8.8A-204 - A-204. Effect of issuer's restriction on transfer. - Virginia Statutes

§ 8.8A-204. Effect of issuer's restriction on transfer.

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

(1) the security is certificated and the restriction is noted conspicuouslyon the security certificate; or

(2) the security is uncertificated and the registered owner has been notifiedof the restriction.

(1996, c. 216.)