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A Trust deed can be used to establish charitable, religious, hospitality, and rehabilitation facilities. Firstly, The settlor and the trustees sign a trust deed together. A trust is established by a settlor for philanthropic, religious, or hospitality and rehabilitation purposes. The trustees, on the other hand, are in charge of running the trust. Typically, the settlor names the trustees who can carry out the trust’s objectives in an efficient manner. According to the terms of the Trust Deed, the settlor assigns the trust’s tangible assets to the trustees and obliges them to administer the trust in accordance with its terms and conditions.
Definition of the Indian Trust Act of 1882
The Indian Trust Act of 1882 states in section 3 that a trust is “a duty attached to the ownership of the property, arising out of a confidence reposed in and accepted by the owner, or declared and acknowledged by him, for the benefit of another, or of another and therefore the owner.”
Details required for Trust Deed:
- 7% stamp duty and 4% registration fee of the corpus fund
- Rs. 70 + Rs. 40 (Rs.100) Computer fee
- Rs. 100 up to 10 pages and above that Rs.15 for each page
- Members can be included or excluded after resolution and board meetings. It can be registered the same as trust registration.
- Have to mention movable and immovable properties of trust till the fresh registration deed
- has to mention the operation of territory within India.
- The Trustee can be a member of the trust
- Trustees cannot be witnesses during registration
- A Trust deed can be registered in any nearby SRO
- Trust deed doesn’t have any jurisdiction
- trust deed comes goods under book 4
- author of the trustee should sign with for seal
Major components of a trust deed include
Objects:
This phrase specifies the object for which the trust starts. Since all activities are carried out solely to achieve the accomplishment of these aims, this sentence is extremely crucial.
Acceptance of Funds:
The trust has the authorization to receive contributions in cash or in kind, including immovable property, from any individual, the government, or other charitable organizations. However, any such funds received with a condition that is at odds with the trust’s goals shall not be accepted.
Investments:
Mainly. It is the duty of the trustees to effectively manage the trust’s funds. In the same way, a cautious guy would, the money that will not be needed in the near future to meet current demands should be put in securities, banks, and other types of investments to earn decent returns.
Trustees’ Authority:
First of all, Trustees are only permitted to act within the scope of their outlined authority in the trust deed. Basically, The following powers are typically granted to the trustees for the general administration and management of the trust:
- The hiring of workers
- Sell, modify, change, dispose of, or otherwise alienate the trust properties
- Open the bank accounts in the trust’s name and on its behalf.
- Bring a lawsuit on the trust’s behalf
- Accept any gifts, contributions, and donations, and place the money in the trust.
- Look into the trust’s management, etc.
Accounts and Audit:
The trustees must keep accurate records of all the trust’s assets, obligations, income, and expenditures as matter of fact. Of course, They must also have the accounts audited by a chartered accountant.
Windup of the Trust:
Lastly, Assets of the trust will not be transferred to the trustees in the event of its Winding up (permanent closure). With the approval of the charity commissioner, the court, or any other law that may be in effect at the time, they can transfer to another trust or organization with goals that are comparable to those of this trust.
