Promoting alienability has been a policy of the law for many years. The rule against inalienability is one aspect of that policy. This paper seeks to demonstrate that that rule throws doubt on the validity of useful provisions such as the asset-lock provisions of the new breed of community-interest companies; that, historically, it has not been applied where logically it should have been; that the related rules restricting the imposition of conditions on transfers can readily, and better, be based upon secure doctrine rather than uncertain policy; and that, overall, its repeal, if thought necessary with concurrent reforms, would be welcome.