Bare Act Search Results

Indian 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.....

Indian Trusts Act, 1882 Section 83

Title: Trust Incapable of Execution or Executed Without Exhausting Trust-property

State: Central

Year: 1882

Where a trust is incapable of being executed, or where the trust is completely executed without exhausting the trust-property, the trustee, in the absence of a direction to the contrary, must hold the trust-property, or so much thereof as is unexhausted, for the benefit of the author of the trust or his legal representative. Illustrations (a) A conveys certain land to B -- "upon trust", and no trust is declared; or "upon trust to be thereafter declared", and no such declaration is ever made; or upon trusts that are too vague to be executed; or upon trust become incapable of taking effect; or "in trust for C", and C renounces his interest under the trust In each of these cases B holds the land for the benefits of A. (b) A transfers Rs.10,000 in the four per cents to B, in trust to pay the interest annually accruing due to C for her life. A dies. Then C dies. B holds the fund for the benefit of A's legal representative. (c) A conveys land to B upon trust to sell it and apply one moiety of the proceeds for certain charitable purposes, and the other for the maintenance of the worship of an idol. B sells the land, but the charitable purposes wholly fail, and the ma

Trusts Act, 1882 Complete Act

State: Central

Year: 1882

....."registered' means registered under the law for the registration of documents for the time being in force a person is said to have "notice" of a fact either when he actually knows that fact or when, but for willful abstention from inquiry or gross negligence, he would have known it, or when information of the fact is given to or obtained by his agent, under the circumstances mentioned in the section 229 Indian Contract Act, 1872 (9 of 1872)-, ; and all expressions used herein and defined in the Indian Contract Act, 1872 (expressions defined in Act 9 of 1872), shall be deemed to have the meanings respectively attributed to them by that Act. SECTION 04: LAWFUL PURPOSE. A trust may be created for any lawful purpose. The purpose of a trust is lawful unless it is (a) forbidden by law, or (b) is of such a nature that, if permitted, it would defeat the provisions of any law, or (c) is fraudulent, or (d) involves or implies injury to the person or property of another, or (e) the Court regards it as immoral or opposed to public policy. Every trust of which the purpose is unlawful is void. And where a trust is created for two purposes, of which one is lawful and the other.....

Unit 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.....

Unit 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.....

Indian Trusts Act, 1882 Chapter VI

Title: Of the Rights and Liabilities of the Beneficiary

State: Central

Year: 1882

.....has himself, without coercionor undue influence having been brought to bear on him, ratified the sale to the trustee with full knowledge of the facts of the case and of his rights as against the trustee. Section 63 - Following trust-property into the hands of third persons Where trust-property conies into the hands of a third person is consistently with the trust, the beneficiary may require him to admit formally, or may institute a suit for a declaration, 'that the property is comprised in the trust. Into that into which it has been converted.--Where he trustee has disposed of trust-properly and the money or other property which he has received therefor can be traced in his hands, or the hands of his legal representative or legatee, the beneficiary has, in respect thereof, rights as nearly as may be the same as his rights in respect of the original trust-property. Illustrations (a) A, a trustee for B of Rs.10,000, wrongfully invests the Rs.10,000 in the purchase of certain land. B is entitled to the land. (b) A, a trustee, wrongfully purchases land in his own name, partly with his own money, partly with money subject to a trust for . B is entitled to a charge on.....

Unit 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.....

Unit Trust of India (Transfer of Undertaking and Repeal) Act,2002 Section 6

Title: Provisions in Respect of Officers and Other Employees of Trust

State: Central

Year: 2002

.....fund or the gratuity fund of the Unit Trust of India and any other bodies created for the welfare of officer or other employees would continue to discharge their functions in the specified company as was being done hither to in the Unit Trust of India and any tax exemption granted to the provident fund or the gratuity fund would continue to be applied to the specified company. (7) Notwithstanding anything contained in this Act or in the Companies Act, 1956 (1 of 1956) or in any other law for the time being in force or in the regulations of the Unit Trust of India, the Chairman, the trustees, executive trustee or any other person entitled to manage the whole or substantial part of the business and affairs of the Trust shall not be entitled to any compensation against the Trust for the loss of office or for the premature termination of any contract of management entered into by him with the Trust.

Indian 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 .....

Indian 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,.....