# Companies Act 1948, Paragraph 3


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

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Source: https://www.legislation.gov.uk/ukpga/Geo6/11-12/38/schedule/FIRST/group/TABLEn1/group/TABLE/part/II/paragraph/3 (the official version)
Page: https://openlegislation.uk/companies-act-1948/schedule-FIRST/group-TABLEn1/group-TABLE/part-II/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.