2017 New York Laws
BSC - Business Corporation
Article 5 - Corporate Finance
509 - Fractions of a Share or Scrip Authorized.

509. Fractions of a share or scrip authorized.
(a) A corporation may, but shall not be obliged to, issue fractions of
  a  share  either  represented  by a certificate or uncertificated, which
  shall entitle the holder, in proportion to his fractional  holdings,  to
  exercise voting rights, receive dividends and participate in liquidating
  distributions.
(b) As an alternative, a corporation may pay in cash the fair value of
  fractions  of a share as of the time when those entitled to receive such
  fractions are determined.
(c) As an alternative, a corporation may 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 therein provided  for  full
  shares,  but  such scrip shall not entitle the holder to any rights of a
  shareholder except as therein provided. Such scrip may be issued subject
  to the condition  that  it  shall  become  void  if  not  exchanged  for
  certificates  representing  full  shares  or  uncertificated full shares
  before a specified date, or subject to the condition that the shares for
  which such scrip is exchangeable may be sold by the corporation and  the
  proceeds thereof distributed to the holders of such scrip, or subject to
  any other conditions which the board may determine.
(d)  A  corporation  may  provide  reasonable  opportunity for persons
  entitled to fractions of a share or scrip to sell such  fractions  of  a
  share  or  scrip  or to purchase such additional fractions of a share or
  scrip as may be needed to acquire a full share.