DIY Legal Forms

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Declaring A Stock Dividend With Cash Payments In Lieu Of Fractional Shares

It is resolved that:

A stock dividend is declared in the amount of one tenth of a share of this corporation's (Name) authorized and unissued Common Stock, without par value, on each outstanding share of stock, payable on [date] to shareholders of record as of the close of business on [date], provided that cash in an amount to be determined by the officers of Corporation to be reasonable shall be distributed in lieu of the fractional shares to which shareholders would otherwise be entitled in order to avoid the trouble, expense, and inconvenience of issuing and dealing with fractional shares.