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Start Free TrialUnit Trust of India Act, 1963 (52 of 1963) Chapter IV
Title: Powers and Functions of the Trust
State: Central
Year: 1963
.....(2), (4), (6), (7), sub-clause (c) of Cl. (8) and Cls. (11), (12), (13) and (15) of sub-section (1).] _____________________ 1. Substituted by Act 63 of 1985, Section 5 (w.e.f. 23rd April, 1985). Section 19A - Power to impose conditions, etc. 1[19A. Power to impose conditions, etc. (1) In entering into any arrangement, under Section 19, with any concern, the Trust may impose such conditions as it may think necessary or expedient for protecting the interest of the Trust and for securing that the accommodation granted by it is put to the best use by the industrial concern. (2) Where any arrangement entered into by the Trust under Section 19 with any concern provides for the appointment by the Trust of one or more directors of such concern, such provision and any appointment of directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the Companies Act, 1956 (1 of 1956), or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to the concern, and any provision regarding share qualification, age limit, number of directorships, removal from.....
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 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 sectionUnit Trust of India (Transfer of Undertaking and Repeal) Act,2002 Chapter 3
Title: Appointment of Administrator to Manage the Specified Undertaking of the Trust
State: Central
Year: 2002
.....agreements relating to specified undertaking entered into by the Trust in relation to its administration and in force immediately before that day. (7) The Administrator shall receive from the funds of the specified undertaking such remuneration as the Central Government may fix. Section 8 - Administrator to vacate office (1) The Administrator shall, immediately on redemption of all the schemes of the specified undertaking and the payment of entire amount to investors, shall vacate his office; but nothing in this sub-section shall be construed as prohibiting his appointment as a member of the Board of Advisers after vacation of his office as such. (2) On the vacation of his office, the Administrator shall forthwith deliver, to the Central Government or any institution or officer specified by it, possession of all assets and properties representing and relatable to the specified undertaking which are in his possession, custody and control on the date immediately preceding the date on which he vacates his office as the Administrator.
View Complete Act List Judgments citing this sectionCharitable & Religious Trusts Act 1920 Preamble 1
Title: The Charitable and Religious Trusts Act, 1920
State: Central
Year: 1920
THE CHARITABLE AND RELIGIOUS TRUSTS ACT, 1920 [Act, No.14 of 1920] [20th March, 1920] PREAMBLE An Act to provide more effectual control over the administration of Charitable and Religious Trusts. whereas it is expedient to provide facilities for the obtaining of information regarding trusts created for public purposes of a charitable or religious nature, and to enable the trustees of such trusts to obtain the directions of a court on certain matters, and to make special provision for the payment of the expenditure incurred in certain suits against the trustees of such trusts; It is hereby enacted as follows :--
View Complete Act List Judgments citing this sectionCharitable & Religious Trusts Act 1920 Section 10
Title: Power of Courts as to Costs in Certain Suits Against Trustees of Charitable and Religions Trusts
State: Central
Year: 1920
(1) In any suit instituted under section 14 of the Religious Endowment Act, 1863(20 of 1963), or under section 92 of the Code of Civil Procedure, 1908 (5 of 1908), the court trying such suit may, if, on application of the plaintiff and after hearing the defendant and making such inquiry as it thinks fit, it is satisfied that such an order is necessary in the public interest, direct the defendant either to furnish security for any expenditure incurred or likely to be incurred by the plaintiff in instituting and maintaining such suit, or to deposit from any money in his hands as trustee of the trust to which the suit relates such sum as such court considers sufficient to meet such expenditure in whole or in part. (2) When any money has been deposited in accordance with an order made under sub-section (1), the court may make over to the plaintiff the whole or any part of such sum for the conduct of the suit. Before making over any sum to the plaintiff, the court shall take security from the plaintiff for the refund of the same in the event of such refund being subsequently ordered by the court.
View Complete Act List Judgments citing this sectionUnit Trust of India Act, 1963 (52 of 1963) Section 19
Title: Business of Trust
State: Central
Year: 1963
.....upon the discharge of its functions under this Act. Explanation.--For the purpose of Cls. (12) and (14), the expressions "persons resident outside India" and "foreign Exchange" shall have the meanings, respectively assigned to them inSection 2 of the Foreign Exchange Regulation Act, 1973 (46 of 1973). (2) Subject to the provisions of this Act and the regulations made underSection 43, the Trust may carry on outside India also any of the kinds of business mentioned in Cls. (1), (2), (4), (6), (7), sub-clause (c) of Cl. (8) and Cls. (11), (12), (13) and (15) of sub-section (1).] _____________________ 1. Substituted by Act 63 of 1985, Section 5 (w.e.f. 23rd April, 1985).
View Complete Act List Judgments citing this sectionIndian 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 (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 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.....
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