554.8204  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.
[C50, 54, 58, 62, §493A.15; C66, 71, 73, 75, 77, 79, 81, §554.8204]
89 Acts, ch 113, §11; 96 Acts, ch 1138, §27, 84