Wisconsin Code § 408.204

Effect of issuer’s restriction on transfer
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A restriction on the 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.

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