Chapter II — Transfer Of The Undertakings Of Existing Banks And Share Capitals Of The Corresponding New Banks

Section 3A — Trust not to be entered on the register

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 · Free to read

[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:]

[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.]