South Dakota Codified Laws 57A-8-204. Effect of issuer’s restriction on transfer
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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
Terms Used In South Dakota Codified Laws 57A-8-204
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(2) The security is uncertificated and the registered owner has been notified of the restriction.
Source: SL 1998, ch 284, § 1.