47-8204 - Arizona Statutes

47-8204. Effect of issuer's restriction on transfer 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.