DEED
OF TRUST
This
DEED OF DECLARATION OF TRUST executed at on this day of
by
_________________________________________________________________
hereinafter
called as AUTHOR OF THE TRUST which expression shall wherever the
context so permits mean and include its successors –in-office of the ONE
PART and;
WHEREAS
the following persons are appointed to be trustees for holding the said
property in Trust for the purposes detailed in this Trust Deed:
1.
2.
3.
etc.
WHEREAS the
AUTHOR OF THE TRUST decided to create and establish a Trust for the
welfare and Education of the community at large without discrimination of
caste, creed, etc with objects and constitution as hereinafter set forth;
WHEREAS the said objects in view, the AUTHOR
OF TRUST has decided to endow the said TRUST a nucleus of Rs.
(Rupees only) in cash; and immovable property
_______________________________________________________________
WHEREAS it is necessary and desirable
to declare and constitute the said Trust and to record the objects and
constitution of the said Trust.
NOW THIS DEED OF
DECLARTION OF TRUST WITNESSETH AS FOLLOWS; 1.TRUSTEES
mean and include the Board of Trustees as described in these presents, and
these Trustees, as appointed, nominated or selected by the remaining members of
the Board of Trust whenever any vacancy arises. 2.CREATION OF THE TRUST:
In pursuance of the intention, the AUTHOR OF TRUST has settled the sum
of Rs._____ by cash and immovable property ___________________________ unto and
in favour of the Trustees herein to be held by them for and on behalf of the
Trust hereby created and known as “________________________ ” the receipt of
which sum of Rs. _________ and immovable property _____________________________
which has already been handed over to the Trustees mentioned hereunder, is
hereby acknowledged by the Trustees, who hereby accept the appointment as such
Trustees of the said Trust, under the terms and conditions, set out hereunder
for the fulfillment of the objects of the Trust, more fully and particularly
described and set out hereunder.
3. REGISTERED OFFICE
OF THE TRUST: The registered office of the Trust is
situated at present at ____________________________________________
4.TRUSTEES:
The AUTHOR OF THE TRUST has appointed the following persons to hold the office
of the Trust as Trustees:
1.
2.
3.
5.1. MOTTO OF THE
TRUST: The Motto of the Trust is ___________________________________________________________________________________________________________________________________________________________
5.2. OBJECTS OF THE
TRUST: The objects of the Trust are
___________________________________________________________________________
5.3.BENEFIT OF THE
TRUST: The Benefits of the Trust are open to all
irrespective of Caste, religion, race, sex etc. That the Trust will not carry
on any activities with an intention of earning profit.
6. THE PROPERTIES OF
THE TRUST The properties of the Trust shall be.-
(a) the said sum of
Rs. ____________________ above referred to the receipt of which is hereby
acknowledged by the Trustees;
(b)Immovable property
__________________________________________________, that transfered by the AUTHOR
OF THE TRUST;
(c) all additions and
acceptations to the Trust fund;
(d) all voluntary
donations both towards corpus or otherwise gifts, legacies or grants in cash or
in kind accepted by the trustees;
(e) all grants and
contributions made to the Trust by the Government, Government bodies, Trust or
Institutions, Trade Union or Societies etc; and
(f) all sums and
assets which by and means become the property of the Trust. 7. QUALIFICATION
OF THE TRUSTEES:
The qualification for the trustees shall be immediate
family member of the Author of the trust.
8. CESSATION OF
TRUSTEESHIP: A Trustee mentioned below shall cease
to be the trustee of the Trust if:- 3 (a) he resigns; (b) he becomes insolvent;
(c) He is removed by the majority of the members of the, if it is found that
the trustee(s) activities are detrimental to the activities or administration
or funds of the Trust
9.APPOINTMENT OF
TRUSTEES: Any vacancy in the Board of Trustees shall be
filled up by the remaining members of the Trust selecting a suitable person. 10.
ADMINISTRATION OF THE TRUST; The administration of the TRUST shall vest
with the Board of Trustees, which consist of.- a) One Managing Trustee; b) One
Joint Managing Trustee; c) One Deputy Managing Trustee.
11. POWER OF THE
TRUSTEES; The Board of Trustees shall have the control and
management of the Trust and exercise the following powers:
a) To determine from
time to time to commence and to take up the object and purposes for which the
funds of the trust shall be used and allot and allocate to each of the objects
such portion of the funds as they deem fit;
b) To purchase and
acquire any immovable property of any kind for this object of the Trust or as a
source of income for the Trust;
c) To sell, mortgage,
or dispose of any immovable property/properties belonging to the Trust;
d) To incur all
expenditure necessary as in their own opinion useful for carrying out the
objects and administration of the trust;
e) To sell, lease,
mortgage or dispose of any property, immovable property/properties belonging to
the Trust’
f) To open one or
more bank accounts of the trust with any bank or banks as the Trustees may deem
fit and deposit monies of the Trust in the Bank accounts.
g) To borrow for and
on behalf of the Trust with or without security from banks, Governments,
Universities or any other government Body/bodies both central and state;
h) to employ staff of
all kinds necessary and useful for carrying out the objects of the trust.
i) To incur such
other items of expenditure as is necessary and incidental for carrying out the
objects of the Trust;
j) To institute, conduct, defend, compound,
withdraw, compromise, adjust, refer to arbitration or to do such things as are
incidental and necessary, concerning 4 the affairs of the Trust and to sign and
verify vakalats, pleadings, affidavits and other powers’
k) To delegate all or
any of the powers vested in the Trustees to any body’ to frame rules, bylaws
and other codes for the conduct of the affairs of the Trust and its
transactions and establishing any Committee;
l) To accept
contributions in cash or in kind either by way of addition to the trust funds
generally or for any one or more of the specified objects of the Trust.
m) To establish as
many adhoc committees for any purpose.
12. Meetings of the
Trustees: a) The Managing Trustee shall preside over all
the meetings of the trustees and in his absence the Joint Managing Trustee
shall preside such meeting and in the absence of both, the trustees attended
such meeting may elect any one of them to preside over the meeting;
b) The meetings of
the Trustees may be convened by the Managing Trustee or under his direction by
any other Trustees
c) The quorum of the
meeting of the Trustees shall be four personally present. d) In the event of
equality of votes, the person presiding such meeting shall exercise casting
vote (additional vote).
13. RESOLUTIONS:
a) The Trustees may exercise all the powers vested in them in clause 9 under
these presents by resolution passed at a simple majority of the trustees
attended such meetings of the Board of Trustees.
b) Any resolution in
writing signed by all Trustees holding office for the time being shall be valid
and binding.
14. SUITS:
The Managing Trustee of the Trust is authorized to sue or to be sued on behalf
of the Trust.
15. Execution of
Documents: All Deeds, Documents etc. shall be executed by
the Managing Trustee, Joint Managing Trustee and Deputy Managing Trustee
jointly representing the Trust.
16. ACCOUNTS AND
AUDIT:
a) The Trustees shall
maintain true and correct accounts of all Trust monies and of all the income
and investments and all the outgoing expenses.
b) The year of
account shall be the financial year commencing from 1st APRIL and ending 31st
March.
c) The Trustees shall
each year issue a report setting out the accounts showing the income and expenditure
of the Trust for the preceding year not later than six months from the end of
the preceding year of accounts.
d) The accounts of
the Trust shall be audited every year by a Chartered Accountant who may be
appointed for the purpose by the board of Trustees and the audited statement of
accounts together with Auditors’ report shall be laid before the Board of
Trustees for approval.
17. BANK ACCOUNT:
The Managing Trustee along with the Deputy Managing Trustee shall operate bank
account(s) jointly.
18. POWER TO ALTER
RULES AND REGULATIONS: The Board of Trustees shall have
full power and authority to make, alter and rescind rules and regulations for
the management and administration of the Trust. Any amendment to the Trust Deed
will be carried out only with the approval of the Commissioner of Income Tax.
19. APPLICATION OF
INCOME AND TRUST FUND: The Board of Trustees shall be
empowered to invest the funds of the Trust in movable or immovable properties,
in such manner as they deem fit for the purpose of the objects of the trust
provided that such investments shall be in accordance with the provision of
Section 13(I) read with Section 11(5) of the Income Tax Act, 1961 as well as of
any other law for the time being in force as are applicable to charitable
trusts.
20. REMUNERTION TO
THE TRUSTEES: The Trustees are not entitled for any
remuneration. But they shall however be entitled to receive out of pocket
expenses incurred by them in the course of discharging the functions of the
Trust. Further the Income and funds of the Trust will be solely utilized
towards the objects and no portion of it will be utilized for payment of
Trustees by way profits, interest, dividend or otherwise.
21. INDEMNITY:
Every Trustee shall be indemnified out of the fund in respect of any loss
arising from or contingent upon any investment made out of the monies of the
Trust unless such loss shall have been occasioned by own negligence and also
every Trustee shall be indemnified out of the Trust against all proceedings,
suits, claims, costs, damages and expenses occasioned by any claim in
connection with the matters or affairs relating to the Trust created by these
presents or in the exercise of powers or discretion vested in them by virtue of
these presents.
22. IRREVOCABILITY:
The Trust is irrevocable.
23. ACTIVITIES OF THE
TRUST: The activities of the Trust shall be only within
India and its Union territories and shall not be extended anywhere outside
India.
24. DISSOLUTION:
On dissolution of the Trust, the net assets of the Trust shall be transferred
to an association of persons or trust or society having similar objects of this
Trust.
25. PROCEEDING OF THE
TRUST: Any defect in the constitution of the Trust shall
not invalidate its proceedings
26. RESIDUARY:
For matters not provided for in these presents, the provisions of the Maharashtra
Public Trust Act 1860 and the Income Tax Act,1961 and rules made there under
will apply accordingly.
IN WITNESS WHEREOF
THE AUTHOIR OF THE TRUST HAS SET HIS HAND AND SIGNATURE ON THE DAY, MONTH AND YEAR
FIRST ABOVE WRITTEN
IN THE PRESENCE OF
WITNESSES: -
1.
2.
AUTHOR OF THE TRUST
1.
TRUSTEES OF THE TRUST
1.
2,
3.
Drafted by:
Comments
Post a Comment