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Home Bare Acts Phrase: implied trustsIndian Trusts Act, 1882 Chapter II
Title: Of the Creation of Trusts
State: Central
Year: 1882
.....extent in and to which the author of the trust may dispose of the trust-property. _______________________ 1. See section 11 of the Indian Contract Act, 1972 (9 of 1872). Section 7 - Who may create trusts A trust may be created-- (a) by every person competent to contract,1and (b) with the permission of a principal civil court of original jurisdiction, by or on behalf of a minor, but subject in each case to the law for the time being in force as to the circumstances and extent in and to which the author of the trust may dispose of the trust-property. _______________________ 1. See section 11 of the Indian Contract Act, 1972 (9 of 1872). Section 8 - Subject of trust The subject- matter of a trust must be property transferable to the beneficiary. It must not be merely beneficial interest under a subsisting trust. Section 9 - Who may be beneficiary Every person capable of holding property may be a beneficiary. Disclaimer by beneficiary A proposed beneficiary may renounce his interest under the trust by disclaimer addressed to the trustee, or by setting up, with notice of the trust, a claim inconsistent therewith. Section 10 - Who may be trustee .....
View Complete Act List Judgments citing this sectionUnit Trust of India Act, 1963 (52 of 1963) Section 39
Title: No Trust to Be Taken Notice of
State: Central
Year: 1963
1[39. No Trust to be taken notice of Except to the extent provided in, and except in accordance with the regulations made under this Act, no notice of a trust, express, implied or constructive, shall be receivable by the Trust. ' ______________________ 1. Substituted by Act 16 of 1975, Section 7 (w.e.f. 7th January, 1975).
View Complete Act List Judgments citing this sectionUnit Trust of India (Transfer of Undertaking and Repeal) Act,2002 Chapter 2
Title: Transfer and Vesting of the Undertaking of Trust in the Specified Company and Transfer and Vesting of the Specified Undertaking of Trust in the Administrator
State: Central
Year: 2002
.....in which the undertaking or specified undertaking has vested by virtue of this Act as it might have been enforced by or against the Trust if this Act had not been enacted and shall cease to be enforceable by or against the Trust. Section 6 - Provisions in respect of officers and other employees of Trust (1) Every officer or other employee of the Trust (except a trustee of the Board, the Chairman and executive trustee) serving in the employment immediately before the appointed day shall become, as from the appointed day, an officer or, as the case may be, other employee of the specified company and shall hold his office or service therein by the same tenure, at the same remuneration, upon the same terms and conditions, with the same obligations and with the same rights and privileges as to leave, leave fare concession, welfare scheme, medical benefit scheme, insurance, provident fund, other funds retirement, voluntary retirement, gratuity and other benefits as he would have held under the Trust if its undertaking had not vested in the specified company and shall continue to do so as an officer or, as the case may be, other employee of the specified company or until the.....
View Complete Act List Judgments citing this sectionUnit Trust of India Act, 1963 (52 of 1963) Chapter IV
Title: Powers and Functions of the Trust
State: Central
Year: 1963
.....of 1975, Section 54 (w.e.f. 16th February, 1976). Section 20B - Grants, donations, etc. to Trust The Trust may receive gifts, donations or benefactions from Government or any other source and such gifts, grants, donations or benefaction shall be treated by the Board as capital or income of the first unit scheme or, as the case may be, of any subsequent unit scheme according to the purposes for which they are made and in the absence of any indication of such purposes, they shall be treated as capital or income of such units scheme or schemes and to such extent as the Board thinks fit. Section 20C - Power to transfer rights 1[20C. Power to transfer rights The rights and interests of the Trust (including any other rights incidental thereto) in relation to any loan or advance granted, or any amount recoverable, by it may be transferred by the Trust, either in whole or in part, by the execution or issue of any instrument, or by the transfer of any instrument by endorsement or in any other manner in which the rights and interests in relation to such loan or advance may be lawfully transferred, and the Trust may notwithstanding such transfer, act as the trustee within the.....
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Chapter IX
Title: Of Certain Obligations in the Nature of Trusts
State: Central
Year: 1882
.....performance could be enforced, the former must hold the property for the benefit of the latter to the extent necessary to give effect to the contract. Section 92 - Purchase by person contracting to buy property to be held on trust Where a person contracts to buy property to be held on trust for certain beneficiaries and buys the property accordingly, he must hold the property for their benefit to the extent necessary to give effect to the contract. Section 93 - Advantage secretly gained by one of several compounding creditors Where creditors compound the debts due to them, and one of such creditors, by a secret arrangement with the debtor, gains an undue advantage over his co-creditors, he must hold for the benefit of such creditors the advantage so gained. Section 94 - Constructive trust in cases not expressly provided for (Rep. by the Benami Transactions (Prohibition) Act, 1988, sec. 7 (w.e.f. 19.5.1988)). Illustrations (a) A, an executor, distributes the assets of his testator B to the legatees without having paid the whole of B's debts. The legatees hold for the benefit of B's creditors, to the extent necessary to satisfy their just demands, the assets so.....
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Complete Act
Title: Indian Trusts Act, 1882
State: Central
Year: 1882
.....to settlement of accounts Section36 - General authority of trustee Section37 - Power to sell in lots and either by public auction or private contract Section38 - Power to sell under special conditions. Power to buy-in and re-sell Section39 - Power to convey Section40 - Power to vary investments Section41 - Power to apply property of minors, etc. for their maintenance, etc Section42 - Power to give receipts Section43 - Power to compound, etc Section44 - Power to several trustees of whom one disclaims or dies Section45 - Suspension of trustee's powers by decree Chapter V Section46 - Trustee cannot renounce after acceptance Section47 - Trustee cannot delegate Section48 - Co-trustees cannot act singly Section49 - Control of discretionary power Section50 - Trustee may not charge for services Section51 - Trustee may not use trust-property for his own profit Section52 - Trustee for sale or his agent may not buy Section53 - Trustee may not buy beneficiary's interest without permission Section54 - Co-trustees may not lend to one of themselves Chapter VI Section55 - Right to rents and profits Section56 - Right to specific execution Section57 - Bight to inspect and.....
List Judgments citing this sectionUnit Trust of India Act, 1963 (52 of 1963) Chapter II
Title: Establishment of the Unit Trust of India Andthe Initial Capital Thereof
State: Central
Year: 1963
.....Companies Act, 1956, declared as such. 2. Substituted by Act 63 of 1985, Section 3 (w.e.f. 23rd April, 1985). 3. Substituted by Act 17 of 1966, Section 3. Section 4A - Transfer of initial capital to Development Bank 1 [4-A. Transfer of initial capital to DevelopmentBank On such date as the Central Government may, by notification in the official Gazette, appoint (hereinafter referred to as the notified date), all the contributions made by the Reserve Bank to the initial capital of the Trust, as on the date immediately preceding the notified date, shall stand transferred to, and vested in, the Development Bank. ______________________ 1. Inserted by Act 52 of 1975, Section 46 (w.e.f. 16th February, 1976). Section 4B - Payment of amount The Reserve Bank shall be given by the Development Bank, in cash, for the transfer to, and vesting in, the Development Bank of the contributions made to the initial capital of the Trust by the Reserve Bank, an amount equal to contributions to the initial capital so transferred.] Section 5 - Maintenance of register of contributories The Board shall maintain in such manner as may be prescribed a register containing the name of the.....
View Complete Act List Judgments citing this sectionUnit Trust of India Act, 1963 (52 of 1963) Section 19B
Title: Special Provision for Enforcement of Claim by the Trust
State: Central
Year: 1963
.....specified in the notice why the management of the company or other body corporate should not be transferred to the Trust. (5) Before passing any order under sub-section (3) or sub-section (4), the Court may, if it thinks fit, examine the officer making the application. (6) At the same time as it passes an order under sub-section (3), the Court shall issue to the company or other body corporate a notice accompanied by copies of the order, the application and the evidence, if any, recorded by it calling upon the company or other body corporate to show cause on a date to be specified in the notice why the ad interim order of attachment should not be made absolute or the injunction confirmed. (7) If no cause is shown on or before the date specified in the notice under sub-sections (4) and (6), the Court shall forthwith make the ad interim order absolute and direct the sale of the attached property or transfer the management of the company or other body corporate to the Trust or confirm the injunction. (8) If cause is shown the Court shall proceed to investigate the claim of the Trust and the provisions of the Code of Civil Procedure, 1908 (5 of 1908), shall, as far as.....
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 23
Title: Liability for Breach of Trust
State: Central
Year: 1882
.....or undue influence having been brought to bear on him, concurred in the breach, or subsequently acquiesced therein, with full knowledge of the facts of the case and of his rights as against the trustee. A trustee commuting a breach of trust is not liable to pay interest except in the following cases:-- (a) where he has actually received interest; (b) where the breach consists in unreasonable delay in paying trust-money to the beneficiary; (c) where the trustee ought to have received interest, but has not done so; (d) where he may be fairly presumed to have received interest. He is liable, in case (a), to account for the interest actually received, and, in case (b), (c) and (d), to account for simple interest at the rate of six per cent, per annum, unless the court otherwise directs; (e) where the breach consists in failure to invest trust-money and to accumulate the interest or dividends thereon, he is liable to account for compound interest (with half-yearly rests) at the same rate; (f) where the breach consists in the employment of trust-property or the proceeds thereof in trade or business, he is liable to account, at the opinion of the beneficiary,.....
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Chapter VIII
Title: Of the Extinction of Trusts
State: Central
Year: 1882
.....78 - Revocation of trust A trust created by will may be revoked at the pleasure of the testator. A trust otherwise created can be revoked only-- (a) where all the beneficiaries are competent to contract--by their consent; (b) where the trust has been declared by a non-testamentary instrument or by word of mouth--in exercise of a power of revocation expressly reserved to the author of the trust; or (c) where the trust is for the payment of the debts of the author of the trust, and has not been communicated to the creditors--at the pleasure of the author of the trust. Illustration A conveys property to B in trust to sell the sameand pay out of the proceeds the claims of A's creditors. A reserves no power of revocation. If no communication has been made to the creditors. A may revoke the trust But if the creditors are parties to the arrangement, the trust cannot be revoked without their consent. Section 79 - Revocation not to defeat what trustees have duly done No trust can be revoked by the author of the trust so as to defeat or prejudice what the trustees may have duly done in execution of the trust.
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