[§414-87]  Shares without certificates. (a)  Unless the articles of incorporation or bylaws provide otherwise, theboard of directors of a corporation may authorize the issuance of some or allof the shares of any or all of its classes or series without certificates.  Theauthorization does not affect shares already represented by certificates untilthey are surrendered to the corporation.

(b)  Within a reasonable time after theissuance or transfer of shares without certificates, the corporation shall sendthe shareholder a written statement of the information required on certificatesby section 414-86(b) and (c), and, if applicable, section 414-88. [L 2000, c244, pt of §1]