                                 CODE OF VIRGINIA

SHARES WITHOUT CERTIFICATES (§ 13.1-648)

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 deliver to the shareholder a written
statement of the information required on certificates by subsections B and C of
&#xA7; 13.1-647, and, if applicable, &#xA7; 13.1-649.

HISTORY: Code 1950, § 13.1-20; 1956, c. 428; 1958, c. 564; 1972, c. 580; 1984,
c. 613; 1985, c. 522; 2019, c. 734.