In general, with shares of a public limited company (a plc), the directors may not refuse to register the transfer of shares. However, with a private limited company, there is frequently some provision in the company’s articles of association (part of its constitution) restricting the transfer of the company’s shares. Depending on the terms of the articles of association, the directors of a private limited company may refuse to register the transfer. (Further, see Re Rose, 5.6.1.)