Sec. 33-677. Shares without certificates. - Connecticut Statutes

      Sec. 33-677. Shares without certificates. (a) Unless the certificate of incorporation or a bylaw provides 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 subsections (b) and (c) of section 33-676, and, if applicable, section 33-678.

      (P.A. 94-186, S. 49, 215; P.A. 96-271, S. 40, 254.)

      History: P.A. 94-186 effective January 1, 1997; P.A. 96-271 amended Subsec. (a) to replace "articles" of incorporation with "certificate" of incorporation and "bylaws" with "a bylaw", effective January 1, 1997.

      Annotations to former section 33-53:

      Statements on margin of certificate as entering into contract. 73 C. 377. Stock certificate is not a negotiable instrument; its true nature and effect explained; no presumption of consideration where stock pledged as collateral for preexisting debt. 94 C. 606. Stock certificate not essential to constitute one a stockholder. 100 C. 61. Corporation may withhold certificates until subscription is fully paid. 104 C. 694. See also annotations to section 33-348.