[§414-87]  Shares without certificates. 
(a)  Unless the articles of incorporation or bylaws provide otherwise, the
board of directors of a corporation may authorize the issuance 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
issuance or transfer of shares without certificates, the corporation shall send
the shareholder a written statement of the information required on certificates
by section 414-86(b) and (c), and, if applicable, section 414-88. [L 2000, c
244, pt of §1]