Act Number: 38

Act Name: The State Bank of India (Subsidiary Banks) Act, 1959

Year: 1959

Enactment Date: 1959-09-10

Long Title: An Act to provide for the formation of certain Government or Government associated banks as subsidiaries of the State Bank of India and for the constitution, management and control of the subsidiary banks so formed, and for matters connected therewith, or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 22: Trusts not to be entered on the register.
    1 [No notice of any trust,] express, implied or constructive, shall be entered on the register of shareholders of a subsidiary bank or be receivable by it in respect of its shares:
     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.
     Explanation.--For the purposes of section 21, section 21A 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. Subs. by Act 30 of 2007, s. 12, for "Notwithstanding anything contained in section 19, no notice of any trust," (w.e.f. 9-7-2007).
2. Ins. by Act 8 of 1997, s. 8 (w.e.f. 15-1-1997).
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