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.
HISTORY: 1962 Code Section 10.8-204; 1966 (54) 2716; 1991 Act No. 161, Section 1; 2001 Act No. 67, Section 5.
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