§ 8-204. Effect of issuer's restrictions on transfer

MD Comm L Code § 8-204 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless:

(1)    The security is certificated and the restriction is noted conspicuously on the security certificate; or

(2)    The security is uncertificated and the registered owner has been notified of the restriction.