Mich. Comp. Laws § 440.8204: Restriction on transfer of security.

Sec. 8204.

A restriction on transfer of a security imposed by the issuer, even though otherwise lawful, is ineffective against a person without knowledge of the restriction unless:

The security is certificated and the restriction is noted conspicuously on the certificate.

The security is uncertificated and the registered owner has been notified of the restriction.