Small Industries Development Bank of India Act : TRUST NOT TO BE ENTERED ON THE REGISTER OF SHAREHOLDERS

Small Industries Development Bank of India Act,1989

Act No : 39

Section : TRUST NOT TO BE ENTERED ON THE REGISTER OF SHAREHOLDERS

SECTION 20C: TRUST NOT TO BE ENTERED ON THE REGISTER OF SHAREHOLDERS

Notwithstanding anything contained in Sec. 20-B, no notice of any trust, express, implied or constructive, shall be entered on the register of shareholder 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 Sec. 20-B 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-sec.(l) of Sec. 2 of the Depositories Act, 1996 (22 of 1996).