11 M.R.S. §8-1204: 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.