Issuance of script--Authorization by board of directors--Conditions

The board of directors may authorize the issuance of scrip subject to any condition considered desirable, including: (1) That the scrip will become void if not exchanged for full shares before a specified date; and (2) That the shares for which the scrip is exchangeable may be sold and the proceeds paid to the scripholders. Source: SL 2005, ch 239, § 63.