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.
Structure Maryland Statutes
Title 8 - Investment Securities
Section 8-202 - Issuer's Responsibility and Defenses; Notice of Defect or Defense
Section 8-203 - Staleness as Notice of Defects or Defense
Section 8-204 - Effect of Issuer's Restrictions on Transfer
Section 8-205 - Effect of Unauthorized Signature on Security Certificate
Section 8-206 - Completion or Alteration of Security Certificate
Section 8-207 - Rights of Issuer With Respect to Registered Owners
Section 8-208 - Effect of Signature of Authenticating Trustee, Registrar or Transfer Agent