Section 200.157 - Enforceability of Restriction on Transfer of Certain Securities(a) A restriction placed on the transfer or registration of the transfer of a security of a real estate investment trust is specifically enforceable against the holder, or a successor or transferee of the holder, if: (1) the restriction is reasonable and noted conspicuously on the certificate or other instrument representing the security; or(2) with respect to an uncertificated security, the restriction is reasonable and a notation of the restriction is contained in the notice sent with respect to the security under Section 3.205.(b) Unless noted in the manner specified by Subsection (a) with respect to a certificate or other instrument or an uncertificated security, an otherwise enforceable restriction is ineffective against a transferee for value without actual knowledge of the restriction at the time of the transfer or against a subsequent transferee, regardless of whether the transfer is for value. A restriction is specifically enforceable against a person other than a transferee for value from the time the person acquires actual knowledge of the restriction's existence.Tex. Bus. Org. Code § 200.157
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.