Abstract
The aim of this paper is to ascertain how the latest Malaysian apex court apply English trust law for equity to perfect an imperfect gift of shares as encapsulated in the leading case of Pennington v Waine. A comparative research methodology reveals that there must be detrimental reliance on the part of the donee of shares, which cannot be justified from the perspective of company law. It must also be unconscionable for the donor of shares to deny the donee and this subjective test is too wide and confers the court's unfettered discretion to perfect an imperfect gift.
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