(1)Save as otherwise provided in section 153-B but notwithstanding anything contained in any other provisions of this Act or any other law or any contract, memorandum or articles, where any shares in a company are held in trust by a person (hereinafter referred to as trustee), the rights and powers (including the right to vote by proxy) exercisable at any meeting of the company or at any meeting of any class of members of the company by the trustee as a member of the company shall-(a)cease to be exercisable by the trustee as such member, and(b)become exercisable by the public trustee.
