Section 10-2B-6.26 Shares without certificates. - Alabama Statutes

Section 10-2B-6.26

Shares without certificates.

REPEALED IN THE 2009 REGULAR SESSION BY ACT 2009-513, EFFECTIVE JANUARY 1, 2011. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.

(a) Unless the articles of incorporation or bylaws provide otherwise, the board of directors of a corporation may authorize the issue of some or all of the shares of any or all of its classes or series without certificates. The authorization does not affect shares already represented by certificates until they are surrendered to the corporation.

(b) Within a reasonable time after the issue or transfer of shares without certificates, the corporation shall send the shareholder a written statement of the information required on certificates by Section 10-2B-6.25(b) and (c), and, if applicable, Section 10-2B-6.27.

(Acts 1996, No. 96-742, p. 1241, §6.)