(3)Notwithstanding anything contained in any law for the time being in force or in any contract or instrument no suit or other proceeding shall be maintained against any person registered as the holder of a share in a banking company on the ground that the title to the said share vests in a person other than the registered holder:Provided that nothing contained in this sub-section shall bar a suit or other proceeding-(a)by a transferee of the share on the ground that he has obtained from the registered holder a transfer of the share in accordance with any law relating to such transfer; or(b)on behalf of a minor or a lunatic on the ground that the registered holder holds the share on behalf of the minor or lunatic.
