Maryland Corporations and Associations Section 2-210

      (a)      Except as provided in subsections (b) and (c) of this section, each stockholder is entitled to stock certificates which represent and certify the shares of stock he holds in the corporation.

      (b)      A stock certificate may not be issued until the stock represented by it is fully paid.

      (c)      Unless the charter 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 does not affect shares already represented by certificates until they are surrendered to the corporation. At the time of issue or transfer of shares without certificates, the corporation shall send the stockholder a written statement of the information required on certificates by § 2-211 of this subtitle.