LawgistThe Banking Companies (Acquisition and Transfer of Undertakings) Act
3ATrust not to be entered on the register
1[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:]
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.]
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1. Ins. by Act 37 of 1994, s. 13 (w.e.f. 15-7-1994).
2. Ins. by Act 8 of 1997, s. 20 (w.e.f. 15-1-1997).
TRANSFER OF THE UNDERTAKINGS OF EXISTING BANKS AND SHARE CAPITALS OF THE CORRESPONDING NEW BANKS
