15. [ Trusts not to be entered on the register of shareholders. [ Substituted by Act 3 of 1994, Section 7, for Section 15 (w.r.e.f. 15-10-1993).]
- No notice of any trust, express, implied or constructive, shall be entered on the register of shareholders or be receivable by the State Bank:][Provided that nothing in this section shall apply to a depository in respect of share held by it as a registered owner on behalf of the beneficial owners.Explanation .-For the purposes of section 13, section 13-A and this section, the expressions "beneficial owner", "depository" and "registered owner" shall have the meaning 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).] [ Inserted by Act 8 of 1997, Section 5 (w.r.e.f 15-1-1997).]
