Mass. Gen. Laws ch. 106, § 8-204 – Effect of Issuer's Restriction on Transfer | Midpage
§ 8-204
Mass. Gen. Laws ch. 106, § 8-204
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.