Allow Access by Role
Visibility to project notes can be further restricted based on user role. Checking the 'Allow Access by Role' checkbox, will make available a number of additional checkboxes where by the note creator can further limit who can see the note. Any user that can create a note can set the access restrictions.
Administrators, Project Managers, the note creator, and a user explicitly defined as the Assignee can always view the note regardless of the role restrictions (with one exception -- the creator and assignee will no longer be allowed to see notes to which they are not associated or no longer have visibility to the project). In other words, being a creator or assignee does not trump the regular data visibility rules. Alternates of allowed users by role will also have visibility.
Project Managers can view all notes for those projects to which they have visibility.
Keep in mind that this feature does not override or expand the existing data viewing rules (ie those dictated by Organization Access, Restrict View, etc), but rather, allows the note creator to further limit who can see a particular note (on a role by role basis).
See Project Notes >> Access for more information regarding who has visibility to notes.