Oregon Code § 707.260·Enacted ·Last updated March 01, 2026
Statute Text
Fractional shares; scrip.
(1) An institution or Oregon stock savings bank may:
(a) Issue
fractions of a share or pay in money the value of fractions of a share;
(b) Arrange for
disposition of fractional shares by the shareholders; or
(c) Issue scrip
in registered or bearer form entitling the holder to receive a full share upon
surrendering enough scrip to equal a full share.
(2) Each
certificate representing scrip must be conspicuously labeled scrip and must
contain the following information:
(a) The name of
the issuing institution or Oregon stock savings bank and a statement that it is
organized under the law of this state;
(b) The name of
the person to whom the scrip is issued; and
(c) The number
and class of shares and the designation of the series, if any, for which the
certificate may be exchanged.
(3) The holder of
a fractional share is entitled to exercise the rights of a shareholder,
including the right to vote, receive dividends and participate in the assets of
the institution or Oregon stock savings bank upon liquidation. The holder of
scrip is not entitled to any of these rights unless the scrip provides for
them.
(4) The board of
directors may authorize the issuance of scrip subject to any condition
considered desirable, including:
(a) That the
scrip will become void if not exchanged for full shares before a specified
date; or
(b) That the
shares for which the scrip is exchangeable may be sold and the proceeds paid to
the scripholders. [1989 c.324 §32; 1997 c.631 §67]