Terms Used In Wisconsin Statutes 180.0604

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
  • State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
   (1)    A corporation may do any of the following:
      (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.
      (c)    Issue scrip in registered or bearer form entitling the holder to receive a full share on the surrender of enough scrip to equal a full share.
   (2)   A certificate representing scrip shall be conspicuously labeled “scrip” and shall contain the terms of exchange of scrip for a full share and the information required by s. 180.0625 (1), except that it may state that it is issued to bearer.
   (3)   The holder of a fractional share may 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 the rights described in this subsection unless the scrip provides for them.
   (4)   The board of directors may authorize the issuance of scrip subject to any condition considered desirable, including but not limited to any of the following:
      (a)    That the scrip will become void if not exchanged for full shares before a specified date.
      (b)    That the shares for which the scrip is exchangeable may be sold and the proceeds paid to the scripholders.

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