The articles of association of a joint stock limited company may restrict the transfer of shares by senior managers. When the shares of a joint stock limited company are transferred, the articles of association may make other restrictive provisions on the transfer of shares held by directors, supervisors and senior managers of the company. Article 72 of the Company Law stipulates that when the people's court transfers the shareholders' equity according to the compulsory execution procedures prescribed by law, it shall notify the company and all shareholders, and other shareholders shall have the preemptive right under the same conditions. Other shareholders who fail to exercise the preemptive right within 20 days from the date of notification by the people's court shall be deemed to have waived the preemptive right.