Deed For Establishment Of A School
THIS
TRUST DEED is made
between Sh._______________________________
s/o Sh. ___________________________________
r/o ______________________________________
hereinafter referred to as "the founder" of the one part
AND
Sh. ______________________________________,
Sh. ______________________________________,
and Sh.___________________________________
(hereinafter referred to as "the trustees," which expression shall
include the trustee or trustees for the time being) of the other part.
WHEREAS
1. The founder wants establishing a school for enabling better educational
facilities to the children living there in ___________________________ (name of
the area)
2. The founder suggest in giving a building for establishment of the
school and also to settle his properties/assets more specifically detailed in
the schedule unclosed hereto valuing at Rs. _________ for running, maintenance
and upkeep of the said school.
3. The trustees have consented to in getting the ownership of the said
properties/assets for fulfilling the wishes of the founder.
NOW THIS DEED WITNESSETH AS UNDER:
1. The founder hereby transfers, assigns and conveys to the trustees All
that properties/assets detailed in the schedule unclosed hereto For Holding the
same to the trustees on trust that income and proceeds of said
properties/assets after deducting unpaid debts, expenses on
litigation/realisation etc., shall be utilised for beginning establishment
expenses of the school and hence forth running, maintenance and upkeep of the
said school.
3. The Trustees on functioning, of the school, manage the said properties
properly and will spend the entire net proceeds coming there from on running,
maintenance and upkeep of the said school. The Trustees shall get the buildings
of the said school properly repaired, while meeting all recurring or
non-recurring charges which may be compulsory for the said purpose.
4. If, at any moment net proceeds accruing from the properties/assets of the
trust are insufficient for expenditure on running, maintenance and upkeep of the
said school, the Trustees shall be empowered to borrow money per security of
the properties/assets of the trust for defraying such expenses.
5. If, at any moment, the net proceeds accruing from the properties/assets of
the trust exceed the expenses on running, maintenance and upkeep of the said
school, the Trustees shall be empowered in investing such surplus funds on such
securities/bonds as they considered fit.
6. Marjory of trust will only adjudge decision for matter relating
trustees.
7. If vacancy amongst the trustees is cause owing to death/resignation or
incapacity of any trustee or otherwise the founder shall select other trustee
to fill up the vacancy and if the founder is dead, remaining trustees shall
make the appointment.
8. It shall be a public charitable trust and the assets/properties of the
trust shall never be reverted to founder of trust or any of his descendents or
to any other person.
9. The trust fund, including the corpus and the income there from, shall not be
used for other object excepting those for which the trust has been made.
IN WITNESS WHERE OF, the parties hereunto have signed this deed
Date
Place.
Witness
1. The Founder
2. The Trustee
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