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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>64382</law_id><section_number>8.8A-204</section_number><catch_line>Effect of issuer&amp;#8217;s restriction on transfer</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>8.8A-401</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="8.8A">Commercial Code &#x2014; Investment Securities</unit><unit label="part" level="2" order_by="1" identifier="2">Issue and Issuer</unit></structure><text>
						<section><p>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:</p></section>
						<section id="1"><p><span class="prefix-number">1.</span> the security is certificated and the restriction is noted conspicuously on the security certificate; or <a id="paragraph-234294" class="section-permalink" href="https://vacode.org/8.8A-204/#1"><i class="fa fa-link"/></a></p></section>
						<section id="2"><p><span class="prefix-number">2.</span> the security is uncertificated and the registered owner has been notified of the restriction. <a id="paragraph-234295" class="section-permalink" href="https://vacode.org/8.8A-204/#2"><i class="fa fa-link"/></a></p></section></text><history>1996, c. 216.</history><metadata></metadata></law>
