<?xml version='1.0' encoding='utf-8'?>
<section article="gcl" article_name="Commercial Law" number="8-204" title_number="8" title_name="Investment Securities" subtitle_number="2" subtitle_name="Issue and Issuer">
  <text>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:</text>
  <level label="1">
    <text>The security is certificated and the restriction is noted conspicuously on the security certificate; or</text>
  </level>
  <level label="2">
    <text>The security is uncertificated and the registered owner has been notified of the restriction.</text>
  </level>
</section>
