TRUST DEED
THIS INDENTURE OF TRUST executed on this -------------- day of
------- 2005
BY ………………………………, son /
daughter / wife of ---------------, aged ----, residing at
---------------------------------------- (hereinafter referred to as the SETTLOR which term wherever the context
so requires or admits shall mean and include his legal heirs, successors,
executors, administrators and assigns of ONE
PART
IN FAVOR OF
1. -------------- son of
----- , aged --, residing at
-------------------------------------------------
2. ---------------- son of
-----, aged --, residing at
-----------------------------------------------
3. ---------------- son of -----, aged --, residing at
------------------------------------------------
4. ---------------- son of ----- , aged --, residing at
------------------------------------------------
5. ---------------- son of -----, aged --, residing at
------------------------------------------------
(hereinafter referred to as ‘THE TRUSTEES’ which expression
wherever the context so requires or admits shall mean and include their legal
heirs, successors, executors, administrators and assigns of the SECOND PART.
WHEREAS THE SETTLOR above named has
been desirous of creating and establishing a spiritual, educational and a
charitable Trust.
AND WHEREAS THE SETTLOR above named has
settled a sum of Rs.-------- (Rupees ------------------------------------ only)
as a fund,
AND WHEREAS THE SETTLOR above named has
settled the assets and properties mentioned in the Schedule hereunder,
in favor of the TRUSTEES upon Trust with a view to give effect to his desire of
creating and establishing a Trust for the purpose of construction of a place of
meditation and worship of SHIRDI SAIBABA
and for undertaking other charitable and religious activities for the benefit
the public, for the objects set out in this trust deed and for fulfillment of
which, the terms and conditions are more particularly set out hereunder.
AND WHEREAS THE TRUSTEES named are
willing to accept the office of the Trustees for the purpose of carrying out
the wishes of the SETTLOR of the
Trust under the provisions and directions set forth herein, so as to enable to
pursue its vowed objects.
THIS INDENTURE WITNESSETH AS FOLLOWS
1)
The SETTLOR
above named hereby establishes a Public Charitable Trust by the name of
----------------------------------- for the purpose and upon the conditions set
forth hereunder
2)
The TRUSTEES
named above shall be the first trustees and have given their consent to be
appointed as the trustees and as token thereof, they have set their hands to
this instrument.
3)
The SETTLOR hereby conveys, transfers and assigns to the TRUSTEES the above referred sum of Rs.
---- (Rupees -------------------- only) as corpus to the TRUST, the receipt of which, the TRUSTEES do hereby admit and acknowledge
4)
The SETTLOR
of the Trust hereby conveys, transfers, assigns to the TRUSTEES the assets ad
properties mentioned in the Schedule hereunder, the possession of which the
Trustees hereby admit and acknowledge, to have and to hold the same in trust as
corpus of the Trust, to be used by the Trustees
to carry out and fulfill the objects of the Trust set forth herein, and
the SETTLOR of the Trust hereby relinquishes for all time any claim to or interest
in the said assets and properties or fund forming the subject matter of the
Trust.
5)
The office of the Trust for the time being shall be at
-----------------------------------, with the power given to the Trustees to
shift the same to any other place as they may mutually agree upon.
6)
The TRUSTEES
do hereby agree that they shall hold and stand possessed of the said trust
assets, properties and funds (which expression shall include all investments in
cash or kind or in any nature whatsoever into and for which, the said property
or a part or parts thereof may from time to time be converted, varied or
exchanged) and/ or such investments as may be held by the TRUSTEES from time to time in relation to these presents together
with all income, profits, additions and accretions thereof, upon trust for the
object set out herein with and subject to the provisions and conditions
hereinafter contained in these presents.
I. OBJECTS:
The objects of the Trust are:
1.
Construction and maintenance Shirdi Saibaba Meditation
and Prayer Hall for the benefit of the public.
2.
Construction and running of Schools, colleges,
education institutions, free dispensaries, Centres for poor feeding and homes
for the aged for the benefit of the public.
3.
Providing for grants, scholarships, fellowships and
other forms of financial assistance to the needy and deserving students for
pursuing education, vocational training, skill development etc.
4.
Granting of financial assistance to any educational
institution for granting scholarships, prizes, medals, awards for excellence in
studies, sports and scientific research, distribution of books and note books
for poor and deserving students.
5.
Establishment, conduct, maintenance of clinical
laboratories, hospitals, nursing homes, dispensaries and institutions of
similar nature and providing financial assistance to the deserving persons for
medical treatment, in any medical institution.
6.
Providing financial assistance for performing
annadhanam and feeding the poor directly and through other institutions.
7.
Establishment, conduct, maintenance of old age homes,
homes for physically challenged men, women and children and persons with
similar disabilities and also for granting financial assistance to institutions
performing similar activities.
8.
Grant of donation to any Temple , Mosque, Church, Gurudwara and other
places of worship and / or religious institutions. However, the Trust shall not undertake any
religious activities.
9.
Providing for or contributing to education and
scientific research and development.
10. Providing
relief to the poor and advancing any other object of general public utility.
11. The
Trust will not carry out any activities with the intention of earning profit
and will perform with service motive only.
12. No activities of the Trust will be carried out
outside India .
II. BENEFICIARIES OF THE TRUST:
The Trust is
established for the benefit of citizens of India and the class of people
mentioned above without discrimination of caste, religion, creed or sex.
III. PROPERTIES:
The Trust properties shall
consist of
1.
The amount Transferred by the SETTLOR as mentioned above, towards the Corpus fund of the Trust.
2.
The immovable properties and other assets transferred
by SETTLOR as mentioned above.
3.
Any cash, kind, properties, movable and immovable that
may be acquired by purchase or otherwise or all manner of rights, title or
interest in or over any property movable or immovable
4.
All additions and accretions to the Trust properties
and the income there from
5.
All donations, gifts, legacies or grants, in cash or
kind accepted by the Trustees upon
Trust.
The properties of the Trust shall
be utilized for the objects set forth herein above and subject to the
provisions and conditions herein mentioned.
IV. NUMBER OF TRUSTEES, THEIR TERM AND POWER TO CO-OPT:
The Trust will
be managed by a Board of Trustees
consisting of not less than 3 trustees and not more than 9 trustees. The
parties of the Second Part will be First Trustees and they shall automatically
form the Board of Trustees
The first Managing Trustee shall be the SETTLOR and he will hold office for his
life time. After the demise or relinquishment of office of the Managing Trustee
or in the event of the first Managing Trustee failing to nominate his successor
in office, the remaining trustees shall elect one of the other Trustees as
Managing Trustee.
The term of office of First Trustees shall be
for their respective lives. The Board of
Trustees shall have the power to increase the total number of Trustees upto the
maximum number stated above and fix their term as per provisions contained
herein.
Any Trustee,
including the Managing Trustee may retire from the Trusteeship hereof by giving
two calendar months notice in writing of his or her intention to do so, to the
Board of Trustees and after the expiry of the period of notice, the Trustee
giving the notice shall ipso facto cease to be a Trustee of these presents.
Any vacancy
caused by death of any one of the First
Trustees, or any vacancy caused by the
resignation of any of the Trustees, may be filled up by co-option by the Board
of Trustees.
The Trustees who
are not First Managing Trustee or First Trustees shall hold office for a period
of one year from their date of appointment by the Trustees. At the end of this
one year period, the Board of Trustees may reappoint them for subsequent term
or appoint other persons as Trustees in such a manner that the total number of
Trustees does not exceed the approved maximum number of Trustees.
The Managing
Trustee shall have the power to remove a Trustee suffering from physical or
mental disability or if he is accused of misfeasance of trust funds or property
or misconduct, after satisfying himself
on enquiry and such action of the Managing Trustee shall be final.
The proceedings
of the Board of Trustees shall not in any way be invalidated due to any post or
posts remaining vacant. During the time
when a vacancy is yet to be filled up, the remaining Trustees shall act as “Full Board”, subject to the presence
of Quorum in the meetings. Any vacancy
in the Board of Trustees or illegality in the appointment of Trustees or their
proceedings shall not invalidate any prior act or decision of the Board.
V. TRUST ADMINISTRATION AND POWER TO THE BOARD:
A. The Board of Trustees
shall have power to:
1.
To administer the Trust, its properties and affairs and
do all the things which will fulfill the performance of the objects for which
the Trust is established and for this purpose the Board can apply the whole or
any part of the Trust property towards the payment of the expenses of the
Trust.
2.
The income and
the properties of the Trust will be solely utilized towards the objects of the
Trust and no portion of it will be utilized for payment to the Settler, or
Trustees or their relatives by way of salary, allowances, profit, interest,
dividend etc.
3.
To open one or more bank accounts and operate the same
or provide for operation of the said accounts by any two among them authorized
on their behalf.
4.
To invest the Trust funds in the manner not prohibited
by any provisions of the Income Tax Act, 1961.
5.
To buy, sell, mortgage, grant, lease, hire or otherwise
alienate all or any of the properties of the Trust in its discretion for
adequate consideration, so however any sale or alienation of immovable properties
of the trust can be done only after obtaining the prior approval of the
Commissioner of Income Tax.
6.
To execute power of attorney or powers of attorney to
any person for the purpose of executing, administering or managing the whole or
any part of the Trust for the purpose of all or some among the objects of the
Trust.
7.
To borrow money with or without security and to repay
the same.
8.
To receive, collect and enforce recovery of all monies
due or payable to the Trust and grant receipts and discharges therefore.
9.
To settle, compromise or compound any disputes or refer
the same to arbitration or litigation.
10. To
receive voluntary contributions from any person or persons from India or
outside, after complying with the statutory formalities, by way of donation,
gifts or in any other manner and to hold the same upon Trust for the objects
set forth herein.
11. To
appoint, suspend, dismiss or otherwise deal with the staff required for the
administration of the Trust, to frame rules relating to their salaries and other
benefits and generally to exercise all powers ancillary and incidental to
effectively carry out the objects of the Trust.
12. The
Board shall have power to make and rescind rules and regulations for the
management and administration of the Trust.
13. No
Trustee shall commit any act or breach of Trust of the Trust fund or property
or cause any loss to the Trust property or commit fraud in the administration
of the Trust fund / property.
14. The
Trustees shall hold honorary office and shall not be entitled to any Salary,
allowances or perquisites, except for the reimbursement of actual expenses
incurred in connection with attending to the Trust matters.
15. The
Board of Trustees will follow the instructions given by any donor who makes
substantial contribution towards furtherance of the objects of the Trust, so
long as such instructions are not detrimental to the attainment of the objects
of the Trust and are in conformity with the provisions of the Income-tax Act,
1961.
16. For the management and administration of the Trust,
the Trustees shall elect one amongst themselves for each of the offices of Vice President, Secretary and Treasurer. The
term of office for Vice President, Secretary and Treasurer shall be for a
period of one year from their date of appointment and they may be reelected for
further terms. No Trustee including the Managing Trustee shall hold more than
one of the above offices at the same time.
The persons holding these offices of Vice President, Secretary and Treasurer
shall be under the administrative guidance and supervision of the Managing
Trustee and will report to him directly.
b. Roles and responsibilities
and powers
The Roles,
Responsibilities and powers of all these officers is defined below. In addition
to these, the Managing Trustee may grant additional roles, responsibilities and
powers to any of the Trustees.
a) MANAGING TRUSTEE:
In addition to
discharging normal duties of a trustee, the Managing Trustee shall preside over
meeting of the Board of Trustees. The
Managing Trustee is authorized to sign all documents, including bank documents,
acknowledgements for the contributions received, and agreements with
individuals, Government Institutions and other organizations, on behalf of the
Board of Trustees. The Managing Trustee shall have all the residuary powers,
not explicitly assigned to any of the other officers in these presents.
The Managing
Trustee is authorized to sign along with the Treasurer bank cheques, deposit
release vouchers etc. The Managing
Trustee is empowered to remove any Trustee from the Trust and its offices, if
he/she finds that his/her activities are not congenial to the activities of the
Trust.
The Managing
Trustee is responsible for ensuring that the Trust pursues its Objects and for
maintaining the dignity of the Trust organization and shall use his/her
influence to promote the activities of the Trust.
b) VICE PRESIDENT:
The Vice
President shall discharge the duties of the Managing Trustee, in the absence of
the Managing Trustee of the Trust and shall have the power and authority
delegated and assigned to him/her by the Managing Trustee.
c) SECRETARY:
The Secretary
shall maintain the records of the organization prepare and circulate agenda and
minutes of Board of Trustee meeting for the approval of the Managing Trustee.
The Secretary
shall be also responsible for the day to day administration activities of the
Trust. The Secretary shall deal with correspondence received by the Trust, send
replies in consultation with the Managing Trustee, Vice President and/or the
Treasurer where necessary. He/she is
responsible for the safe custody of all the properties and records of the
Trust. The Secretary shall represent the Trust in all legal matters, sign the
papers related to legal cases, attend to courts or represent the Trust in
Government offices.
d) TREASURER:
The Treasurer
will prepare Annual Budget, monthly and yearly expenditure statements get the
expenditure audited by auditor duly appointed by the Board of Trustees and
place them before the Board of Trustees for approval. The Treasurer is
responsible to maintain cash book and prepare vouchers for the payments made,
receive contributions, sign acknowledgements for the amounts or articles
received by the Trust and prepare monthly and yearly statements of revenue and
expenditure, as well as, the register of assets of the Trust and place them
before the Board of Trustees for their approval.
The Treasurer is
authorized to sign bank cheques, application for drafts and payment
instructions jointly with the Managing Trustee and draw money from the bank,
upto the limits defined by the Board of Trustees in their meetings. The Treasurer is responsible for safe custody
of cash, bonds, securities etc. of the Trust.
VI.
MEETING OF
THE BOARD OF TRUSTEES:
The Board of
Trustees should meet atleast once in every calendar quarter and may meet more
often when required.
1)
The meeting of Board of Trustees shall be convened by
the Managing Trustee and he shall preside over the meetings. In his absence,
the Managing Trustee may authorize the Vice President to be the Chairman of
such meetings. In the event the Managing Trustee or Vice President are not able
to attend the meeting already convened, any of the Trustees present in the
meeting may elect one amongst themselves to be the Chairman of the meeting.
2)
One half of the Board of Trustees or a minimum of two
trustees, whichever is higher, shall constitute the QUORUM for the Board of
Trustee meetings.
3)
All decisions shall be carried out by the majority
decision of the Board but in the event of equality of votes, the Chairman
presiding over the meeting shall have a casting vote.
4)
Any resolution in writing signed by all the Trustees by
circulation shall have equal force as though it has been passed at a meeting of
the Board of Trustees.
5)
The meeting of the Board shall be conveyed after giving
at least a week’s notice unless all the Trustees agree to accept a shorter
notice.
6)
The Board of Trustees may invite other persons
interested in the objects and functioning of the Trust to attend the meetings
of the Board, but they shall not be entitled vote in the meetings of the Board.
VII. BANK ACCOUNT:
The Managing
Trustee and the Treasurer shall jointly operate Bank Accounts on behalf of the
Trust. In their absence, any of the Trustees may be authorized by the Board of
Trustees, by a resolution, to operate the bank accounts. One or more Bank
Accounts may be opened in any Bank and or Banks in the name of the Trust.
VIII. INVESTMENT OF TRUST FUNDS:
1)
The Board of Trustees shall have the power to invest
the funds, assets and properties of the Trust at their discretion in accordance
with the provisions of the Income Tax Act, 1961.
2)
The Board shall also determine from time to time, the
amount it shall spend on the various activities of the Trust.
IX. ACCOUNTS AND AUDIT:
1)
The financial year of the Trust shall be from 1st
April to 31st March of the following year, unless otherwise decided
by the Board of Trustees.
2)
The Board of Trustees shall maintain true and correct
accounts of the Trust.
3)
The accounts of the Trust shall be annually audited by
a Chartered Accountant appointed by the Board of Trustees and the audited
statement of account shall be placed before the Board for its approval within
three months of the close of the financial year.
X. AMENDMENTS:
1)
While this Trust shall be irrevocable, the Board of
Trustees may amend any of the clauses except those relating to objects of the
Trust, the First Managing Trustee and First Trustees, at a duly convened
meeting of the Board with at least 2 weeks’ notice, and by a resolution passed
by atleast three-fourths majority of the Board of Trustees present and voting.
The amendments to the Trust deed, can only be passed by a resolution of the
Board of Trustees in an actual meeting and not by circulation.
2)
If any alteration or amendment is necessary, the same
shall be affected through supplementary deed/deeds with the previous approval
of the Commissioner of Income Tax and these shall be read together with the
main Trust deed.
XI. INDEMNITY:
The Board of
Trustees shall be indemnified for any act done by them in good faith in the
course of the administration of the Trust.
XII. SETTLOR AND THEIR RELATIVES:
Not withstanding
the powers vested with the Trustees under the proceeding clause, no part of the
income of the Trust shall benefit directly or indirectly the trustees and no
part of the income of the property of the Trust shall be used or applied
directly or indirectly for the benefit of:
(a)
SETTLOR,
Managing Trustee, Trustees or any person who makes a substantial
contribution to the Trust or of any relative of the SETTLOR, Managing Trustee, Trustees or the person who makes a
substantial contribution.
(b)
Any “related
concern” in which any of the above persons has substantial interest.
(c)
For the purpose of this clause, the word “relative” and the phrases “related concern”, “substantial interest” and “substantial
contribution” shall have the meanings assigned to them in the Income Tax
Act, 1961.
XIII. APPLICABILITY OF TRUST ACT:
The provisions
of the Indian Trust Act 1882 shall apply to all matters not specifically
mentioned in these presents.
XIV. APPLICATION OF INCOME TAX ACT:
All clauses
herein are intended to secure exemption from Income Tax on the income of
contributions and donations to the Trust and any clause or portion of this Deed
of Trust which is inconsistent with or repugnant to the sections of the Income
Tax Act, 1961 as amended, substituted or modified from time to time, shall be
deemed to be deleted or modified with effect from the date on which the
sections to which the clause or part of a clause is repugnant or inconsistent
comes into force.
XV. THIS TRUST IS DECLARED IRREVOCABLE:
XVI. DISSOLUTION:
In the event of
dissolution of the Trust, the entire Trust funds shall be realized and first be
used for payment of liabilities of the Trust.
The assets left if any, shall be disbursed to other Trusts or
Associations having similar objectives after obtaining previous approval of
Commissioner of Income-tax and in no event it shall be distributed in any
manner, to any of the Board of Trustees or their relatives or related concerns.
SCHEDULE
At present, the
Trust has no property or assets, either movable or immovable, other than the
Trust Fund and the immovable properties, donated by the SETTLOR, as described
in the Schedule below:
1. Cash contribution to the Corpus Fund of the
Trust of Rupees --------------- (Rupees
---------------------------------------------------------------------------
only)
2. Properties of
--------------------------------------------------------------------------
3. Assets of
-----------------------------------------------------------------------------
IN WITNESS WHEREOF THE SETTLER AND THE
FIRST TRUSTEES here to have set their hands on the day, month, and year
first above written.
SIGNATURE OF SETTLOR
SIGNATURE OF FIRST TRUSTEES
Signature: -------------------- 1. Signature: --------------------
Name: Name:
Address: Address:
2.
Signature: --------------------
Name:
Address:
3.
Signature: --------------------
Name:
Address:
Witnesses:
1)
Signature: --------------------
Name and address 4.
Signature: --------------------
Name:
Address:
2)
Signature: -------------------- 5. Signature: --------------------
Name and address Name:
Address:
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