The case of Re Rose, Rose v. I.R.C. is a well-known authority for the significance of the last act; equity treats a gift as complete where the donor has done all in his power to divest himself of the property, and to vest it in the transferees. The Court of Appeal followed a first instance decision, Re Rose, Midland Bank Executor and Trustee Co., Ltd. v. Rose, whose similar name was purely coincidental. In the earlier case, the unusual provisions of a will made it necessary for one Hook to argue that the transfer of preference shares had taken effect prior to the death of the testator. Jenkins J. held that it had, although registration of the transfer by the directors did not occur until later, because the testator had done all he could to transfer the shares before his death. Midland Bank v. Rose was approved, obiter, by Lord Wilberforce in Vandervell v. I.R.C. In Mascall v. Mascall, it was expressly argued that Rose v. I.R.C. was wrongly decided, but the authority of the earlier Court of Appeal decision was upheld, so there is little doubt that what has been called “the Rule in Re Rose” is correct.