(TRUST)
THIS DECLARATION OF TRUST
made at this day of by
Shri , son of , by caste , by occupation , residing at
____________________(hereinafter
referred to as the 'Founder') is as follows:-
WHEREAS
the donor had dedicated and endowed a sum of Rs. 5,100/- (Rupees Five thousand
and one hundred only) and has created a charitable trust for the benefit of the
public which is being called as Charitable
Trust, subject to the following terms and conditions as set out hereunder:-
AND
WHEREAS it has now been considered as expedient and desirable to reduce the
terms and conditions of the creation of the above said charitable trust in
writing:-
AND WHEREAS with a view to
secure proper and permanent administration of the Trust, it is considered to
execute a formal Deed of Trust: NOW THIS DEED WITNESSETH and it is hereby
declared as follows:- 1) The name
of the Trust shall be __________________ (hereinafter referred to as the
'Trust').
2)
The above said sum of
Rs shall be the property of the
Trust.
3)
The term 'Trust Property'
shall mean and include the said sum of Rs. 5,100/-(Rupees five thousand and one
hundred only) all additions and accretions hereto, the income thereof and the
acquisition therewith in whatever form and all other property which may from time
to time vest in, or come from any source to, the Trust.
4)
The Head Office of the Trust
shall be situated at ________________________ but the Trustees shall be at
liberty to transfer the same to such other place as may be determined by them
from time to time.
5)
The objects of the Trust
shall include the following:-
(a) (i)
To open, found, construct, establish, takeover, equip, promote, conduct,
maintain, support, subsidise, grant aids, to make donations to hospitals,
schools, colleges, pathshalas, boarding houses, reading rooms, libraries, art, music or literary societies and other institutions,
educational or otherwise, associations, printing presses, journals, newspapers,
periodicals and
other publications for
imparting or developing commercial, industrial, legal,
medical engineering, scientific or other knowledge or training.
(ii)
To give stipends,
scholarships, travelling expenses, allowances and monetary aids to students and
scholars in India and abroad;
(iii)
To open, found, establish, equip,
finance, assist, maintain, or contribute to technical, industrial, or
commercial concerns, institutions, associations, or bodies imparting any type
of training or providing employment to persons;
(iv)
To open, found, conduct,
maintain or contribute to the opening and maintaining of such institutions
where work at living wages can be provided to poor and deserving people or
which are conducive to the benefit of the poor and the development of industries;
(v)
To promote the well-being of
humanity by establishing or assisting the formation or aiding of humanitarian
institutions and to start, encourage, promote or support institutions and
societies to harmonise social and economic interest of the peoples of the world
and to unite them in such a manner as may best ensure the attainment of proper
shelter, food and clothing by them, as well as ensure peace and happiness of
the humanity at large;
(vi)
To open, found, build,
equip, takeover, conduct, maintain and grant aids to dispensaries, maternity
homes, hospitals, lunatic asylums or any other institutions of the like
nature;
(vii)
To found, construct,
maintain, support, assist or grant aids or subscriptions to places for
cultural, social or other discourses;
(viii)
To erect, construct,
establish, takeover, maintain poor houses, dharmasalas, parks, bridges, bathing
ghats, cremation grounds etc for the use of the public.
(ix)
To help widows, orphans,
lunatics and indigent persons and to give relief to the poor and distressed;
(x)
To give relief, by
subscription or otherwise, during famine, flood, earthquake, pestilence or any
other calamity;
(xi)
To establish, help or
maintain institutions for the cultural, social or economic advancement within
the country;
(xii)
To revive, investigate,
promote and spread the ancient science of astrology, jyotish and
astronomy.
(xiii)
To give donations,
subscriptions or contributions to any other charitable Trust;
(xiv)
To subscribe to such other
charitable objects as the Trustees may deem proper.
(b) For the purpose of carrying out the
aforesaid object, the Trustees may
(i)
Purchase, or otherwise
acquire any property, rights, leases and concessions etc;
(ii)
Purchase or otherwise
acquire, start, establish, equip or close any business, undertaking or
industry;
(iii)
Purchase, acquire or
undertake the whole or any part of property and liabilities of any person, firm
or company;
(iv)
Train persons in any
business or industry and grant them stipends, allowances or bonuses as may be
determined by the Trustees from time to time;
(v)
Enter into all necessary
contracts incidental or conducive to the fulfillment of the aforesaid objects,
provided that the income and profits derived from these shall be utilised for
the objects and in the manner provided in this Trust Deed.
6. The Trust Property shall vest
in the Trustees who shall hold, manage, and administer the same in accordance
with the terms and conditions set out herein.
7 a) There shall not be less than three and
not more than seven Trustees who shall together constitute the Board of
Trustees.
b)
The following persons shall
constitute the first Board of Trustees.
The number of Trustees
may further be increased as provided herein:-
1.
2.
3.
c)
The power to fix the number
of Trustees from time to time, to vary the maximum or the minimum number or to
appoint new or additional Trustees, to fill up any vacancies, the conditions on
which any or these Trustees are appointed, or the manner, if any, in which
their successors are to be appointed, shall vest in the Founder. The maximum or
minimum number of Trustees fixed by the founder shall not be altered except by
him/her.
d)
The Founder and after
him/her, or even in his/her lifetime, if he/she so desires, the Board of
Trustees shall in accordance with the terms of this Deed, select, appoint and
co-opt one or more Trustees. Such selection, appointment and co-option shall be
made by a majority of threefourth of the number of Trustees and persons so
appointed shall hold office and be liable to retirement as herein mentioned.
The term 'three-fourths' when it is not a complete integer, shall mean, if the
fraction is not less than half, the next higher and when the fraction is below
half, the next lower integer.
e)
The Founder shall hold
office as Trustee for his/her lifetime. The other Trustees shall ordinarily
hold office for three years, but they shall be eligible for re-appointment
after their retirement on the expiry of the term.
Provided
that any such Trustee shall also cease to be a Trustee when he is requested in
writing by all the other Trustees, without assigning any reason therefore, to
vacate his office.
f)
After the death of the
founder, in case the requisite number of Trustees either to fill up the minimum
number of Trustees is not appointed by the Board of Trustees due to failure of
three-fourth majority, the matter of selection and appointment of a suitable
person shall be preferred to the Chief Justice of the Supreme Court of India
and the selection and appointment made by him, in accordance with the
provisions herein, shall be binding on the then Board of Trustees. In case the
said Chief Justice refuses to do so or is not successful in selecting a
Trustee, the appointment shall, by appropriate proceedings, be made by the
Court having jurisdiction in the matter.
8.
The Founder shall have the
power to nominate any one of the Trustees to be the Chairman of the Board of
Trustees for such period as he may determine. After his death, the Board of
Trustees may appoint any one of themselves as Chairman for such period as they
may determine from time to time.
9.
The Trustees shall carry out
the aforesaid objects of the Trust from out of the Trust property and from its
income.
10.The
Trustees shall have full powers to do everything in or for the furtherance of
this Trust or beneficial or conducive thereto, subject to the conditions laid
down in this Trust Deed.
11.
The Trustees shall have full
power and discretion to acquire, hold, carry on and manage any trade or
business or any part thereof, and to
employ the whole or any portion of the Trust property or any funds of the Trust
in such trade or business, or in running concerns or managing agencies, or in
securities or shares and debentures of public or private limited companies or
other investments and realise or vary the same or any branch or portion thereof,
as they may deem proper from time to time, provided however, that the income
profits and gains thereof shall be utilised and applied only for and on behalf
of the Trust as provided herein.
12.
The Trustees shall be
entitled to sell all kinds of assets and property of the Trust or any part
thereof or exchange the same for equality of exchange.
13.
The Trustees may lease or
let out on rent or royalty and land or building or any part thereof belonging
to the Trust or acquired or constructed for the purposes of the Trust or any
land or building vested in it, or sub-lease or give right to exploit any
concessions or licenses on such rent or royalty to any person either from year
to year or for a term of years and on such other terms and covenants as they
may think fit and the rent or royalty so received shall form part of the income
of the Trust and be accordingly.
14.
The receipt of the Trustees
for any money payable to the Trust upon any sale or exchange or for any rent
reserved upon any such lease as aforesaid or otherwise shall be sufficient
discharge for the same to any purchaser, mortgagor, lessee or other person
dealing with the Trust and such purchaser, mortgagor, lessee or other person
shall not be bound or concerned to see to the application of the said money.
15.
The Trustees may, at any
time, if they consider it necessary or beneficial to the Trust, raise or borrow
money for the use and benefit of the Trust on any terms, and on any security or
otherwise, as they may consider proper.
16.
(a) The Trustees may accept donations and
contributions, as gifts or otherwise from any person, corporation, institution,
State or Government of any country or from any other Trust; and all these may
be accepted in any form, such as money, bullion, ornaments, machinery,
workshops , factories running concerns, stores, raw materials, fabricated
goods, finished goods, managing agencies, royalties, rights, licenses,
concessions, useful animals and movable or immovable property of all kinds.
Provided,
however, that the Trustees may decline to accept any such donations or
contributions at their discretion without assigning any reasons therefor. b) Such donations, if accepted by
the Trustees, shall be dealt with, as regards their investment and disposal, by
the Trustees according to the wishes (if any) of the donor, unless such wishes
are in violation of any law or in derogation to the objects of the Trust, and,
in absence of any Specific directions by the donor, they shall be dealt with
according to the decision of the Trustees.
17.
a) The Trustees may deposit any money,
subject to the terms of this Trust Deed and whether required for the expenses
of the Trust or not, in any Bank or in any Joint Stock Co and withdraw the same
from time to time as they may decide. They may open accounts with any Bank or
banking institution.
b) No portion of the Trust money shall be
lent to, or kept in deposit with, any of the Trustees or any firm in which any
of the Trustees may be a partner, nor shall any of the Trustees apply any
portion of the Trust property or fund for his own use or benefit either
directly or indirectly.
18. The Trustees shall cause to be
kept true and correct, accounts of all assets and liabilities and money
received and expenses incurred by them in respect of the Trust, and once in
every year such accounts together with a balance sheet shall be examined,
audited and certified by such auditor or auditors as may be appointed by the
Trustees from time to time on such remuneration or otherwise as they may
decide. These annual statements of audited accounts shall be adopted and signed
by the Trustees soon after the same are ready as stated herein.
b) All the main account books of
the Trust shall be kept at the head office of the Trust or at such other places
as the Trustees may decide. The branches of the Trust, wherever established,
may if desired by the Trustees, maintain separate accounts of their own, which
shall be incorporated in the Head Office accounts and when considered proper
and convenient but not later than the annual closing.
19.
a) The Trustees are authorised to carry
on the administration of the Trust in the manner they may consider best, and
for the administration of the Trust, including the purpose or policy thereof,
they may frame schemes, rules and regulations and may decide the same from time
to time as deemed fit. They may also form committees or sub-committees for the
purpose of the administration of the Trust or for management of its properties
and business.
20 The Founder may appoint any one
or more Trustees as Managing Trustee or Managing Trustees and shall have the
power to cancel and vary such appointments.
After the death of the Founder, or earlier at his discretion, this power
shall vest in the Board of Trustees. To the Managing Trustee (or Managing
Trustees) may be delegated such powers as the Founder or the Board of Trustees
respectively, as the case may be, may decide from time to time by executing a
power of attorney or otherwise authorising the said Managing Trustee (or
Managing Trustees) to act jointly or
severally and with or without power to sub-delegate any of such powers to any other
person considered fit by the Managing Trustees for that purpose.
21.
The Trustees may appoint
paid or honorary Secretary or Manager and other officers and staff to manage
and administer the Trust and to maintain the books of accounts of the Trust as
well as to carry out correspondence and all other business on behalf of the
Trust, as may be necessary, and pay their remuneration.
22.
The Trustees may, in the
conduct of the Trust business, employ agents and other employees and pay them
salary or commission as they may, at their discretion, consider necessary, and
delegate to or confer upon these agents or employees such authority and power
on behalf of the Trust, as the Trustees may deem proper.
23.
The Trustees for the time
being shall meet at least once in every calendar year and at a time and place
to be decided by them for the purpose of transacting the business of the Trust,
and the decision of the majority of the Trustees shall regulate such business,
provided always that it shall be open to the Trustees to make rules and
regulations relating to such meetings and the conduct of their business.
24.
Any Trustees may call a
meeting of the Board of Trustees by giving each Trustee one week's notice or
such shorter notice as the Trustees may decide from time to time. No notice of
meeting need be sent to a Trustee who is not in India at the time such meeting
is held. A notice calling a meeting of the Trustees may be issued by the
Secretary or Manager of the Trust
25.
The quorum for a meeting of
the Board of Trustees, unless otherwise determined, shall be two. But this
shall not effect the power and right of the continuing Trustee to appoint
another Trustee to make up the quorum so long as the number is below that.
26.
Any resolution signed by a
majority of the Trustees, on circulation to all the Trustees, shall be as good
as passed in a meeting of the Board of Trustees.
27.
The decision of the majority
in case of difference of opinion amongst the Trustees in any matter shall be
final. The chairman of a meeting of the Board of Trustees in a matter of tie
will have a casting vote.
28.
The Trustees shall not be
entitled to any remuneration, but they may be paid all reasonable travelling
and other expenses for attending meetings of the Board of Trustees or in
connection with the business of the Trust, provided however, that the Managing
Trustee/s may be paid any honorarium for special services to the Trust, as may
be unanimously decided upon by the Board of Trustees from time to time.
29.
In the professed execution
of the Trust and powers hereof, no Trustee shall be liable for any loss to the
Trust property arising by reason of any investment made in good faith or for
the negligence or fraud of any agent or employee, employed by him or her or by
any other Trustee, although the employment of such agent or employees was not
strictly necessary or expedient, or by reason of any strictly necessary or
expedient or by reason of any mistake or omission made in good faith by any
Trustee, or by reason of any other matter or thing, except willful fraud or
wrong act on the part of the Trustee who is sought to be made liable.
30.
The Trustees shall not spend
the trust fund outside the country without the prior approval of CBDT and funds
of the trust shall be invested as per the provisions of the Income Tax Act
1961.
31.
The aims, objects, purposes,
pursuits and other provisions of this Trust Deed have been framed and laid down
in accordance with law so that this Trust shall never fail. But if any time the Trustees find or come to
know that any provision herein is invalid or contrary to law, it shall be their
duty to cancel, and treat as cancelled, such particular provision so that the
other provisions hereof may not be rendered invalid or otherwise affected.
In
the interpretation of this Deed words imparting the singular number include
where the context admits or requires, the plural number and vice versa.
(Donor
& Trustee)
Draft
format of Private Trust Deed. Private Trust formation document format.
Format
of Private Trust Deed is given below. It is not mandatory to register a private
Trust with the Registrar. But the registered private trust deed is valid for
all legal purposes. Private Trust Deed can be registered with the SubRegistrar
/ Registrar in the particular area.
____________TRUST
THIS DEED OF TRUST made this
________ day of ________, ____ by
__________________, son/wife
of _____________________________ residing at
____________________________________________________________
,
Passport No. _______________ issued from ____________ and valid upto
___________ hereinafter referred to as the Settlor (which expression shall,
unless excluded by or repugnant to the subject or context mean and include his
heirs, executors, successors, administrators and legal representatives) of the
ONE PART, and
Shri
_______________________, son/wife of ___________________________, resident of
______________________________________________,
Passport No. __________________ issued from _______________ and valid upto
______________.
and
__________________, son/wife
of __________________________, residing at ______________________, Passport No.
___________________ issued from ____________ and is valid upto
____________.
[hereinafter
jointly referred to as the Trustees (which expression shall, unless excluded by
or repugnant to the subject or context mean and include the Trustee or Trustees
for the time being and the successor or successors in office of the Trustees
hereunder) ]of the OTHER PART.
AND
WHEREAS in pursuance of the said desire prior to the execution of these presents, the Settlor has handed over a
sum of Rs.5,000/- by cash to the Trustees (which fact the Trustees do hereby
admit and acknowledge);
NOW
THIS INDENTURE WITNESSETH that in consideration of natural love and affection
that the Settlor has for the beneficiaries (named hereinabove) and for diverse
other good causes and considerations the Settlor doeth hereby make this
declaration of trust and say that he/she has already handed over the said sum
of Rs. 5,000/- (Rupees Five Thousand only) by cash to the Trustees, to have and
to hold the said sum irrevocably for the use and upon Trust and for the ends, intents
and purposes as contained in this Deed.
AND
WHEREAS at the desire of the parties settlor has now agreed to register the
Deed of Trust.
AND
WHEREAS the settlor has constituted this Trust with the Trustees mentioned
hereinabove as the first Trustees;
NOW
THIS DEED WITNESSETH AS FOLLOWS:
NAME
OF THE TRUST
This
trust shall be known as the '_______________' [hereinafter referred to as the
trust].
TRUST
PROPERTY
For
effectuating his said desire and for diverse good causes and considerations
thereunto the Settlor doth hereby make over, transfer and assign to the trust
the aforesaid sum of Rs 5,000/- as Trust Property, to hold the same and all
rentals and other incomes generated therefrom and all monies received by way of
investments made from the incomes generated thereof, for the time being
representing the same together with all additions and accretions thereto and
contributions and gifts and all accumulated income thereof and all other
properties that may be acquired out of the same or become subject matter of the
Trust (hereinafter collectively referred to as the 'Trust Properties') upon
Trust to be used only for the objects and purposes hereinafter expressed with
the power, provisions and / or upon the terms and conditions hereinafter
mentioned concerning the same.
DUTIES
OF THE TRUSTEES
The
Trustees have accepted the said trust properties and agreed to hold the same
and investment thereof for the time being representing the same together with
all additions and accretions thereto and contributions and gifts and all
accumulated income thereof and all other properties that may be acquired out of
the same or become subject to the Trust for the objects and purposes
hereinafter expressed.
The Trustees shall
hold and stand possessed of the Trust properties for the tenure of this trust
and during the lifetime of and for the benefit of the Beneficiaries.
BENEFICIARIES
The
beneficiaries of this trust shall be:
____________
aged about ___________ years son/daughter of __________________, resident of
_______________________; and lineal descendent of ___________________.
TENURE
OF THE TRUST
The
tenure of this Trust shall be for a period of ten years from the date of commencement
of this Trust. However the Trustees may put an end to the trust at any time or
continue the trust beyond the period of ten years, whichever in their
discretion is in the interest of the beneficiaries.
PURPOSES
OF THE TRUST
During
the tenure of this Trust, the Trustees shall as and when necessary from time to
time apply whole or part of the corpus and/or income of the Trust at their
discretion for the maintenance, education, medical treatment, marriage or for
any other use and enjoyment of the said Beneficiaries. Upon the expiry of this
trust for whatever reason, the balance of the corpus and/or the income of the
trust properties will be distributed by the trustees at their discretion, to
the beneficiaries
EXPENSES
OF THE TRUST
The
Trustees shall meet, discharge and pay all outgoings and expenses of and
incidental to the administration of the Trust out of the income and profits of
the Trust properties and subject thereto shall hold, accumulate and / or apply
the income and / or funds of the Trust for the intents and purposes herein
declared and expressed of and concerning the Trust properties and funds.
POWER OF TRUSTEES TO ESTABLISH BUSINESS /
PARTNERSHIP
The
Trustees may with the use of the Trust properties and funds for and on behalf
and for the benefit of the Trust carry on by themselves or in partnership with
others such business in such name or names and in such manner as they in their
absolute discretion may think fit and proper and may also close and restart any
such business and in the conduct and management of such business the Trustees
shall have powers to do all such acts, deeds and things as they may consider
necessary and expedient.
1.
The Trustees may nominate
any one or more of them to be a partner in such partnership business or the
trustees may nominate any one among them to be a director in a company where
the Trust may be competent and authorised to appoint or nominate a director on
the Board, as hereinabove stated on behalf of the Trust, in such case though
ostensibly such nominees may appear in such partnership as a partner in his
individual name, the Trustees shall be bound to indemnify such nominee against
all losses and liabilities which he / she may incur as a partner or a Director
as the case may be, out of the Trust Properties. The Trustees may meet out of the incomes of
the Trust properties such losses as may be incurred in any business whether carried
on by the Trust itself or in partnership with others.
2.
EXPENSES INCURRED BY
TRUSTEES IN DISCHARGE OF THEIR DUTIES
All
expenses incurred by the Trustees personally in the discharge of their duties
as Trustees shall be deemed to be expenses of the Trust and shall be treated as
such for all purposes including the computations for the purposes of paying
taxes, if any, by the Trust.
3. TAXES
OF THE TRUST
It
must be clarified that the taxes, if any, which may have to be paid by the
Trust or the Trustees as the case may be shall be provided for and/or paid out
of the Trust properties before the same are utilised or in any way expended on
the Beneficiaries.
4. POWERS
OF THE
TRUSTEES
The
Trustees shall also have the following powers and authority.
a)
To invest the Trust
properties or the income thereof either in the purchase of or construction of
immovable property or for taking on lease or licence immovable property and
making construction thereon either by the Trust itself or in co-ownership or in
co-partnership or in the purchase of movable properties or in shares,
debentures, stocks or other securities, in accordance with any law for the time
being in force regarding the powers of the Trustees to invest Trust Funds, or
in deposit with any individual firm or company including those in which the
Trustees or any of them may be directly interested on such terms and conditions
with or without any security as the Trustees may think fit and proper.
b)
To sell, alter, vary or
transpose or otherwise dispose of or alienate the Trust properties or any
investment representing the same, and to reinvest the same in any manner as the
Trustee may, in their discretion, think fit and proper.
c)
To pay all charges,
impositions and other outgoings payable in respect of the Trust properties or
any property comprised in the Trust and also to pay all costs of and incidental
to the administration and management of the Trust properties for the time
being.
d)
To let out or demise any
immovable property that may be comprised in the Trust properties on such terms
and conditions as the Trustees may, in their discretion, think fit and proper.
e)
To sell, dispose of or
otherwise transfer any immovable property which may be comprised in the Trust
and to invest the sale proceeds thereof in any investment as the Trustees may
in their discretion think fit and proper.
f)
To raise or borrow moneys
required for the purpose of the said Trust with or without security or
mortgage, hypothecation, charge or pledge of the Trust properties or any part
thereof and at such rate of interest and on such terms and conditions as the Trustees
may in their discretion think fit and proper.
g)
To compromise, compound and
refer to arbitration all actions, suits, proceedings and disputes touching and
concerning the Trust properties or any of them.
h)
To accept any gift or
contribution in cash or in kind and of any property movable or immovable from
any person for the objects and purposes of the Trust.
i)
To receive realise and / or
accept any money or other property or asset for and on behalf of the Trust and
to hold the same in such form or manner as the Trustees may think fit and
proper.
j)
To appoint constituted
attorneys or agents and to delegate to such attorney or agent/s all or any of
the powers vested in them under these presents.
k)
To appoint a Secretary,
Clerk or Clerks or other employees to look after and manage the Trust
properties or business or affairs and to allot to such Secretary, Clerk or
Clerks or other employee on such terms and conditions, such duties as the
Trustees may, in their discretion, think fit and proper.
14.
Without prejudice to the
above and in addition thereto the Trustees shall have all such powers as may be
necessary for carrying out the objects of the Trust and for performing their
duties and functions under the Trust including the power to amend any of the
provisions of this trust, however the trustees shall not have the power to
amend, in any way, the list of beneficiaries as contained in para 5 of this
Deed.
15.
Any one of the Trustees
shall be entitled to open and operate savings, current, cash credit, fixed
deposit or any other account with any Bank/s and shall be entitled to deposit
all sums that may be received on account of and for the Trust hereof whether as
gifts, contribution, interest, dividend or income or otherwise and make
withdrawals therefrom and to give instructions to the Bank for transfer and /
or re-transfer of any amount and /or interest from one account to the other and
vice-versa.
16.
Any Trustee can, with the
approval of the other Trustees, nominate or appoint Constituted Attorneys or
Agents and to delegate to such Constituted Attorney or Agent all such duties
and/or powers as may be necessary to implement and carry out and/or to execute
documents in accordance with the decision of the Trustees and from time to time
remove such attorney or agent and re-appoint other or others in his or their
place.
17.
DELEGATION OF POWERS OF
TRUSTEES
Any
Trustee may delegate in writing all or any of his/her powers and authorities to
his/her other Co-Trustees who will be entitled to exercise such power or powers
in the same manner as the Trustee himself or herself could have personally
done.
18.
The Trustees may, by a
resolution direct that any act, deed or thing required to be done or executed
by them may be done or executed by any one or more of them and in such cases
any act, deed or thing done or executed in pursuance of such resolution shall
be valid and effectual as if it had been done or executed by all the
Trustees. Such delegation of authority
may be general or special.
19.
The Trustees shall be at
liberty to employ or engage solicitors, Advocates, Banker or any other agents
as they, in their discretion, may think fit and proper in connection with any
matter relating to the Trust or its affairs thereof and shall be entitled to
pay all charges and expenses therefore out of the said Trust properties.
20.
A Trustee shall not be
responsible or answerable for any loss or any act of omission or commission by
any constituted attorney or agent or employee or other co-Trustee or Trustees
unless occasioned by his / her willful neglect or default.
21.
ACCOUNTS OF THE TRUST
The
Trustees shall cause true and correct accounts to be kept of all moneys
received and spent and of all matters in respect thereof in the course of
management of the Trust or in relation to the carrying out of the objects and
purposes of the Trust as well as of all the assets credits and effects of the
Trust properties and funds. Such
accounts shall be closed on 31st day of March every year or such other date as
the Trustees in their discretion may decide.
22.
DECISIONS BY TRUSTEES
It
will be the endeavor of the trustees to take all decisions unanimously however,
In the case of any difference of opinion amongst the Trustees, in case there is
more than one Trustee, the opinion of the majority shall prevail. 23. RESIGNATION OF TRUSTEES
Any
of the Trustees may resign from the office of Trustee on giving one month's
notice, in writing, to the other Trustee or Trustees.
24.
APPOINTMENT OF TRUSTEES
The
Trustees shall have the right to appoint one or more Trustee or Trustees. Notwithstanding
anything contained in clause 22 hereinabove, a new Trustee shall be appointed to the Trust only with the
express consent of all the surviving Trustees.
25.
DEATH OR RESIGNATION OF
TRUSTEES
If
any Trustee dies or resigns or becomes incapable or unfit to act, the
continuing or surviving Trustee or Trustees shall be entitled to appoint a
successor in place of the Trustee(s) dying or retiring or becoming incapable or
unfit to act.
26.
Upon the appointment of a
new Trustee or Trustees, the Trust properties shall vest in the new Trustee or
Trustees jointly with the continuing or surviving Trustees with the powers,
provisions and subject to the Trust hereby created.
27.
EMERGENCY POWERS
Notwithstanding
anything contained in this Deed, in the event of any of the beneficiaries, requiring money in an
emergency, the Trustees may in their discretion, distribute any portion of the
Trust Property to the Beneficiaries, to meet any such emergencies.
IN WITNESS WHEREOF the parties
hereto have executed these presents on the day, month and year first above -
written.
SIGNED
AND DELIVERED by the
Settlor
at ______ in the presence of
sd/-
1.
2.
0 Comments
Thank you for your response. It will help us to improve in the future.