A long-established private company which has adopted Table A of the Companies Act 1948 will have the following power:

‘The directors may, in their absolute discretion and without assigning any reason therefore, decline to register any transfer of any share, whether or not it is a fully paid share.’

(Companies Act 1948, Table A, Pt. 2, reg. 3 as originally enacted.)

A company incorporated after 22 December 1980 will generally have adopted Table A of the 1948 Act but as amended by Companies Act 1980. This read:

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