Kentucky Statutes 271B.6-260 – Shares without certificates — Shares of a public benefit corporation
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(1) Unless the articles of incorporation or bylaws provide 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 shall not affect shares already represented by certificates until they are surrendered to the corporation.
(2) 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 (2) and (3) of KRS
271B.6-250 and, if applicable, KRS § 271B.6-270.
(3) Any stock certificate issued by a public benefit corporation shall note conspicuously that the corporation is a public benefit corporation.
Effective:June 29, 2017
History: Amended 2017 Ky. Acts ch. 28, sec. 5, effective June 29, 2017. — Created
1988 Ky. Acts ch. 23, sec. 43, effective January 1, 1989.
(2) 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 (2) and (3) of KRS
Terms Used In Kentucky Statutes 271B.6-260
- Articles of incorporation: include amended and restated articles of incorporation and articles of merger. See Kentucky Statutes 271B.1-400
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Public benefit: means a positive effect or reduction of negative effects on one (1) or more categories of persons, entities, communities, or interests other than stockholders in their capacities as stockholders. See Kentucky Statutes 271B.1-400
- Shareholder: means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation. See Kentucky Statutes 271B.1-400
271B.6-250 and, if applicable, KRS § 271B.6-270.
(3) Any stock certificate issued by a public benefit corporation shall note conspicuously that the corporation is a public benefit corporation.
Effective:June 29, 2017
History: Amended 2017 Ky. Acts ch. 28, sec. 5, effective June 29, 2017. — Created
1988 Ky. Acts ch. 23, sec. 43, effective January 1, 1989.