Section 3A
Trust not to be entered on the register.
The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
About this Act
An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order further to control the heights of the economy, to meet progressively, and serve better, the needs of the development of the economy and to promote the welfare of the people, in conformity with the policy of the State towards securing the principles laid down in clauses (b) and (c) of article 39 of the Constitution and for matters connected therewith or incidental thereto.
1[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:]
2[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.]
2[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.]
Notes
1. Ins. by Act 37 of 1994, s. 13 (w.e.f. 15-7-1994).
2. Ins. by Act 8 of 1997, s. 20 (w.e.f. 15-1-1997).
2. Ins. by Act 8 of 1997, s. 20 (w.e.f. 15-1-1997).