Your colleague Abdul has a client who has received a gift of shares, but the transfer was never

registered with the Company. Abdul comes to you as he is aware that Milroy v Lord (1862) 4 De GF&J

264 is support for the proposition that equity will not perfect an imperfect gift. However, he is also

aware there are a number of exceptions to this rule including Re Rose (1952) and Pennington v

Waine. Explain and critically analyse these two specific exceptions with reference to relevant

academic arguments and case law and when they might apply to Abdul's client.