2011 Wisconsin Laws 408.204 – Effect of issuer’s restriction on transfer
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408.204
408.204 Effect of issuer’s restriction on transfer. A restriction on the transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless:
408.204(1)
(1) The security is certificated and the restriction is noted conspicuously on the security certificate; or
408.204(2)
(2) The security is uncertificated and the registered owner has been notified of the restriction.