2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 15 - Corporate Powers, Duties and Safeguards
1527 - Issuance of fractional shares or scrip.

     § 1527.  Issuance of fractional shares or scrip.
        (a)  General rule.--A business corporation may but shall not
     be required to create and issue fractions of a share, either
     represented by a certificate or uncertificated, which, unless
     otherwise provided in the articles, shall represent proportional
     interests in all the voting rights, preferences, limitations and
     special rights, if any, of full shares. If the corporation
     creates but does not provide for the issuance of fractions of a
     share, it shall:
            (1)  arrange for the disposition of fractional interests
        by those entitled thereto;
            (2)  pay in money the fair value of fractions of a share
        determined at the time and in the manner provided in the
        plan, amendment or resolution of the board providing for the
        creation of the fractional interests; or
            (3)  issue scrip or other evidence of ownership, in
        registered form (either represented by a certificate or
        uncertificated) or in bearer form (represented by a
        certificate), entitling the holder to receive a full share
        upon the surrender of the scrip or other evidence of
        ownership aggregating a full share, or the transfer of
        uncertificated scrip aggregating a full share, but which
        shall not, unless otherwise provided therein or with respect
        thereto, entitle the holder to exercise any voting right, to
        receive dividends or to participate in any of the assets of
        the corporation in the event of liquidation.
        (b)  Elimination of shares or scrip.--The scrip or other
     evidence of ownership may be issued subject to the condition
     that it shall become void if not exchanged for full shares
     before a specified date, or subject to the condition that the
     shares for which the scrip or evidence of ownership is
     exchangeable may be sold and the proceeds thereof distributed to
     the holders of the scrip or evidence of ownership, or subject to
     any other conditions that the corporation deems advisable.