Section - 9 - Securities in depositories to be in fungible form
Securities in depositories to be in fungible form.9. (1) All securities held by a depository shall be dematerialised and shall be in a fungible form.[(2) Nothing contained in sections 153, 153A, 153B, 187B, 187C and 372 of the Companies Act, 1956 (1 of 1956), shall apply to a depository in respect of securities held by it on behalf of the beneficial owners.]
1. Substituted by the Depositories Related Laws (Amendment) Act, 1997, w.e.f. 15-1-1997. Prior to its substitution sub-section (2) read as under :
"(2) Nothing contained in sections 153, 153A, 153B, 187B, 187C and 372 of the Companies Act, 1956 (1 of 1956) shall apply to the securities held by a depository on behalf of the beneficial owners."
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