¹[20C. Trust not to be entered on the register of shareholders.—Notwithstanding anything contained in section 20B, no notice of any trust, express, implied or constructive, shall be entered on the register of shareholders or be receivable by the Small Industries Bank:

Provided that nothing in this section shall apply to a depository in respect of the shares held by it as a registered owner on behalf of a beneficial owner.

Explanation.—For the purposes of section 20B 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).]

1. Ins. by s. 12, ibid. (w.e.f. 27-3-2000).