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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 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 Section 12
Title: Trustee to Inform Himself of State of Trust-property
State: Central
Year: 1882
A trustee is bound to acquaint himself, as soon as possible, with the nature and circumstances of the trust-property; to obtain, where necessary, a transfer of the trust-property to himself; and (subject to the provisions of the instrument of trust) to get in trust-moneys invested on insufficient or hazardous security. Illustrations (a) The trust-property is a debt outstanding on personal security. The instrument of trust gives the trustee no discretionary power to leave the debt so outstanding. The trustee's July is to recover the debt without unnecessary delay. (b) The trust-property is money in the hands of one of two co-trustees. No discretionary power is given by the instrument of trust. The other co-trustee must not allow the former to retain the money for a longer period than the circumstances of the case required.
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 13
Title: Trustee to Protect Title to Trust-property
State: Central
Year: 1882
Section 13 - Trustee to protect title to trust-property A trustee is bound to maintain and defend all such suits, and (subject to the provisions of the instrument of trust) to take such other steps as, regard being had to the nature and amount or value of the trust-property, may be reasonably requisite for the preservation of the trust-property and the assertion or protection of the title thereto. Illustration The trust-property is immovable property which has been given to the author of the trust by an unregistered instrument. Subject to the provisions of the Indian Registration Act, 18771, lire trustee's duty is to cause the instrument to he registered. __________________________ 1. See now the Indian Registration Act, 1908 (16 of 1908).
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 20
Title: Investment of Trust-money
State: Central
Year: 1882
.....the Slate Government of Bombay]; 15[(d) in debentures or other securities for money issued, under the authority of16[any Central Act or Provincial Act or State Act], by or on behalf of any municipal body, port trust or city improvement trust in any Presidency-town, or in Rangoon town, or by or on behalf of the trustees of the port of Karachi:] 17[Provided that after the 31st day of March, 1948, no money shall be invested in any securities issued by or on behalf of a municipal body, port trust or city improvement trust in Rangoon town, or by or on behalf of trustees of the port of Karachi:] (e) On a first mortgage of immovable property situate in18[any part of the territories to which this Act extends]: Provided that the property is not a leasehold for a term of years and that the value of the property exceeds by one-third, or, if consisting of buildings, exceeds by one-half, the mortgage-money; 19[* * *] 20[(ee) in units issued by the Unit Trust of India under any unit scheme made under section 21 of the Unit Trust of India Act, 1963; or] (f) on any other security expressly authorized by the instrument of trust,21[or by the Central Government by the notification in.....
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 11
Title: Trustee to Execute Trust
State: Central
Year: 1882
.....its creation, except as modified by the consent of all the beneficiaries being competent to contract. Where the beneficiary is incompetent to contract, his consent may, for the purposes of this section, be given by a principal civil court of original jurisdiction. Nothing in this section shall be deemed to require a trustee to obey any direction when to do so would be impracticable, illegal or manifestly injurious to the beneficiaries. Explanation.--Unless a contrary intention be expressed, the purpose of a trust for the payment of debts shall be deemed to be (a) to pay only the debts of the author of the trust existing and recoverable at the date of the instrument of trust, or, when such instrument is a will, at the date of his death, and (b) in the case of debts not bearing interest, to make such payment without interest. Illustrations (a) A, a trustee, is simply authorised to sell certain land by public auction. He cannot sell the land by private contract. (b) A, a trustee of certain land for A, Y and Z, is authorized to sell the land to B for a specified sum. X, Y and Z, being comptent to contract, consent that A may sell the land to C for a less sum. A may sell.....
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 57
Title: Bight to Inspect and Take Copies of Instrument of Trust, Accounts, Etc
State: Central
Year: 1882
The beneficiary has a right, as against the trustee and all persons claiming under him with notice of the trust, to inspect and take copies of the instrument of trust, the documents of title relating solely to the trust-property the accounts of the trust-property and the vouchers (if any) by which they are supported, and the cases submitted and opinions taken by the trustee for his guidance in the discharge of his duty.
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 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 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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