Declaration of trust holdings required for trustees; noncompliance or false statements attract criminal and monetary penalties. Section 153B mandates that trustees holding company shares or debentures must submit a prescribed declaration to the public trustee and provide a copy to the company; failure to declare or making knowingly false statements attracts penal sanctions. Exemptions exclude trusts not created in writing and written trusts whose holdings fall below defined value thresholds or which are created to establish specified types of funds, with rules specifying how to determine the value of holdings.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Declaration of trust holdings required for trustees; noncompliance or false statements attract criminal and monetary penalties.
Section 153B mandates that trustees holding company shares or debentures must submit a prescribed declaration to the public trustee and provide a copy to the company; failure to declare or making knowingly false statements attracts penal sanctions. Exemptions exclude trusts not created in writing and written trusts whose holdings fall below defined value thresholds or which are created to establish specified types of funds, with rules specifying how to determine the value of holdings.
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