After section 153 of the principal Act, the following sections shall be inserted, namely:--
"153A.Appointment of public trustee.- The Central Government may, by notification in the Official Gazette, appoint a person as public trustee to discharge the functions and to exercise the right and powers conferred on him by or under this Act.
153B- Declaration as to shares and debentures held in trust
(1) Notwithstanding anything contained in section 153, where any shares in, or debentures of, a company are held in trust by any person (hereinafter referred to as the trustee), the trustee shall, within such time and in such form as may be prescribed, make a declaration to the public trustee.
(2) A copy of the declaration made under sub-section(1) shall be sent by the trustee to the company concerned, within twenty-one days, after the declaration by been sent to the public trustee.
(3) (a) If a trustee fails to make a declaration as required by this section, he shall be punishable with fine which may extend to five thousand rupees and in the case of a continuing failure, with a further fine which may extend to one hundred rupees for every day during which the failure continues.
(b) If a trustee makes in a declaration aforesaid any statement which is false and which he knows or believes to be false or does not believe to be true, he shall be punishable with imprisonment for a term which may extend to two years and also with fine.
(4) The provisions of this sections and section 187B shall not apply in relation to a trust--
(a) where the trust is not created by instrument in writing; or
(b) even if the trust is created by instrument in writing, where the trust money invested in shares in, or debentures of, a company--
(i) does not exceed one lakh of rupees, or
(ii) exceeds one lakh of rupees but does not exceed either five lakhs of rupees or twenty-five per cent.of the paid-up share capital of the company, whichever is less.".
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