- (a) Unless the bylaws provide otherwise, the board of directors of a corporation may determine the conditions for issuing a new stock certificate in place of one which is alleged to have been lost, stolen, or destroyed.
- (b) In its discretion, the board may require the owner of the certificate to give bond, with sufficient surety, to indemnify the corporation against any loss or claim arising as a result of the issuance of a new certificate.
- (c) The issuance of a new certificate under this section does not constitute an overissue of the shares it represents.
Added by Acts 1975, c. 311, § 2, eff. July 1, 1975.
Formerly Art. 23, § 27.