Deed of Public Trust
THIS INDENTURE is made at ........................... on this .................. day of ......................... between ...................... of .............. hereinafter referred to as "The Settlor" of the One Part and (1) ..............., (2) .................. and (3) ................. all of ...................... hereinafter referred to as 'the Trustees', of the Other Part,
WHEREAS the Settlor is seized and possessed of or otherwise well and sufficient either to the land and premises situated at .................... and more particularly described in the Schedule hereunder written. AND WHEREAS the Settlor desires to settle the said property on Trusts hereinafter appearing. AND WHEREAS the Trustees have, at the request of the Settlor, agreed to act as the First Trustees of the said Trusts and these presents. AND WHEREAS the Settlor desires to transfer the said property to the Trustees on the execution of these presents to be held by the Trustees on Trusts and subject to the powers and provisions hereinafter contained.
NOW THIS DEED WITNESSETH THAT in consideration of the premises and in order to effectuate the said desire of the Settlor and for diverse other good causes and considerations, the Settlor doth hereby grant or transfer unto the Trustees the said property described in the Schedule hereunder written together with all buildings and structures forming part of the said property and together with all the easements and rights, liberties and privileges appurtenant thereto and all the estate, right, title and interest of the Settlor into and upon the said property To Have And To Hold the same unto the Trustees to the use and upon the Trusts and with and subject to the powers, provisions, agreements and declarations hereinafter declared and contained of and concerning the same.
1. The name of the Trust shall be .......... Charitable Trust and office of the trust situated at.................... which may be change from time to time to such other place or places as a trusted may deem fit and proper at their discretion.
2. The 'Trust property" means property described in the Schedule hereunder written and all other the premises hereby granted as well as all other property, moveable and immoveable and moneys that the Trustees may receive from the Settlor or any other person or otherwise hold, by way of purchase or any other mode of acquisition or by way of donations, or by way of interest accrued on Trust property, dividends on shares, rents or other income and other accumulations howsoever made and any other investments representing the Trust property for the time being and from time to time existing.
3. Out of the income of the Trust property the Trustees shall be entitled to spend or incur the following expenses namely --
(a) All rates, taxes, cess, assessments, dues and duties if any payable to the Government or to any Municipal or other public body in respect thereof or any part thereof.
(b) The premium for the Insurance of the buildings or any other insurable property moveable or immoveable for the time being forming part of the Trust property.
(c) The costs of ordinary repairs and for providing any amenties to the buildings for the time being forming part of the Trust property.
(d) The cost of making such additions/alterations or improvements to or in the buildings forming part of the Trust property as the Trustees shall think fit.
(e) Wages and salaries of any manager, supervisor, accountant, clerk, servant or other employees employed by the Trustees in the carrying out of this Trust.
(f) Costs and expenses of keeping the rust property in good condition.
(g) Costs and expenses for installing and renewing the electrical and other installations in the buildings for the time being forming part of the Trust property.
(h) The architect’s fees and legal charges and fees payable to other professionals engaged in the course of the administration of the Trusts.
(i) All other costs, charges and expenses of and incidental to the management and administration of the Trust property in accordance with the objects and purposes hereof or which may be incidental thereto.
4. After deducting the costs, charges and expenses incurred by the Trustees as aforesaid out of the total gross income received by them from the Trust property the balance that is the net income will be utilised as mentioned in the next clause.
5. The said remaining net income shall be utilised by the Trustees in carrying out the following charitable objects --
(i) In giving donations to any educational or medical or other charitable institutions or trusts.
(ii) In giving scholarships, prizes or awards to deserving students or student or for providing funds for prosecuting studies by any deserving student or students either in India or abroad and to give all other help for advancement of education.
(iii) In meeting the costs or expenses of medical treatment, medicines, or medical apparatus required to be given to any deserving poor patients who cannot bear the same on their own.
(iv) In helping any persons affected by calamity such as earthquake, fire, floods, riots or accidents.
(v) In such other charitable purposes or purpose of public utility as the trustees may think fit.
6. (i) In furtherance of the said objects the Trustees shall have power to --
(a) establish and/or conduct hospitals dispensaries or medical clinics.
(b) To establish and/or conduct schools, colleges or other institutions for imparting any type of education.
(c) To establish and/or conduct any institution for carrying on any activities towards advancement of arts like music, dance, drama and literature.
(d) To establish conduct libraries, homes for destitute, women and children.
(e) To equip all such institutions, hospitals, schools, colleges and homes with all necessary paraphernalia, sophisticated gadgets and instruments and all other things required.
(ii) For carrying out any of the said powers or objects the trustees shall be entitled to utilise any part of the corpus of the Trust property for making any capital investment.
7. In order to carry out the objects of the trust as mentioned in clauses 5 & 6 above the Trustees shall have the following powers --
(a) to purchase, or take on lease for any period of time or otherwise acquire any immoveable property consisting of land and/or building shops, godowns, ownership flats and other premises in any building or buildings.
(b) to make all repairs and additions and alterations as may be deemed necessary or expedient by the Trustees in respect of any immoveable property or properties, ownership flats, sheds or blocks in Industrial estates belonging to the Trust and pay all costs, charges and expenses thereof.
(c) to raise or borrow moneys required for the purpose of any of the objectives of the Trusts and/or for buying, taking on lease or otherwise, any moveable or immoveable property, ownership flats and other premises or for carrying out any repairs to any immoveable property or properties or ownership flats, sheds or blocks in industrial estates for the time being and from time to time belonging to the Trust and upon the security by way of mortgage hypothecation or pledge of the Trust property or any part thereof or without any security and at such rate of interest and on such terms and conditions as the Trustees may in their absolute discretion think fit and proper.
(d) To sell all or any portion or part of the Trust property either by public auction or by private contract on such terms and conditions relating to title or otherwise in all respects as they may in their absolute discretion think fit and proper and to recall the same without being answerable for any loss occasioned thereby and for that purpose to sign and execute all the necessary conveyances and other deeds and assurances and to pass valid and effectual receipts and discharge for all the moneys received by them.
(e) To engage or employ, manager, supervisors, clerks, and all other types of employees and to fix their terms of employment in general or in particular to any individual and to pay their salaries or wages as may be fixed from time to time.
(f) To appoint any one or more persons (other than the settlor) by one or more Power of Attorneys to act for them in the affairs of the Trust herein contained.
(g) To establish an office or offices of the trust hereby created in any part of India as they may from time to time decide.
(h) To formulate a scheme or schemes for the carrying out any of the objects of this trust and for management of the Trust property and to frame any scheme or schemes, rules and regulations from time to time to achieve the aims and objects of the Trust hereby created.
(i) To deposit for safe custody any document of title or any other papers or documents or certificates held by them relating to the Trust under these presents with any Bank or Bankers or any other persons, firm or company whatsoever and to pay any sum or charges payable in respect of such deposits.
(j) To appoint proxy or proxies for voting at any meeting of creditors, contributors, shareholders, and others.
(k) To draw, make accept, endorse, discount, execute, and issue bills of exchange promissory notes, bills of lading, warrants, debentures, and other negotiable or transferable instruments or securities.
(l) To open Banking Account or Accounts of the Trust in the name of the Trust or Trustees in any Scheduled or Co-operative Bank or Nationalised Banks as may be decided upon by them from time to time and to close such account or accounts and to open new ones in any such Bank or Banks and to permit any two or more of the Trustees to operate on any Banking Account without any liability of the other Trustees to examine the said account or to be in any way responsible for acts, deeds or defaults of such Trustees in connection with such accounts.
(m) To enter into contracts for buying and selling any property moveable or immoveable or any other articles and things and for construction of buildings, and structures with any building contractor or builder or developer.
(n) To invest the funds and the net amounts realised on the sale of any trust fund or any portion or portions of the Trust Fund with all convenient despatch in any one or more of the following forms of investments at any place or places in the Union of India with liberty at their absolute discretion to sell, vary, transpose and convert the same from time to time namely.
(i) In trust securities recognised under The Trusts Act, 1882 and the Income Tax Act, 1961.
(ii) In Fixed Deposits with any firm, company or corporation or scheduled Bank on such terms and conditions as they may in their absolute discretion think fit and proper.
(iii) In the mortgage, whether legal or equitable of any immoveable property or properties whether freehold or of leasehold nature, on such terms and conditions as the Trustees may in their absolute discretion think fit and proper.
(iv) In purchase and/or lease and/or sublease of any immoveable property or properties or any part thereof whether of freehold or leasehold tenures including the purchase of any share, right, title and interest in such property and/or purchase of ownership flats and or sheds or blocks in industrial estate on such terms and conditions as the Trustees may in their absolute discretion think fit and proper and to become members of any co-operative housing society.
(v) In the purchase of equity shares, debentures or preference shares of any limited company or corporation whether public or private.
All such investments can be made in the name of the Trust or in the names of all the Trustees or any two of them as the Trustees may think convenient or as required by the terms of investment.
8. The Trustees may employ Solicitors, Advocates, Architects, Chartered Accountants, Doctors, Bankers, Stock Brokers, or other persons to transact any business or do any act required to be transacted or done in the execution of the Trusts hereof including the receipt and payment of money and to pay their fees and all charges and expenses incurred but the trustees shall not be responsible for the default of any such agent, employed in good faith.
9. Where the Trust property includes any immoveable property (such immoveable property being in this Deed referred to as the "Trust premises").
(a) The Trustees may lease the Trust premises or any part thereof for any purpose and for any term whatsoever and may accept a surrender of any such lease.
(b) The Trustees may in executing any trust or power of sale or lease,
(i) sell or lease any part of the Trust premises.
(ii) sell or lease or reserve any easement or right, or privilege over any land or any part thereof.
(iii) impose and make binding for the benefit of any part of the Trust premises sold or leased, any restrictions, stipulations as to user or otherwise, affecting any part of the premises retained.
(iv) accept in exchange any other property for the Trust premises or any part thereof to be sold or leased (either with or without any money paid or received for equality of value).
(v) enter into contract or grant any option for the sale or lease of the Trust premises or any part thereof or otherwise for the exercise by the Trustees of any of the foregoing powers mentioned in this paragraph. All moneys received as consideration for any sale or for leasing, in execution of any trust or power shall be deemed to be and be held as trust property.
(vi) the Trustees may from time to time expend money out of the corpus of the Trust property for demolishing and re-building or making alterations and improvements to any buildings on the land or any part thereof (including the provisions and installation of fixtures or otherwise) whether by way of replacement of worn out fixtures, to such extent and in such manner as they shall think fit and any certificate in writing of any architect or surveyor employed by the Trustees to the effect that any work specified in such certificate is an alteration or an improvement to any such building shall be conclusive as between the Trustees and all persons interested hereunder and that any money expended on such work was properly expended in exercise of this power.
10. The Trustees may accept any donation or contribution in cash, shares, securities, and any moveable or immoveable property or properties for the objects of the Trust herein contained upon such terms and conditions as they may in their absolute discretion think fit and proper.
11. It shall be lawful for the Trustees or Trustee for the time being of these presents to reimburse themselves or himself or herself and/or discharge out of the Trust property all costs, charges and expenses incurred by them in or about the execution of the Trusts and powers of these presents.
12. Any trustee being an advocate or any other person engaged in any profession or business shall be entitled to charge and receive all usual professional and other charges for business done by him or his firm as such in relation to the Trust.
13. The Trustees shall have full power to compromise or refer to arbitration any claim or account whatsoever or any other matter in which the interest of the Trust property is involved and its funds and property may be concerned or wherein the Trustees as such may be parties.
14. Any of the powers and authorities by this settlement given to or vested in the Trustees may at any time when there are more than one Trustee be exercised by a majority of the Trustees without the concurrence, or with merely the formal concurrence of any Trustee who by reason of illness, infirmity or otherwise may be unable, without inconvenience, to take an active part therein and such Trustee may in order to facilitate business by Power of Attorney or otherwise, empower any of the other Trustees to use his or her name for execution or signature of documents for any of the purposes of this Trust without being responsible for loss and all the acts and proceedings of the majority of the Trustees shall in such case be valid and effectual as if they had all concurred therein.
15. Any Trustee hereof who shall dissent in the exercise of any of the powers or authorities aforesaid from other Trustees shall nevertheless concur in executing or signing any documents or any of such powers or authorities by the majority of the Trustees without being responsible for the loss to the trust that may be caused. All the acts, proceedings and exercise of discretion of the majority of the Trustees shall be absolutely binding on the remainder of the Trustees.
16. The Trustees shall have full power to file and defend suits, appeals, applications etc. and any one or more of them, being duly authorised, and shall have power to declare sign and verify all plaints, written statements, memos of appeals, cross objections, applications, affidavits, etc. and to accept writ of summons, notices etc. and to appear in any place or places in the Union of India before any Court, any tax authority, officer or Tribunal and before any Registrar or Sub-Registrar of Assurances at any place in the Union of India and to present and lodge any documents for registration and to admit execution thereof and to compound all actions, suits, and other proceedings and all differences, disputes and demand and to refer any such differences, disputes or demands to arbitration and adjust, approve and settle all accounts relating to the Trust property and to execute all releases and discharges and to do all other things relating thereto.
17. The receipt of any of the Trustees for the purchase money of any property hereby directed or authorised to be sold or for any other moneys paid and for any securities transferred to them by virtue of these presents or in the execution of any of the Trusts or powers hereof shall effectually discharge the person or persons paying or transferring the same therefrom or from being bound to see to the application or being answerable for the loss or misapplication thereof.
18. The Trustees shall be responsible for their own individual acts and defaults only and not for the acts or defaults of another of them nor for the acts or defaults of any banker, broker, auctioneer or other persons into whose hands any trust property consisting of securities or money or the income thereof shall in the ordinary course of business come or for the depreciation of any property or securities nor for any mistake or error of judgment committed by them in regard to the choice of the recipients of the benefit of the Trust property or the objects thereof in any particular case or cases or otherwise howsoever except for their wilful acts and defaults only.
19. The Trustees shall pay themselves and defray and satisfy out of the trust funds/property for the time being all expenses which they may reasonably have to incur in and about the execution of the trusts and powers herein contained and the administration of the Trust property hereby effectuated, including the premia for the insurance of the buildings for the time being subject to the Trusts hereof but the Trustees shall not be personally responsible for any loss arising in consequence of any accidental omission to insure any building against risk from fire or other risk.
20. The Trustees shall cause proper accounts to be kept of the Trust premises and all additions thereto and the income thereof respectively and the accumulations of such income and the application thereof from time to time and shall on checking the same sign the account books twice in each year. The account books so signed by the Trustees shall be examined audited and certified by one or more properly qualified auditors or auditor once in each year and the audited statements of account shall likewise be signed by all the Trustees. The accounting year will be ending on 31st March but the Trustees shall have power to change the accounting year according to the law for the time being in force.
21. The Trustees may appoint any one or more of them as Managing Trustee or Trustees who will be responsible to look after the day to day administrative matters of the Trust, in consonance with the policy or directions given by the Trustees from time to time.
22. The Managing Trustee or in his absence or on his failure any one Trustee may convene a meeting of the Trustees for the transaction of any particular business and any business may be disposed of by a circular instead of at a meeting unless majority of the Trustees think otherwise.
23. Atleast two clear days, notice shall be given to the other Trustees as to the place, hour and day of the meeting and of the nature of the business to be transacted thereat.
24. The original minutes of the proceedings of every such meeting shall be deposited at the office of the Trustees who shall provide for the safe custody thereof.
25. The benefit of this trust and the income from the trust property shall be given to persons irrespective of any religion, caste, creed or community.
26. The Trustees shall apply and try to obtain all concessions, benefits and allowances as are available, in law in the matter of taxation, investments, and exemptions.
27. If the Trustees receive any donation on any special terms and conditions, such donations shall be kept invested according to the terms and conditions if any in respect thereof and they shall keep a separate account in respect thereof and in respect of the utilization or application of the income therefrom. The trustees shall not accept any donation, the terms and conditions of which are contrary to or inconsistent with the objects of this trust.
28. The Trustees shall have power, with the consent of any prescribed authority appointed by the Government, to modify, add to, alter any of the objects of this trust or the powers conferred on them or and/or the other provisions contained herein, without affecting the basic structure of this deed and the trust created thereby.
29. The Trust created by these presents shall be irrevocable provided that in the event of the trust failing to function for any reason, or in the event of the trustees being of the unanimous opinion that this trust should be dissolved and/or amalgamated with any trust having objects more or less similar to this trust the Trustees may apply to the authority prescribed by law for permission to dissolve and/or amalgamate with any other public charitable trust and in that event the trust property shall be transferred to any other public charity trust as the Trustees with the consent of such authority as aforesaid, on such terms and conditions as the trustees with concurrence of such authority may think fit and proper.
30. The expression 'Trustees' in this deed shall mean and include the trustees or trustee for the time being and from time to time of these presents, the survivors or survivor of them and the heirs, executors, and administrators of the last survivor of them.
IN WITNESS WHEREOF the Settlor and the Trustees have set their respective hands the day and year first hereinabove written.
THE SCHEDULE
Signed and delivered by the
within named settlor ..........................
in the presence of
Signed and delivered by the
within named Trustees
1 .
2.
3.
in the presence of .........................