2019 Code of Alabama
Title 7 - Commercial Code.
Article 8 - Investment Securities.
Part 2 - Issue and Issuer.
Section 7-8-204 - Effect of issuer's restriction on transfer.

Universal Citation: AL Code § 7-8-204 (2019)
Section 7-8-204Effect 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.

(Acts 1965, No. 549, p. 811; repealed by Acts 1996, No. 96-742, p. 1241, §1; added by Acts 1996, No. 96-742, p. 1241, §1.)
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