4.5 Replacement of Certificates Sample Clauses


4.5 Replacement of Certificates. Except as otherwise provided by law, the Board of Directors may determine the conditions upon which a new share certificate may be issued in the place of any certificate alleged to have been lost, mutilated, or destroyed. They may, in their discretion, require the owner of a lost, mutilated, or destroyed certificate, or his legal representative, to give a bond, sufficient in their opinion, with or without surety, to indemnify the Corporation against any loss or claim which may arise by reason of the issue of a certificate in place of such lost, mutilated, or destroyed share certificate.