Section 20C
Trust not to be entered on the register of shareholders.
The Small Industries Development Bank of India Act, 1989
About this Act
An Act to establish the Small Industries Development Bank of India as the principal financial institution for the promotion, financing and development of industry in the small-scale sector and to co-ordinate the functions of the institutions engaged in the promotion, financing or developing industry in the small-scale sector and for matters connected therewith or incidental thereto.
1[20C. Trust not to be entered on the register of shareholders.--Notwithstanding anything
contained in section 20B, no notice of any trust, express, implied or constructive, shall be entered on the
register of shareholders or be receivable by the Small Industries Bank:
Provided that nothing in this section shall apply to a depository in respect of the shares held by it as a registered owner on behalf of a beneficial owner.
Explanation.--For the purposes of section 20B and this section, the expressions "beneficial owner", "depository" and "registered owner" shall have the meanings respectively assigned to them in clauses (a), (e) and (j) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996).]
Provided that nothing in this section shall apply to a depository in respect of the shares held by it as a registered owner on behalf of a beneficial owner.
Explanation.--For the purposes of section 20B and this section, the expressions "beneficial owner", "depository" and "registered owner" shall have the meanings respectively assigned to them in clauses (a), (e) and (j) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996).]
Notes
1. Ins. by s. 12, ibid. (w.e.f. 27-3-2000).