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:\n(1) The security is certificated and the restriction is noted conspicuously on the security certificate; or\n(2) The security is uncertificated and the registered owner has been notified of the restriction. [1961 c.726 §78.2040; 1985 c.676 §78.2040; 1995 c.328 §20]
Oregon Legal Code