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The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980

4[3A. Trust not to be entered on the register.-

Notwithstanding anything contained in sub-section (2F) of section 3, no notice of any trust, express, implied or constructive, shall be entered on the register, or be receivable, by the corresponding new bank:]

5[Provided that nothing in this section shall apply to a depository in respect of shares held by it as a registered owner on behalf of the beneficial owners.]

4. Ins. by Act 37 of 1994, s. 13 (w.e.f. 15-7-1994).

5. Ins. by Act 8 of 1997, s. 20 (w.e.f. 15-1-1997).

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Back

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