Section 15 – Trusts not to be entered on the register of shareholders

¹[15. Trusts not to be entered on the register of shareholders.--No notice of any trust, express, implied or constructive, shall be entered on the register of shareholders or be receivable by the State 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.

Explanation.--For the purposes of section 13, section 13A 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).]

¹. Subs. by Act 3 of 1993, s. 7, for section 15 (w.e.f. 15-10-1993).

². The proviso and Explanation ins. by Act 8 of 1997, s. 5 (w.e.f. 15-1-1997).