Public Charitable Trust
|
-
The instrument by which the Trust is
declared is called the ‘Instrument of Trust’, more popularly
known as ‘Trust Deed’. A Trust can be created by every person
who is competent to contract.
A Trust may be declared by any of the
following types of instrument:
-
By a "Trust Deed" where a Trust is
declared inter-vivos;
-
By a will;
-
By a memorandum of association along
with rules and regulations and the bye laws when the
institution is being formed as a society;
-
By a memorandum of association and
articles of association where the
institution/association/trust is formed as a company u/s 25
of the Companies Act.
Where a Public Charitable or Religious Trust
is created by will, the will must be in writing, and signed by
the testator and attested by two witnesses for a valid will. A
Public Trust created, otherwise than a will whether relating to
movable or immovable property may be created by delivery of
possession with a direction that the property is to be held
under trust.
A person drafting a public charitable trust
deed must bear in mind the provisions of the Indian Trusts Act,
1882, the Bombay Public Trusts Act 1950, the Income-tax Act,
1961 and the judgment of the Supreme Court in "Sole Trustee,
Lok Shikshan Trust vs. CIT" reported at 101 ITR 234 and
other Judgments of the Supreme Court and High Courts.
-
Section 3 of the Indian Trusts Act,
1882 reads as under :
"trust" : A "trust" is an
obligation annexed to the ownership of property,
and arising out of confidence reposed in and
accepted by the owner, or declared and accepted by
him, for the benefit of another, or of another and
the owner,
"author of the Trust" : the
person who reposes or declares the confidence is
called the "author of trust";
"trustee" : the person who
accepts the confidence is called "trustee";
"beneficiary" : the person for
whose benefit the confidence is accepted is called
the "beneficiary";
"trust property" : the subject
matter of the trust is called "trust property" or
"trust money".
"beneficial interest" : the
"beneficial interest" or "interest" of the
beneficiary is his right against the trustee as
owner of the trust property;
"instrument of trust" : and the
instrument, if any, by which the trust is declared
is called the "instrument of trust";
"breach of trust" : a breach of
any duty imposed on a trustee, as such, by any law
for the time being in force, is called a "breach
of trust"
"registered" : and in this Act,
unless there be something repugnant in the subject
or context, "registered" means registered under
the law for the registration of documents for the
time being in force;
Expression defined in : All
expressions used herein and defined in the Indian
Contract Act,
Contract Act 1872, shall be
deemed to have the meanings respectively
attributed to them by that Act.
-
Section 2(15) of the Income-tax Act
defines charitable purposes as under:
‘charitable purpose’ includes relief of the
poor, education, medical relief and the advancement of any other
object of general public utility".
-
Essential requisites for the creation
of a Trust are :
-
certainty of declaration, i.e.
imperative nature,
-
certainty of subject matter, i.e.
property in which it acts,
-
certainty of object or beneficiary.
-
The object of the Trust, the trust
property and the beneficiaries to whom the donor desires to
benefit must be indicated with certainty. The author of the
trust must use definite words so as to avoid litigation in
future. The Trust can be created by a person competent to
contract. Every person capable of holding the property can be a
trustee and he is competent to contract. The trust must be
created for lawful purpose.
-
In case where the I.T. exemption
u/s. 11 is desired, the following points to be borne in mind
while drafting the Trust Deed are :
-
Trust must be created wholly for
charitable purpose.
-
The Trust should not be created for
the benefit of any particular religious community or caste.
-
The trust should not be created for
carrying on business for profit.
-
Property must be held under trust.
Not only the income but the property itself should be held
in trust for charitable purpose.
-
The objects of the trust must be for fulfilment of the objects considered as charitable as
defined in section 2(15) of the Income-tax Act.
-
Income of the trust and of the
property should be applied for the purposes in India.
-
The income or the property of the
trust should not enure for the benefit of the settlor or his
relatives as indicated in section 13(2).
-
As far as possible detailed
provisions should be made for efficient working of the
trust.
The specimen draft given hereunder is to be
used for general purposes and the draft can be modified suitably
for different types of trusts like trust for school or college,
trust for hospital, trust for scholarship, trust for a religious
purpose or a Hindu Temple. There are separate provisions for
creating a Muslim Trust; i.e., Wakfs and the Wakf Deed or
‘Wakfnamah’ is to be prepared as per the provisions contained in
Wakf Act, 1954.
SPECIMEN
PUBLIC CHARITABLE TRUST
THIS INDENTURE made at this day of BETWEEN
Shri_________________ hereinafter called "THE SETTLOR" (which
expression shall unless it be repugnant to the context or
meaning thereof include his heirs, executors and administrators)
of the One Part and
1. _______________________________ 2.
________________________________
3. _______________________________ 4.
________________________________
5. ________________________________
________________________________
hereinafter called "THE TRUSTEES" (which
expression shall unless repugnant to the context or meaning
thereof include the survivor or survivors of them and the heirs,
executors or administrators of the last survivor and the trustee
or trustees for the time being of the trusts hereby declared) of
the Other Part :
WHEREAS the party of the First Part, the
Settlor, is absolutely seized and possessed of and otherwise
well and sufficiently entitled to an amount of Rupees ________(Rs.
in words) :
AND WHEREAS the Settlor is desirous of
settling the said amount upon trust for the public charitable
purposes; hereinafter expressed or contained in these presents
and has in pursuance of such desire prior to execution of these
presents transferred, paid, handed over the said sum of Rs.__________
to the Trustees as abovementioned :
AND WHEREAS each of the parties hereto of the
"other part", the Trustees, have individually and jointly agreed
to act as the First Trustees of these presents testified by
their being parties to and executing these presents :
AND WHEREAS nothing contained in this deed
shall be deemed to authorize the trustees to do any act which
may in any way be construed statutory modifications thereof and
all activities of the trust shall be carried out with a view to
benefit the public at large, without any profit motive and in
accordance with the provisions of Indian Trust Act, 1882. The
Income-tax Act, 1961 or any statutory modification thereof.
AND WHEREAS the trust is hereby expressly
declared to be a public charitable trust and all the provisions
of this deed are to be constituted accordingly.
NOW THIS INDENTURE WITNESSETH that in
pursuance of the said desire and to give effect to the said
intentions and in consideration of the premises and for other
diverse good causes and considerations, he the Settlor DOTH
hereby declare that the Settlor has before the execution of
these presents handed over to the Trustees the said sum of
_____________________ (Rupees _______________________) TO HAVE
AND TO HOLD THE SAME upon Trust and the Trustees DO AND EACH OF
THEM DOTH by these presents declare that they the Trustees shall
hold and stand possessed of the said sum of _______________
(Rupees ________________) and any donations or contributions
received by them and any other assets acquired by them and all
accretions thereto and thereof and the investments and the
securities for the time being and from time to time representing
the same (the assets for the time being of the Trust BEING
HEREINAFTER REFERRED TO AS THE trust Fund) upon the Trust.
-
The party of the first part, the settlor,
does hereby settle the sum of Rs._______ /- (Rs._________________
only) in Trust, with the name and for the objects hereinafter
stated, by delivering the said amount in cash which the party of
the other part, the Trustees, have accepted the receipt of which
they do hereby acknowledge, to hold the same in and to the
Trustees with the powers and obligations as provided
hereinafter.
-
The Trust hereby created shall be
designated as (Name)_______________ .
-
The principal office of the Trust shall be
situated at _______________ or such other place as the Trustees
may from time to time decide. The Trust may also carry on its
work at any other place or places, as decided by the Trustees.
-
The Trustees shall hold and stand
possessed of the said Trust Fund upon Trust to receive the
interest, dividends, rents, profits and other income thereof and
thereon subject to the Trust of these presents and to apply
(subject to the outgoings as per Clause 11 hereof) the said
interest, dividend and other income (hereinafter called the
"said income") and at their discretion to apply the whole or any
part or parts of the corpus of the Trust Fund for such public
charitable purposes including (a) secular education (b) medical
relief (c) relief of the poor including natural calamities and
(d) advancement of any other object of general public utility
(as the law may regard as public charitable objects or purposes)
as the Trustees may think fit and for one or more of such
objects or purposes to the exclusion of other or others as the
Trustees may think fit.
PROVIDED that the income as well as the
corpus shall be applied only towards public charitable purposes
as aforesaid and any accumulation of income, if made, shall be
made and deemed to be made only for application to such public
charitable purposes.
-
Without prejudice to the generality of the
foregoing objects or purposes but subjects as aforesaid, it is
declared that the Trustees shall each year apply the net income
of the Trust Fund and may at their discretion at any time and
from time to time apply also the Trust Fund or any part or parts
of the Trust Fund in or towards any one or more of the following
charitable objects or purposes to the exclusion of the other or
others of them in such proportion and manner in all respects as
the Trustees may in their absolute discretion think proper.
-
The spread or promotion of education
or learning in all its branches in such manner as the
Trustees may think fit including ;
-
Opening, running and helping
Schools, Colleges, Boarding Houses, Hostels and other
Educational Institutions.
-
Establishment, maintenance and
support of studentships and scholarships for poor, needy
and deserving students and scholars of the schools,
colleges, vidhyapiths, universities and other educational
or technical institutions, computer training and education
relating to information and technology;
-
Paying to needy students, schools
fees, college fees, books, instruments, tools etc.
-
Awarding Scholarships, giving loans
to needy students on easy terms regarding repayment with
or without interest or remitting the said loans in full or
in part;
-
Paying whole or part of educational
costs of deserving students;
-
To provide all kinds of relief to
poor including to give financial or other assistance for
all kind of fees in cash or in kind including distribution
of books, notebooks, cloths, uniforms, or meals for the
poor students and indigent
-
Subscriptions, contributions
and/or donations to any schools, colleges,
public funds, orphanages or other public institutions for
advancement and propagation of education and knowledge and
for promotion of any public charitable objects;
-
Affording medical, surgical and
maternity relief in such manner as the Trustees may think
fit including:
-
Opening and running medical college centres, nursing homes, diagnostic centre/ clinics,
pathological clinics, X-ray and other testing centres and
research laboratories;
-
Grant or medical relief and help to
poor and deserving patients by providing moneys to them
for medicines, medical treatment, operation or post
operation treatment, blood transfusion etc.
-
Grants, endowments and donations
to help and support the funds, institutions, maternity
homes, nursing homes, hospitals, dispensaries providing
medical relief to patients, convalescence homes, asylums,
nursing homes, sanatoriums.
-
To hold, host, conduct medical
camps, spreading necessary medical information and
publishing literatures or pamphlets for general
improvement of health conditions.
-
Doing any other act that is considered
charitable and of general public utility including:
-
Supplying to needy persons articles
of food, clothing and other necessities free of charge or
at subsidized rates and or cash to enable them to purchase
the same or give them monthly allowance and or lump sum in
cash;
-
Opening and running homes for the
elders, homes for widows, widowers, persons desiring to
remain unmarried for life, orphanages etc.
-
To acquire property for the sole
use for public good by making it available for public
purposes as for example, housing a library clinic, crèche
and/or as a community hall to be available for public use
as training classes, seminars, discourses and other public
functions for benefit of the community in general.
-
To help general public, poors and all
persons whether in cash or in kind who have suffered from
natural calamity of any nature for their rehabilitation
and/or upliftment, which may be as regards to medical,
educational and/or any other area which such situation may
demand.
-
To undertake any other activity
incidental to the above activities for attainment of the
objects of the Charitable Trust.
PROVIDED the Trust may assist/donate the
other TRUST to carry out the various objects mentioned in the
objects clause in such manner and to the extent the Trustees may
decide upon from time to time.
-
And it is hereby declared that the relief
to be granted as hereinabove mentioned shall not be limited or
restricted to persons of any particular caste or creed or
religion.
-
So far as it is not inconsistent with the
objects herein mentioned –
-
the income as also the corpus of the
trust fund shall be applied to or for public charitable
purposes only and within such territories and subject to
such conditions or limitations if any, as may from time to
time be laid down in the Indian Trust Act, 1982, Bombay
Public Trust Act, 1950 and Income-tax Act, 1961 or any other
Act governing to Public Charitable Trust.
-
the Trust hereby established shall be
as far as possible one to which the provisions of section
80-G and/or section 35 of the Income-tax Act, 1961 or any
replacement, reenactment or modification thereof for the
time being in force may apply so that any donations made
thereto may be recognized as eligible for exemption or
relief from tax in the hands of the donor.
-
That the Trust Fund may augmented by the
income from the initial fund and also by donations and other
contributions from time to time.
-
That the Trust Fund shall not be applied
for any purpose other than those specified in para 4
hereinabove.
-
That for the furtherance of the objects
of the Trust, the Trustees shall have the following powers:
-
To accept any donation, contribution,
grant or subscription in cash or in kind, from any person(s),
body of persons or trust, with or without conditions.
-
To apply the whole or any part of the
income of the Trust, or the Trust Fund or accumulations
thereto, to any one or more of the objects of the trust, as
the trustees may, in their discretion, deem fit from time to
time.
-
To purchase or hire or take on lease
property or properties for the purpose of carrying out the
objects of the Trust.
-
To borrow or raise or secure payments
of moneys and also so lend money either with or without
security.
-
To sell, dispose of alienate or
otherwise deal with any property comprising the Trust Fund.
-
To let out, demise any immovable
property comprised in the Trust Fund for such period and at
such rent on such terms and conditions as the Trustees in
their discretion may think fit.
-
To adjust, settle, compromise,
compound, refer to arbitration, all actions, suits, claims,
demands and proceedings regarding the Trust Fund.
-
To appoint constituted attorneys or
agents and to delegate to such attorneys or agents all or
any of the powers vested on them under these presents and
from time to time remove such attorneys or agents and to
appoint other or others in his or their place.
-
To appoint or make provision for the
appointment of any person (including all or any of the
Trustees and committees or administrator or Managing
Trustees or otherwise) for the purpose of the administration
of the Trust in such manner and subject to such rules and
regulation as the Trustees may prescribe and also to appoint
or provide for the appointment of separate Trustees to hold
any fund or investment subject to the provisions of this
Deed in such manner and subject to such rules and
regulations as the Trustees may from time to time think fit.
-
To make, vary, alter or modify
schemes, rules and regulations for carrying out the objects
of the Trust and for the management of the affairs thereof
and/or running any institution in furtherance of the objects
of the Trust and otherwise for giving effect to the objects
of the Trust.
-
To start, abolish, discontinue and
restart any charity or charitable institutions for the
benefit of general public and to impose any conditions to
any subscription or donation made by them.
-
To set apart and/or allocate the whole
or a part of the income or the corpus of the Trust Fund or
part thereof for any of the objects of the Trust.
-
To join, co-operate or amalgamate this
Trust with other or others having kindred or allied objects,
upon such terms and conditions as the Trustees may in their
discretion think fit, particularly having regard to and in
conformity with the objects and nature of this Trust.
-
To give aid by way of donations out of
the income or the corpus of the Trust Fund or otherwise, to
different charitable institutions, societies, organizations
or Trusts in India which may have been established or which
may hereafter be established for the like charitable
purposes mentioned in these presents or any of them to
enable such institution, societies, organization or Trustees
to start maintain, or carry out such charitable objects.
-
To settle all accounts and to
compromise, compound, abandon, or refer to arbitration any
action or proceedings or disputes, claim, demand or things,
as deemed proper for such purpose without being responsible
for any loss occasioned thereby.
-
To borrow moneys either on the
security of any property comprised in the Trust Fund or
otherwise for all or any of the purposes of these presents,
and it shall be lawful for the Trustees to make such
borrowings on payment of such interest and otherwise on such
terms and conditions as they may in their absolute
discretion think fit.
-
To apply to the Government, public
bodies, urban, local, municipal, district and other bodies,
corporation, companies, or persons for and to accept grant
of money and of aid, donations, gifts, subscriptions, and
other assistance with a view to promoting the objects of the
trust and to discuss and negotiate with the Government
Departments, public and other bodies corporation, companies
or persons, scheme and other work and matters within the
objects of the Trust and to conform to any proper condition
upon which such grants and other payments may be made.
-
To take over or amalgamate with any
other charitable trust, society, association or institution
with similar objects.
-
To establish, promote, manage,
organize or maintain or to assist in establishing,
promoting, managing, organizing or maintaining any branch of
the Trust or any other Trust or its branch with objects
similar to those of this Trust and to promote or carry on
the affiliation or amalgamation of such other Trust with
this Trust.
-
To take over, acquire, manage, control
or aid any existing institution or institutions having
objects either wholly or in part similar to the objects of
this Trust and on such terms and conditions as may be
thought expedient.
-
To purchase or otherwise acquire and
undertake all or any part of the property, assets,
liabilities and engagement of any or more of the trusts,
societies, institutions or associations with which this
Trust is authorized to amalgamate.
-
To transfer all or any part of the
property, assets, liabilities and engagements of this Trust
to any one or more of the trust, societies, institutions or
associations with which this Trust is authorized to
amalgamate.
-
To transfer and hand over the Trust to
any other Society, Corporation, Institution, Trust or Organisation on such terms and conditions as the trustees
shall in their absolute discretion think fit and proper to
be held by the Society, Corporation, Institution, Trust or
Organisation with the powers, provisions, agreements and
declarations, appearing and contained in these presents
subject to such modifications as may be necessary and
consequent to such transfer of the Trust Fund. The Trustees
for the time being of these presents shall become discharged
from the Trust hereof relating to Trust Funds so
transferred.
-
The Trustees may reimburse themselves or
pay and discharge all the costs, charges and expenses incurred
in or about or incidental to the administration or management or
execution of any of the Trusts or powers of these presents and
also all outgoings, taxes, assessments, dues and duties and
other taxes payable in respect of Trust Income, Trust Funds or
Trust properties and managements thereof and pay all charges and
outgoings payable in respect of any immovable property for the
time being forming part of the Trust Fund or asset and may carry
out repairs which may from time to time be required to be done
to the same and keep the same insured against loss or damage as
they in their absolute discretion think proper.
-
-
The management and administration
of the Trust Properties and affairs thereof shall vest in
the Trustees. Subject as herein mentioned, the Trustees
shall exercise all such powers and do all such acts, deeds,
matters and things as are required to be exercised or done
to manage and administer the affairs of the Trust and Trust
Properties.
-
The Trustees may from time to time
delegate any of its powers to a committee or committees
which may be formed by it consisting of such of them as they
may think fit and the Trustees may from time to time revoke,
dissolve and discharge any such committee or committees
either wholly or in part and either as to persons or
purposes but every such committee so formed shall in
exercise of the powers so delegated conform to any
regulations that may from time to time be framed by the
Trustees. The Trustees may provide that in addition to one
or more of its members, any committee shall consists of any
person or persons who is not a Trustee but so that such
person or persons shall not have any right to vote on any
matters before such committee. Every committee so form shall
carry out the directions that may be given to it from time
to time by the Trustees.
-
The number of Trustees shall not be less
than three or more than seven.
-
The Trustees for the time being shall,
subject to the maximum number mentioned in clause 13 hereof be
entitled to appoint any person as an additional Trustee or to
fill in the vacancy caused in their number for any reason
whatsoever. If the number of Trustees is reduced below the
minimum number mentioned in clause 13 hereof, the Trustees for
the time being shall first act to increase their number to the
minimum.
-
-
If and so often as any of the Trustees
hereunder appointed or any other future.
Trustees or Trustee of these presents
shall die or leave or shall leave India for more than six
months or shall desire to retire from or refuse to act or
become incapable to act as a Trustee of the Trust of these
presents or otherwise it shall be lawful for the surviving
or continuing Trustees or Trustee for the time being of
these presents (and for this purpose every refusing or
retiring Trustee shall, if willing to act in the execution
of this power, be considered to be a continuing Trustee) to
appoint a new Trustee or Trustees in place of the Trustee or
Trustees so dying or leaving or desiring to retire from or
refusing or becoming incapable to act as aforesaid or
otherwise and upon every or any such appointment the number
of Trustees may be augmented or reduced and upon every such
appointment the Trust Funds (if necessary) shall be
transferred so that the same be vested in the Trustees or
Trustee for the time being of these presents AND the
Trustees or Trustee so appointed as aforesaid may as well
before as after such transfer of the Trust Funds, act or
assist in the execution of the trust and powers of these
presents as fully and effectually as if he/she has been
hereby appointed a Trustee.
-
Any Trustee may at any time resign by
giving a month’s notice to his/her co-trustees and upon
expiry of such period, he/she shall be deemed to have
vacated his/her office.
-
The Board of Trustees may co-opt any
person as Trustee.
-
A Trustee shall vacate his office if –
-
he resigns his office as a Trustee;
-
he fails without obtaining leave of
absence to attend all the meetings of the Trustees held for
six consecutive months or three consecutive meetings,
whichever occurs later,
-
he applies to be or is adjudged an
insolvent or suspends payment to or makes a composition with
his creditors;
-
he is found to be of unsound mind by a
Court of competent jurisdiction;
-
he is found guilty by a Court of any
offence which in the opinion of the Trustees (he refraining
from voting) renders his continuation undesirable.
-
The Trustees shall be accountable only
for such moneys, stocks, shares and funds as shall actually come
into their hands and a Trustee shall not be answerable or
accountable for neglect, default, acts or omission or commission
of the other Trustees, nor of any banker or other person with
whom the trust properties or any securities may have been
deposited or kept.
-
The Trustees shall not be entitled to
receive any remuneration, but the Trustees may reimburse
themselves all expenses actually incurred by them in performing
their duty as a Trustee and in connection with the Trust or
other duties relating thereto.
-
The accounting year of the Trust shall be
the financial year ending on 31st March every year.
-
The Trust and the Trust funds shall be
and irrevocable for all times.
-
The Trustees shall always maintain proper
books of account with respect to all sums of money received and
expended in connection with affairs of the Trust and matters in
respect of which such receipt and expenditure take place and the
liabilities and assets for the time being of the Trust. The
books of account shall be kept at the Head Office of the Trust
or at such other place or places as may from time to time be
determined by the Trustees. And the Trustees should get the
accounts of Trust audited as per the provisions of applicable
laws.
-
The Trustees shall be the custodians of
the Trust Properties whether movable or immovable and the same
shall be invested, administered and disposed of or transferred
by them in such manner as may be decided by them from time to
time in accordance with the provisions of the laws from time to
time in force.
-
The Trustees shall from time to time open
and maintain banking accounts in the name of the Trust/Trustees
and/or institution run by Trust with Nationalized Bank, Foreign
Bank, scheduled Bank or Banks or Central or Provincial
Co-operative Bank or Banks as they may from time to time
determine to instruct the Bank and shall forthwith pay or cause
to be paid to the rents, income, profits, dividends and all
other moneys forming part of the Trust Properties to the credit
of any such account or accounts. Such banking accounts shall be
operated upon by any two of the Trustees.
-
The Trustees may borrow moneys on such
security as shall be specified in the resolution of the Trustees
and shall, for giving security for such loans, interest and all
moneys payable in relation thereto, but subject to the
provisions of section 36 of the Bombay Public Trust Act, 1950,
make all such dispositions of the properties, movable or
immovable, forming part of the Trust Properties or any part
thereof and enter into such agreements, assurances, deeds and
things in relation thereto as they may deem proper and for that
purpose sign, seal, deliver and execute such deeds, documents,
and writings and do such acts, deeds, matters and things, as may
be deemed necessary.
-
All moneys forming part of the Trust
Properties requiring investment shall be invested, all movable
properties held and the conveyance or other assurance in respect
of any immovable property or properties forming part of the
Trust Properties shall be obtained, in the name of the Trust or
where it is not possible than in the name of Trustees as the
Trustees as may be decided by the Board of Trustees.
-
The Trustees for the time being of these
presents shall be liberty to keep the Trust Properties in their
respective present state of investment or in the state in which
the same is donated or to vary transpose or alter the same and
subject thereto the Trustees shall invest moneys comprised in
the Trust Properties and all additions and accretions which may
be made and all surplus moneys liable to be invested after
meeting the necessary expenses of the Trust in or upon any
investment authorized by law as specified in section 35 of the
Bombay Public Trust Act, 1950, and section 11(5) of the I.T.
Act, 1961 as the Trustees as its discretion select with power
for the Trustees subject to such discretion as aforesaid to vary
transpose the said investments into or for others of the nature
hereinbefore authorized and sell and/or realize any part of the
Trust Properties for the time being and invest the amounts so
received in investments of the nature hereinbefore authorized
and to hold the same respectively and investments for the time
being representing the same and the rents and dividends interest
and income thereof upon the same uses, trusts and powers and
provisions as are herein declared and contained of and
concerning the Trust Properties.
-
Subject to the provisions of section 36
of the Bombay Public Trust Act, 1950, the Trustees shall be
entitled to sell or assign any immovable property or properties
for the time being forming part of the Trust Properties (whether
acquired by way of mortgage, purchase, gift or otherwise) or any
of them or any part thereof, either together or in parcels and
either by public auction or private contract and either with or
without any special or other stipulations as to title, evidence
or common covenants of title or otherwise and to buy in and
rescind or vary any contract for sale and to resell without
being made answerable for the loss occasioned thereby and for
the purposes aforesaid or any of them to execute and do al such
assurances, deeds, matters and things as they shall think fit
and by and out of the money which shall arise from any such sale
as aforesaid, pay the expenses incurred in trusts or powers of
this Trust and shall stand possessed of the residue of the
moneys and also of the rents and profits of such premises or of
the unsold part thereof for the time being on such trusts and
subject to such powers, provisions, agreements and declarations
as are herein declared concerning the same respectively PROVIDED
THAT AND IT IS HEREBY AGREED AND DECLARED that it shall be
lawful for the Trustees to postpone the sale of any immovable
property forming part of the Trust Properties or any of them or
any part thereof so long as the Trustees shall deem fit PROVIDED
ALWAYS that the Trustees shall manage any immovable property or
properties for the time being forming part of the Trust
Properties in such manner as they shall think fit with full
power to make improvements, repairs or alterations of any
description and to make or incur any outlay for such purpose or
for the insurance otherwise for the protection or benefit of
such properties and to grant or renew leases of any description
and upon any terms (either on rent or rents or upon payment of a
fine or fines, premium or premiums) of such properties or any of
them or any part or parts thereof and to enter into any
arrangement or agreements of any description for or in relation
to the tenancy or occupation of them or any of them or any part
or parts thereof and to accept surrender of leases and
agreements (whether in contemplation of a renewed lease or
tenancy or otherwise) or to alter the terms of tenancy or
occupation under the same respectively and to make any
allowances to or agreements with tenants or occupiers or any
other person or persons whomsoever in relation to such Trust
Properties.
-
The Trustee shall have the power and
discretion to accept or not to accept any donations or
contributions (whether such donations or contributions be in
cash or in the form of immovable or movable property) provided
that the terms upon which any donation or contribution is
accepted shall not in any way be inconsistent with or repugnant
to the objects of these presents (and no other name whether by
way of substitution, addition or alteration shall be associated
with the name of this Trust.)
-
The Trustees shall be entitled to
reimburse and pay and discharge out of the Trust Properties all
expenses incurred in or about the execution of the Trusts and
powers under this trust.
-
The receipt of any one of the Trustees
for the income or purchase or money of the Trust Properties or
any part thereof or for any other moneys paid or for any stocks,
funds and securities transferred to them by virtue of these
presents or in the execution of any Trusts or powers hereof
shall effectually discharge the person or persons paying the
same and such person or persons shall not be bound to see to the
application or be answerable for the loss or misapplication
thereof.
-
The Trustees shall be chargeable for such
moneys, stocks, funds, deposits and securities as they shall
actually receive, notwithstanding their signing any receipt for
the sake of conformity and shall be answerable and or
accountable only for their own acts, receipts, neglects,
defaults and not for those of others or of any banker,
auctioneer or any other person with whom or into whose hands any
trust moneys or securities may be deposited or come in
accordance with these presents nor for the sufficiency and
deficiency of any stocks, funds, deposits or securities nor for
any other losses unless the same shall happen through their own wilful defaults.
-
-
The Trustees shall hold their
meetings at such intervals as may be necessary. The quorum
for a meeting shall be one-half of the total strength for
the time being (to be rounded off to the next higher number)
not being less than two.
-
The Trustees shall appoint one of them
to be the Chairman who shall preside at every meeting of the
Trustees. If the Chairman is not present at any meeting the
Trustees shall elect one of them present at the meeting to
be the Chairman. In case, any vacancy arises in the office
of Chairman, the same shall be filled in by the Trustees.
-
A matter may be decided by the
Trustees either at a meeting or by a resolution by
circulation.
-
All decisions of the Trustees shall be
taken by a simple majority of the Trustees present and voting.
In case of difference of opinion arising among the Trustees and
in all matters wherein the Trustees shall have a discretionary
power, the votes of the majority of the Trustees for the time
being voting in the matter shall prevail and be binding on the
majority as well as on those Trustees who may not have voted,
and if the Trustees shall equally divided in the opinion, the
matter shall be decided according to the casting of vote by the
Chairman.
-
The Trust may be dissolved by the
Trustees by passing a resolution to that effect when the whole
of the corpus or the Trust Fund/Estate has been utilized to the
last paise and the Trustee are unable to collect further
donations and contributions for carrying out the objects of the
Trust or the Trust is amalgamated with any other Trust should be
as per the provisions of the laws applicable for the time being
.
-
In the event of dissolution or winding up
of the Trust the assets remaining as on the date of dissolution
shall under no circumstances be distributed amongst the Trustees
but the same shall be transferred to some other similar
Trust/Organization whose objects are similar to those of this
Trust with the permission of the Charity Commissioner/Court/any
other law as may be applicable for the time being.
The Trustees shall be indemnified against all
losses and liabilities incurred on them in the execution of the
Trust and shall have a lien over the funds and properties of the
Trust for such indemnity.
IN WITNESS WHEREOF the Settlor and the
Trustees have hereunto set their respective hands the day and
the year first above written:
SIGNED AND DELIVERED by the
Withinnamed Settlor –
Shri _______________________________
In the presence of ____________________
SIGNED AND DELIVERED by the
Withinnamed Trustees –
-
-
-
-
-
in the presence of ________________________
|
|
