Michael owns 1,100 shares in Reliant Ltd, a private company. Michael wishes to give the shares to his sons Gary and Luke. The articles of association of Reliant Ltd provide that the directors must approve any share transfer. Michael fills out a share transfer form for 550 shares for each of his two sons. Michael delivers the share transfer forms and the share certificates to Gary and Luke. Gary takes his form and delivers it to the company. Luke is too busy and so does not deliver his form to the company. The directors meet and consider Gary's form but decide that he is too young to be a member of the company and refuse to consent to the transfer. They inform Michael and Gary of their decision.

Michael wishes to give his 400 shares in another company, Peckham Ltd, to his daughter Chloe. Michael fills out a share transfer form and gives the form and the share certificates to his solicitor Bella to give to Chloe. Bella is very busy and so does not give the forms to Chloe.

Yesterday Michael was involved in a road traffic accident and has died. Considering only the principels of equity and the law of trusts, explain the issues arising from the attempts to gift the shares in Reliant Ltd and Peckham Ltd. Have the gifts been perfected? [10 marks]