Deed Of Trust - Legal Draft

DEED OF TRUST

This DEED OF DECLARATION OF TRUST executed at

on this day of by

hereinafter called as AUTHOR OF THE TRUST which expression shall wherever

the context so permits mean and include its successors –in-office of the

ONE PART and;

WHEREAS the AUTHOR OF THE TRUST decided to create and

establish a Trust to make research in Alternative Medicine and Acupuncture

for the welfare of the community at large without discrimination of caste.

creed etc with objects and constitution as hereinafter set forth;

WHEREAS the said objects in view, the AUTHOR OF TRUST have

decided to endow the said TRUST a nucleus of Rs. (Rupees

only) in cash; and

WHEREAS it is necessary and desirable to declare and

constitute the said Trust and to record the objects and constitution of the

said Trust.

NOW THIS DEED OF DECLARTION OF TRUST WITNESSETH AS FOLLOWS;

1. TRUSTEES mean and include the Board of Trustees as described in these

presents, and these Trustees, as appointed, nominated or selected by the

remaining members of the Board of Trust whenever any vacancy arises.

1. CREATION OF THE TRUST:

In pursuance of the intention, the AUTHOR OF TRUST has settled the sum of

Rs._____ by cash unto and in favour of the

Trustees herein to be held by them for and on behalf of the Trust hereby

created and known as “ ” the receipt of which

sum of Rs. which has already been handed over

to the Trustees mentioned hereunder, is hereby acknowledged by the

Trustees, who hereby accept the appointment as such Trustees of the said

Trust, under the terms and conditions, set out hereunder for the

fulfillment of the objects of the Trust, more fully and particularly

described and set out hereunder.

1. REGISTERED OFFICE OF THE TRUST:

The registered office of the Trust is situated at present at No.

1. TRUSTEES:

The AUTHOR OF THE TRUST has appointed the following persons to hold the

office of the

Trust as Trustees:

1. 1. MOTTO OF THE TRUST:

The Motto of the Trust is

1. 2. OBJECTS OF THE TRUST:

The objects of the Trust are. -

1. 3.BENEFIT OF THE TRUST:

The Benefits of the Trust are open to all irrespective of Caste, religion,

race, sex etc. That the Trust will not carry on any activities with an

intention of earning profit.

1. THE PROPERTIES OF THE TRUST

The properties of the Trust shall be.-

(a) the said sum of Rs. above referred to the receipt of which

is hereby acknowledged by the Trustees;

(b) any properties movable or immovable, that may be acquired by the

Trust either by purchase or otherwise;

(c) all additions and acceptations to the Trust fund;

(d) all voluntary donations both towards corpus or otherwise gifts,

legacies or grants in cash or in kind accepted by the trustees;

(e) all grants and contributions made to the Trust by the Government,

Government bodies, Trust or Institutions, Trade Union or Societies etc;

and

(f) all sums and assets which by and means become the property of the

Trust.

1. QUALIFICATION OF THE TRUSTEES:

The qualification for the trustees shall be

a) One Trustee shall possess qualification in alternative medicine or

acupuncture;

b) One may be Specialist in yoga therapy;

c) Other trustees shall be social workers or professionals in the field of

medicine or accounts or law.

1. CESSATION OF TRUSTEESHIP:

A Trustee mentioned below shall cease to be the trustee of the Trust

if:-

(a) he resigns;

(b) he becomes insolvent;

c) He is removed by the majority of the members of the, if it is found

that the trustee(s) activities are detrimental to the activities or

administration or funds of the Trust

1. APPOINTMENT OF TRUSTEES:

Any vacancy in the Board of Trustees shall be filled up by the

remaining members of the Trust selecting a suitable person.

1. ADMINISTRATION OF THE TRUST;

The administration of the TRUST shall vest with the Board of

Trustees, which consist of.-

a) One Managing Trustee;

b) One Joint Managing Trustee;

c) One Deputy Managing Trustee and three trustees

1. POWER OF THE TRUSTEES;

The Board of Trustees shall have the control and management of the Trust

and exercise the following powers:

a) To determine from time to time to commence and to take up the object

and purposes for which the funds of the trust shall be used and allot

and allocate to each of the objects such portion of the funds as they

deem fit;

b) To purchase and acquire any immovable property of any kind for this

object of the Trust or as a source of income for the Trust;

c) To sell, mortgage, or dispose of any immovable property/properties

belonging to the Trust;

d) To incur all expenditure necessary as in their own opinion useful for

carrying out the objects and administration of the trust;

e) To sell, lease, mortgage or dispose of any property, immovable

property/properties belonging to the Trust’

f) To open one or more bank accounts of the trust with any bank or banks

as the Trustees may deem fit and deposit monies of the Trust in the

Bank accounts.

g) To borrow for and on behalf of the Trust with or without security

from banks, Governments, Universities or any other government

Body/bodies both central and state;

h) to employ staff of all kinds necessary and useful for carrying out the

objects of the trust.

i) To incur such other items of expenditure as is necessary and

incidental for carrying out the objects of the Trust;

j) To institute, conduct, defend, compound, withdraw, compromise, adjust,

refer to arbitration or to do such things as are incidental and

necessary, concerning the affairs of the Trust and to sign and verify

vakalats, pleadings, affidavits and other powers’

k) To delegate all or any of the powers vested in the Trustees to any

body’ to frame rules, bylaws and other codes for the conduct of the

affairs of the Trust and its transactions and establishing any

Committee;

l) To accept contributions in cash or in kind either by way of addition

to the trust funds generally or for any one or more of the specified

objects of the Trust.

m) To establish as many adhoc committees for any purpose.

1. Meetings of the Trustees:

a) The Managing Trustee shall preside over all the meetings of the

trustees and in his absence the Joint Managing Trustee shall preside

such meeting and in the absence of both, the trustees attended such

meeting may elect any one of them to preside over the meeting;

b) The meetings of the Trustees may be convened by the Managing Trustee

or under his direction by any other Trustees

c) The quorum of the meeting of the Trustees shall be four personally

present.

d) In the event of equality of votes, the person presiding such meeting

shall exercise casting vote (additional vote).

1. RESOLUTIONS:

a) The Trustees may exercise all the powers vested in them in clause 9

under these presents by resolution passed at a simple majority of the

trustees attended such meetings of the Board of Trustees.

b) Any resolution in writing signed by all Trustees holding office for

the time being shall be valid and binding.

1. SUITS:

The Managing Trustee of the Trust is authorized to sue or to be sued on

behalf of the Trust.

1. Execution of Documents:

All Deeds, Documents etc. shall be executed by the Managing Trustee, Joint

Managing Trustee and Deputy Managing Trustee jointly representing the

Trust.

1. ACCOUNTS AND AUDIT:

a) The Trustees shall maintain true and correct accounts of all Trust

monies and of all the income and investments and all the outgoing

expenses.

b) The year of account shall be the financial year commencing from 1st

APRIL and ending 31st March.

c) The Trustees shall each year issue a report setting out the accounts

showing the income and expenditure of the Trust for the preceding year

not later than six months from the end of the preceding year of

accounts.

d) The accounts of the Trust shall be audited every year by a Chartered

Accountant who may be appointed for the purpose by the board of Trustees

and the audited statement of accounts together with Auditors’ report

shall be laid before the Board of Trustees for approval.

1. BANK ACCOUNT:

The Managing Trustee along with the Deputy Managing Trustee shall operate

bank account(s) jointly.

1. POWER TO ALTER RULES AND REGULATIONS:

The Board of Trustees shall have full power and authority to make, alter

and rescind rules and regulations for the management and administration

of the Trust. Any amendment to the Trust Deed will be carried out only

with the approval of the Commissioner of Income Tax.

1. APPLICATION OF INCOME AND TRUST FUND:

The Board of Trustees shall be empowered to invest the funds of the Trust

in movable or immovable properties, in such manner as they deem fit for

the purpose of the objects of the trust provided that such investments

shall be in accordance with the provision of Section 13(I) read with

Section 11(5) of the Income Tax Act, 1961 as well as of any other law for

the time being in force as are applicable to charitable trusts.

1. REMUNERTION TO THE TRUSTEES:

The Trustees are not entitled for any remuneration. But they shall

however be entitled to receive out of pocket expenses incurred by them in

the course of discharging the functions of the Trust. Further the Income

and funds of the Trust will be solely utilized towards the objects and no

portion of it will be utilized for payment of Trustees by way profits,

interest, dividend or otherwise.

1. INDEMNITY:

Every Trustee shall be indemnified out of the fund in respect of any

loss arising from or contingent upon any investment made out of the monies

of the Trust unless such loss shall have been occasioned by own negligence

and also every Trustee shall be indemnified out of the Trust against all

proceedings, suits, claims, costs, damages and expenses occasioned by any

claim in connection with the matters or affairs relating to the Trust

created by these presents or in the exercise of powers or discretion vested

in them by virtue of these presents.

1. IRREVOCABILITY:

The Trust is irrevocable.

1. ACTIVITIES OF THE TRUST:

The activities of the Trust shall be only within India and its Union

territories and shall not be extended anywhere outside India.

1. DISSOLUTION:

On dissolution of the Trust, the net assets of the Trust shall be

transferred to an association of persons or trust or society having

similar objects of this Trust.

1. PROCEEDING OF THE TRUST:

Any defect in the constitution of the Trust shall not invalidate

its proceedings

1. RESIDUARY:

For matters not provided for in these presents, the provisions of the

Indian Trust Act and the Income Tax Act,1961 and rules made there under

will apply accordingly.

IN WITNESS WHEREOF THE AUTHOIR OF THE TRUST HAS SET HIS HAND AND

SIGNATURE ON THE DAY, MONTH AND YEAR FIRST ABOVE WRITTEN IN THE PRESENCE OF

WITNESSES: -

AUTHOR OF THE TRUST

Drafted by: