Mich. Comp. Laws § 440.8204

Current through Public Act 171 of the 2024 Legislative Session

Section 440.8204 - Restriction on transfer of security

A restriction on transfer of a security imposed by the issuer, even though otherwise lawful, is ineffective against a person without knowledge of the restriction unless:

(a) The security is certificated and the restriction is noted conspicuously on the certificate.

(b) The security is uncertificated and the registered owner has been notified of the restriction.

MCL 440.8204

1962, Act 174, Eff. 1/1/1964 ;--Am. 1987, Act 16, Imd. Eff. 4/24/1987 ;--Am. 1998, Act 278, Imd. Eff. 7/27/1998.