Can a Transfer Notice be invalid if the Notice is not served to the New Shareholders?

Can it be reasonably argued that these New Shareholders should have been served with the Transfer Notice and that failure to do so may render the Transfer Notice invalid? I think it can. It is true that the New Shareholders were not registered as such at the time the Transfer Notice was served. But that omission did not mean that they were not then shareholders. They had paid for their shares and were signatories to the Waiver and Novation agreement. In that way they had assumed the same rights and responsibilities of the other shareholders as governed by the USA. Neither the Waiver and Novation agreement, nor the USA, had any provision restricting the shareholders to be served the Transfer Notice pursuant to Article 9 of the USA to registered shareholders. Accordingly, I conclude that the New Shareholders were shareholders entitled to be served with the Transfer Notice: see Gordon v. Gaby (1966), 1966 CanLII 514 (SCC), 57 D.L.R. (2d) 1 (S.C.C.).