1. (a) Unless prohibited by the articles of agreement, or any amendment thereto, or bylaws, a bank may issue a certificate for a fractional share.
2. (b) The creation of fractional shares sometimes occurs in connection with stock dividends.
3. (c) In lieu of issuing certificates for fractional shares the bank may issue scrip.
4. (d) A scrip certificate specifies that the holder has rights in respect to a designated number of fractional shares, and a person holding scrip certificates covering fractional interests equal to a full share may exchange such certificates for a certificate covering one (1) share.
5. (e) Unless otherwise provided in the articles or bylaws, a fractional share shall (but scrip will not) entitle the holder to vote or receive dividends.
6. (f) Where scrip is issued, the directors may provide that it shall become void unless exchanged for certificates representing full shares before a specified date.
7. (g) Where scrip is issued it is customary to establish certain officials as a clearing house to handle the sale of the fractional interests whose holders desire to sell and to handle the purchase for those who desire to purchase additional rights for the purpose of matching them into full shares.
8. (h) Further, where scrip is issued, the directors may provide that it will become void if not exchanged for certificates representing full shares before a specified date, or the State Banking Board may provide that the shares for which the scrip is exchangeable may be sold by the bank and the proceeds thereof distributed to the holders of such scrip.

Codification Notes: This section was promulgated as Section 48-313.2 of the State Bank Department Rules prior to codification into the Code of Arkansas Rules. This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "(Reference A.C.A. § 23-48-313)"