338 ("Fractions of share or scrip.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 450.1338?
A common citation format is "Michigan Compiled Laws § 450.1338" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 450.1338 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.