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Saturday, July 6, 2013

Trust Registration

"Trust" is defined as an obligation annexed to the ownership of property, and arising out of a 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.

A Trust may be created by any language sufficient to know the intention and no technical words are necessary. A trust deed, generally, incorporates the following:

DOCUMENT REQUIRED

i. The name(s) of the author(s)/settlor(s) of the trust;
ii. The name(s) of the trustee(s);
iii. The name(s) if any, of the beneficiary/ies or whether it shall be the public at large;
iv. The name by which the trust shall be known;
v. The name where its principal and/or other offices shall be situate;
vi. The property that shall devolve upon the trustee(s) under the trust for the benefit of
the beneficiary/ies;
vii. An intention to divest the trust property upon the trustee(s);
viii. The objects of the trust;
ix. The procedure for appointment, removal or replacement of a trustee. Their rights,
duties and powers etc;
x. The rights and duties of the beneficiary/ies;
xi. The mode and method of determination of the trust.

A charitable trust is not required to obtain registration under the Indian Registration Act.

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