13.1-648 - Shares without certificates. - Virginia Statutes

§ 13.1-648. Shares without certificates.

A. Unless the articles of incorporation or bylaws provide otherwise, theboard of directors of a corporation may authorize the issue of some or all ofthe shares of any or all of its classes or series without certificates. Theauthorization does not affect shares already represented by certificatesuntil they are surrendered to the corporation.

B. Within a reasonable time after the issue or transfer of shares withoutcertificates, the corporation shall send the shareholder a written statementof the information required on certificates by subsections B and C of §13.1-647, and, if applicable, § 13.1-649.

(Code 1950, § 13.1-20; 1956, c. 428; 1958, c. 564; 1972, c. 580; 1984, c.613; 1985, c. 522.)