TRUST DEED
THIS DEED OF TRUST MADE ON THIS ______ DAY OF ______________ BY
NAME
Age – __ years Occupation - Business
R/o – __________________________________________________
Hereinafter called the Settlor of the Trust which expression unless repugnant to the context or meaning thereof includes their heirs, executors, and administrators, etc., whereas Settlor of the Trust are possessed of and otherwise well and sufficiently entitled to the sum of Rs. _________/- (Rupees _____________ only) hereinafter referred to as said property.
WHEREAS the Settlor of the Trust desire to irrevocably endowing the said funds upon trust for public, educational, and cultural purposes, as hereinafter expressed and contained in this presents and in pursuance of such desire have already transferred, paid and handed over the said property to the trustees mentioned below.
WHEREAS it is the desire of the Settlor of the Trust that the Corpus of the Trust may be further augmented from time to time by flow of funds and other assets including moveable and immovable and any other kind by way of gifts, donations, acquisitions, allotments, grant, exchange or otherwise etc.,
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. __________________________________________,
S/o – _______________________________
Age – ___ years.
R/o - __________________________________________________________
2. __________________________________________,
S/o – _______________________________
Age – ___ years.
R/o - __________________________________________________________
3. __________________________________________,
S/o – _______________________________
Age – ___ years.
R/o - __________________________________________________________
4. __________________________________________,
S/o – _______________________________
Age – ___ years.
R/o - __________________________________________________________
NOW THIS DEED OF TRUST WITNESSETH AS FOLLOWS -
1. NAME
The Trust hereby established shall be named as ‘________________________________’ Trust.
2. OFFICE
That the registered office of the Trust shall be situated at _________________________ ____________________________________________________ or at such other place or places as the Board of Trustees may decide from time to time. Branch / administrative offices can be opened in any part of the country for the smooth functioning of the Trust.
3. OBJECTS
The objects for which the Trust is founded are :
1. To establish, maintain and run Schools, Colleges, Social Service Centres, Industrial Training Centre.
2. To establish Training Centre, and allied education institutions.
3. To establish Cultural, and Social Institutions,
4. To spread for promotion of education and learning in all branches more specifically in Science and Technology.
5. To establish the colleges to impart education in the area of higher education especially the emerging field like, Electronics, Bio-technology, and other allied fields.
6. To advance Indian Culture and Literature, Service of this Country for the benefit of our Nation.
7. To establish, maintain and run Schools, Colleges, Social Service Centres, Industrial Training Centre for physically and mentally handicap people.
8. To train teachers and workers in ideals and practice of the true spirit of the education and learning.
9. To establish research and training centres for the furtherance of education/learning in its various fields and branches.
10. To undertake propaganda, training and education of the masses either of its own or in co-operation with similar Agencies working for the cause of all round development of the Society.
11. To bring, publish and sell, distribute books, periodicals, leaflets, brochures and papers.
12. To open and maintain libraries, reading rooms for the promotion of the objects of the Trust.
13. To function as a non-communal Trust and as a secular organisation.
14. To establish centres for employment generation.
15. To acquire and maintain the movables and immovable properties for achieving the said objects.
16. To advance any other objects of general public utility.
17. To undertake, organize, conduct and facilitate, Courses, conference, lecture, research and education on various aspects and of science, technology, trust and other fields.
18. To establish, maintain and run studentships, scholarships and render other kind of aid to students including supply of books, stipends, medals and other incentives to study, without any distinction as to caste, colour, race, creed or sex.
19. To conduct research studies on the social, economic, industrial, educational, etc. conditions of people with a view to involving ways and means for their development within their social historical frame works and to seek promotion of rural development such as provision of drinking water rural industrialization as well as Public Convenience for people.
20. To confer title on eminent personality in the field of science, education, literature, etc.,
The trust shall be an irrevocable public educational and cultural trust for the benefit of all persons belonging to whatever community irrespective of Caste, Creed or Religion, which shall include physically and mentally challenged people. The Trustees shall stand possessed of the said amount of corpus endowed by the Settlor of the trust and such other properties (both movable and immovable) as may be acquired from time to time by the Trust, by way of purchase, exchange, grant, allotment, subscription, endowment, donation, contribution, or in any manner of whatsoever nature (all of which shall be designed as Trust properties) on the Trust herein mentioned.
4. NUMBER OF TRUSTEES
The number of Trustees including the Settlor of the Trustees shall not be less than __ and not more than ___ persons. The Board of Trustees shall nominate and invite person / persons to be the other trustees for such period, as they may deem fit and proper.
5. TERM OF OFFICE OF THE TRUSTEES
These Trustees shall hold office for such duration as may be specified by the board of trustees.
6. PRESIDENT
There shall be a president for the administration of this trust, nominated by the board of Trustees, who shall be one amongst trustees as specified above for such a period, in such manner as may be specified in this behalf.
7. MANAGING TRUSTEE
(i) The day-to-day administration of the Trust shall be looked after by the Managing Trustee under the guidance, control and supervision of the Board of Trustees.
(ii) The Board of Trustees shall nominate one amongst the trustees as specified above to be the Managing Trustee, who shall hold office for such period, as may be decided by the Board of Trustees.
(iii) The Managing Trustee shall perform all functions, discharge such duties as or specifically entrusted to him/her in writing by the Board of Trustees.
8. VACANCIES
Any vacancy among the Members of the Board of Trustees may be filled by the trustees or their successors and they shall hold office for such duration as may be specified by the Board of Trustees.
9. TERMINATION OF OFFICE OF THE TRUSTEES
(a) Trustee shall cease to hold the position :
i) if he / she dies,
ii) if he / she resigns,
iii) if he / she is adjudged insolvent or found guilty of an offence involving moral
turpitude.
iv) if he / she is found to have acted against the interest of the Trust.
v) if it is unanimously decided by the Trustees above that his continuation in the position
and office is against the interest of the Trust.
vi) Upon expiry of the period upto which the Board of trustees have nominated the trustee.
10. MEETING AND PROCEEDINGS OF THE TRUSTEES
The Trustees shall ordinarily meet once in one (1) month or as often as may be necessary for the satisfactory conduct of the affairs of the Trust.
11. NOTICE
_____ days Notice shall ordinarily be given in writing for a meeting of Board of Trustees.
12. QUORUM
The Quorum for the Meeting of the Board of Trustees shall be ________ numbers quorum is required for a meeting adjourning for want of Quorum.
A minute book shall be kept by the Managing Trustee. Minutes of entry into the office of every new trustee and of all proceedings of the meeting of the board of trustee shall be entered in the minute book and shall be signed by the President of the Meeting.
13. VOTING
Decisions of the Board of Trustees may be made at a meeting or by circulation of papers to them. Normal matters of routine nature may be circulated and decision may be obtained. The important matters shall be decided at the meeting. All matters arising for disposal shall be decided by a majority of the Board of Trustees present at the Meeting. The President of the Board of Trustees shall have a casting vote in the event of equality of votes, in addition to his own vote.
14. POWERS, FUNCTIONS AND DUTIES OF THE TRUSTEES
- To manage the properties, assets and funds of the Trust from time to time, such regulations (not being inconsistent with this deed) as they may think fit for and necessary for the purposes of such management and control or in connection with the execution of any of the subject herein contained or powers hereby vested in them and may rescind or alter any such regulation.
- All property of the Trust, movable or immovable or of any other kind, shall vest in trust, the trustees shall manage the whole property and affairs of the trust and shall have all powers, duties and functions necessary proper and incidental to the promotion and carrying out of the objects of the trust.
3. To accept donations, contributions, grants, subscription in cash or in kind from any person, company, firm, association, organizations, government, non government or semi government agencies, national or foreign funding agencies, family Trust, or corporate bodies for furtherance and achievement of the objectives of the Trust.
4. Person(s) so authorized by the Board shall sign or execute documents on behalf of the Trust.
5. To grant receipts for aid or donation received.
6. To grant Special Power of Attorney to represent the Trustees in connection with any legal or other proceedings.
7. To acquire by Gift, Grant, Purchase, Exchange, Lease, or otherwise, lands, buildings, or other immovable properties and also any Movable Property.
8. To construct and maintain buildings, to alter, to demolish or improve them and equip them suitably.
9. To raise loans, to receive monies, securities or other movable property on behalf of the Trust.
10. To accept any trust, trust fund or endowment so long as the provisions of such Trust or endowment are in consonance with the objects of this Trust.
11. To accept gifts, donations, endowment and contributions for the Trust and shall be treated as the income of the Trust. To give guarantee of the assets and property of the Trust, including the bank guarantee on behalf of the Trust to carport bodies, persons, firms, institutions, as Trustees may decide from time to time. The Trustees shall not be personally liable for such guarantees or the securities.
12. To gift, lease, and transfer the immovable and moveable properties of the Trust.
13. To award scholarship and make donations calculated to promote the objects of the Trust.
14. (a) To enter into contracts, or engagements on behalf of the Trust.
(b) To consider such proposals submitted by Sub –committee appointed by this trust and allocate such funds if necessary as deemed necessary for the implementation of the programs.
15. To prepare, sign and execute all such documents instruments, as may be necessary or proper for carrying on the management of the properties and affairs of the Trust.
16. To invest such monies and such funds of the trust and to vary the investment as and when it may seem necessary or proper provided that such investments shall be made only upon immovable properties or upon securities as the board of trustee may deem fit, under section 20 of the Indian Trust Act, 1882.
17. To sell, transfer or otherwise dispose of any immovable property of the trust provided all the trustees unanimously resolve that it is in the interest of the trust to do so to sell or lease, mortgage or otherwise dispose of any movable and immovable properties of the Trust.
18. To open any type of bank account(s) whether saving account, current account, fixed or otherwise, in the name of the Trust or institution(s) or programme(s) with any nationalized, scheduled banks(s) or post office(s). The same shall be operated by the authorized signatory or signatories as Board of Trustees shall think fit and proper to authorize any person or persons, unless and until determined otherwise. Such bank account(s) shall be opened and operated jointly with signatures of any two members of the Board of Trustees. The accounts of Trust or institution(s) or programme(s) shall be audited yearly by the Auditors or Charted Accountant or a firm of Charted Accountants to be appointed by the Board of Trustees and the fees for such an audit shall be a part of outgoing amounts from the Trust Funds.
19. To appoint new member or members of Board of Trustees by a resolution and to discharge any of the Trustee, who become bankrupt or acts in any manner
prejudicial to the interest or objects of the Trust or is convicted of an offence involving moral turpitude or becomes of unsound mind or is otherwise unfit to continue as Trustee, by resolution passed by simple majority of members present and voting in the meeting of Board of Trustees.
20. To apply to the Government, public bodies, urban, local, municipal, district and other bodies, corporation, companies, or persons for and to accept grant of money and of aid, donations, gifts, subscriptions, and other assistance with a view to promoting the objects of the trust and to discuss and negotiate with the Government Departments, public and other bodies corporations, companies or persons, scheme and other work and matters within the o6jects of the Trust and to conform to any proper condition upon which such grants and other payments may be made.
21. To appoint Committee/Committees of management for such terms and with such powers as may be specified from time to time, for carrying on the routine management of the affairs of the Trust.
22. To appoint from time to time on such terms and conditions as they may determine a Secretary, Manager, Executive Director, Director(s) and other officer(s) or members(s) of staff for carrying out the activities of the Trust and to remove at any time any such Secretary, Manager, Executive Director, Director(s) and other officer(s) or members(s) of staff.
23. After defraying all necessary expenses incurred in the collection or realization of the income from the Trust ten percent (10%) of the balance of the income shall be kept in a reserve fund to be utilized when, in the opinion of the Board of Trustees, there is any emergency and the remaining income may be utilized for the purpose of the Trust.
24. The Trustees shall invest the Trust fund in government securities, saving certificates, fixed deposits or in any other form of investment authorized under provisions of Indian Trust Act and Indian Income Tax Act, 1961, as they shall deem expedient.
25. To appoint such employees on such terms and conditions as the Trustees may deem fit for carrying out the work of the trust and exercise control all such employees including the power of suspension, dismissal and removal.
26. To delegate to the Managing Trustee or any appointed committee such powers, duties and functions as are vested in the Trustees.
27. To frame Bye-Laws and such other regulations as are required for achieving its objectives.
28. To appoint lawyer, pleaders, advocated to file and defend suit or suits filed for and against the Trust and or in the name of the Trust and also file suits for financial and other disputes or dues with different parties and signed executed such application, petition documents for such proceedings and delegate powers to the officers(s), employee(s), staff(s) and Trustee(s) for such proceedings(s) as required from time to time.
29. To compromise, compound or refer to Arbitration all actions, proceedings and disputes relating to Trust property or properties.
30. To make, vary, alter or modify schemes, rules and regulations for carrying out the objects of the Trust and for the management of the affairs thereof and/or running any institution in furtherance of the objects of the Trust and otherwise for giving effect to the objects of the Trust.
31. Out of the income of the Trust, the Trustees can allocate the funds to for the following purposes –
a. All rates, taxes, cess, assessments, dues and duties if any payable to the government to any municipal or other public bodies in respect thereof or any part thereof.
b. The premium for the insurance of the buildings or any other insurable property movable or immovable for the time being forming part of the trust property.
c. The costs of ordinary repairs and for providing any amenities to the buildings for the time being forming part of the trust property.
d. The cost of making such additions/alterations or improvements to or in the buildings forming part of the trust property, as the trustees shall think fit.
e. Wages and salaries of any manager, supervisor, accountant, clerk, servant or other employees employed by the trustees in the carrying out of this trust.
f. Cost and expenses of keeping the trust property in good condition.
g. Cost and expenses for installing and renovating the electrical and other installations in the building for the time being forming part of the trust property.
h. The architect’s fee and legal charges and fee payable to other professionals engaged in the course of administration of the trust.
i. All other costs, charges and expenses of and incidental to the management and administration of the trust property in accordance with the objects and purposes hereof or which may be incidental thereto. After deducting the costs charges and expenses incurred by the trustee’s as aforesaid out of the total gross income received by them from the trust property the balance that is the net income will be utilized for the objects of the trust as decided by the board of trustees.
32. To join, co-operate or amalgamate this trust with other or others having kindred or allied objects, upon such terms and conditions as the trustees may in their discretion think fit, particularly having regard to and in conformity with the objects and nature of this Trust.
33. To establish, promote, manage, organise or maintain or to assist in establishing, promoting, managing, organising, or maintaining any branch of the Trust or any other Trust or its branch with objects similar to those of this Trust and to promote or carry on the affiliation or amalgamation of such other Trust with this Trust.
34. To take over, acquire, manage, control or aid any existing institution or institutions having objects either wholly or in part similar to the objects of this Trust and on such terms and conditions as may be thought expedient.
35. The Trustees shall be accountable only for such moneys, stocks, shares and funds as shall actually come into their hands and a Trustee shall not be answerable or accountable for neglect, default, acts or omissions or commissions of the other trustees, nor of any banker or other person with whom the trust properties or any securities may have been deposited or kept.
36. The Trustees will not be entitled to receive any remuneration, but the Trustees may reimburse themselves all expenses actually incurred by them in connection with the Trust or their duties relating thereto.
37. Every Trustee will be at liberty to resign on giving one month's notice of his intention to do so.
15. BOOK ACCOUNT
(i) The Board of Trustees may open such Bank Account or Accounts in any of the Banks in the name of ‘M.D Konduskar Foundations Trust’ such accounts shall be jointly operated by the President and Managing Trustee.
(ii) The trust may open Bank Account/s in the name of institution / organisation founded by the Trust. Such Bank Accounts shall be operated by such persons as authorised by the board of trustees from time to time.
16. APPLICATION OF THE PROPERTIES OF THE TRUST
The properties and funds of the Trust shall be applied only for the purpose of the Trust and for the due administration of its business affairs and properties provided however that this shall not preclude payment of any remuneration or allowance or giving of residential accommodation or any perquisites to any trustee in connection with the work carried out by him/her for the purpose of the Trust.
17. ACCOUNTS
The Trustees shall maintain a true and correct record of the receipts, payments incomes and expenses and transactions of the Trust. The Books of Account of the trust shall be audited by a qualified auditor or a Chartered Accountant every year i.e., commencing from 1st April to the 31st March of next year.
18. DEFECTS OF PROCEDURE IMMATERIAL
No act of Trustees shall be invalidated by reason only of any vacancy in the Board of Trustees or any irregularity in the proceedings of the Board of Trustees or any Committee thereof.
19. AMENDMENTS
No amendments to the Trust Deed shall be made which may prove to be repugnant to the provisions of Section 2(15), 11, 12 and 13 and 80G of the Income Tax Act, 1961 as amended from time to time.
20. DISSOLUTION
In the event of dissolution of winding up of the Trust the assets of the trust remaining on the date of dissolution shall under no circumstance be distributed among the Trustees, but the same shall transferred to other Trust, Society, Association or Institution whose objects are similar to those of this Trust.
21. The Trust and the Trust funds shall be and irrevocable for all times.
22. It is expressly declared that no part of the Trust property or its income or any accretion thereto shall be applied for any purpose outside India or for any Purpose which is not a charitable purpose in law, and all provisions hereof shall be construed accordingly.
IN WITNESS WHEREOF THE SETTLOR AND TRUSTEES HERETO HAVE SET THERE RESPECTIVE HANDS ON THE DAY AND YEAR FIRST HEREIN ABOVE WRITTEN.
WITNESSES:
1. SIGN
_______________________
_______________________________
S E T T L O R
2. SIGN
_______________________
1. SIGN
_______________________________
2. SIGN
_______________________________
3. SIGN
_______________________________
4. SIGN
_______________________________
T R U S T E E S
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