Sec. 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.
Amended by Acts 1995, 74th Leg., ch. 962, Sec. 1, eff. Sept. 1, 1995.