Section 3(7) in The Banking Companies (Acquisition And Transfer Of Undertakings) Act, 1970
(7)[(i) The corresponding new bank shall, if so required by the Reserve bank, act as agent of the Reserve Bank at all places in India where it has a branch, for-(a)paying, receiving, collecting and remitting money, bullion and securities on behalf of any Government in India; and(b)undertaking and transacting any other business which the Reserve Bank may from time to time entrust to it.(ii)The terms and conditions on which any such agency business shall be carried on by the corresponding new bank on behalf of the Reserve Bank shall be such as may be agreed upon.(iii)If no agreement can be reached on any matter referred to in clause (ii), or if a dispute arises between the corresponding new bank and the Reserve Bank as to the interpretation of any agreement between them, the matter shall be referred to the Central Government and the decision of the Central Government thereon shall be final.(iv)The corresponding new bank may transact any business or perform any functions entrusted to it under clause (i), by itself or through any agent approved by the Reserve Bank.][3-A. Trust not to be entered on the register.-Notwithstanding anything contained in sub-section (2-F) 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] [Inserted by Act 1 of 1984, Section 65 (w.e.f. 15.2.1984). ]:[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.] [Inserted by Act 8 of 1997, Section 17 (w.r.e.f. 15.1.1997). ][3-B. Register of beneficial owners.-The register of beneficial owners maintained by a depository under section 11 of the Depositories Act, 1996 (22 of 1996), shall be deemed to be a register of shareholders for the purposes of this Act.Explanation .-For the purposes of section 3, section 3-A 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).]
