PAIVIS Corp (fka PAVC)

[trackgirl514]

Legend Must Come Off

"Even if you've satisfied Rule 144, you still can't resell restricted stock into the public market until you get the restrictive legend removed from the certificate. And only the stock transfer agent can do that.
The transfer agent is usually a specialized outside firm appointed by a company to maintain stock records. It issues and cancels certificates; deals with problems like lost, stolen or destroyed certificates; removes outdated legends; and handles other such chores.
But the transfer agent's authority is limited. It can't erase a restrictive legend until the issuer of the stock says it's OK to do so. Issuers usually require an attorney's opinion letter before they give the green light for this. The letter is often written by issuer's counsel, but the seller frequently must pay for it."

http://www.thebullandbear.com/articles/2002/0302-restricted.html