There is a newer version of the Maryland Code
2013 Maryland Code
COMMERCIAL LAW
§ 8-204 - Effect of issuer's restrictions on transfer
MD Comm L Code § 8-204 (2013) What's This?
§8-204.
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.
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