Ark. Code § 4-8-204 : BUSINESS AND COMMERCIAL LAW — UNIFORM COMMERCIAL CODE — INVESTMENT SECURITIES — ISSUE AND ISSUER —8-204 - Effect 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.

Ark. Code § 4-8-204

Acts 1995, No. 425, § 1.
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