Section 7-8-204 - Effect of issuer's restriction on transferA 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.Ala. Code § 7-8-204 (1975)
Acts 1965, No. 549, p. 811; repealed by Acts 1996, No. 96-742, p. 1241, §1; added by Acts 1996, No. 96-742, p. 1241, §1.