Trust Deed Format for Charitable Medical Teaching Institute

Trust Deed Format For Charitable Medical Teaching Institute–Section 2(15) of Income Tax Act. 1961

TRUST DEED

This Deed of Public Charitable Trust executed on this…………… day of……………………….between Shri……………………… son of Shri…………………… Resident of ………………………..hereinafter called the ‘Settlor'(which expression shall, unless excluded by or repugnant to the context, be deemed to include his executors, administrators and representatives) of the one part, and

(1) …………………………

(2)………………………….….

(3)…………………………

(4)………………………….

(5)………………………

and

(6)…………………………

hereinafter jointly referred to as ‘trustees’ (which expression shall, unless excluded by or repugnant to the context, be deemed to include the trustee or trustees for the time being of these presents and their successors in office) of the other part.

Whereas the Settlor is desirous of establishing a trust for public charitable objects.

And whereas the trustees have, at the request of the settlor, agreed to act as the first trustees of these presents as testified by their being parties to and executing these presents.

And whereas it is necessary to declare the objects and terms of the public charitable trust, being constituted under these presents. Now this indenture witnesseth as follows

1. That, in order to effectuate his aforesaid desire, the settlor has set apart and handed over to the trustees, a sum of Rs. 2,50,000 (hereinafter called the ‘Trust Fund’ which expression shall include cash and any other property or investments of any kind whatsoever into which the same or any part thereof might be converted, invested or varied from time to time or which may be acquired by the trustees or may come to their hands by virtue of these presents or by operation of law or otherwise howsoever in relation to these presents), and the trustees shall hold and stand possessed of the same upon the trust subject to the powers, provisions, agreements and declarations hereinafter contained.

2. That the name of the trust shall be………………………and its office shall, for the present, be situate at……………………………….. and/or at such other place or places as the trustees may decide from time to time.

3. That the objects for which this trust is established are:

(a) To establish, develop, maintain and grant aid in cash or in kind to hospitals, medical schools, medical colleges, nursing institutions, dispensaries, maternity homes, child welfare centres and/or such other similar charitable institutions in India for the benefit and use of the general public.

(b) To establish, run, support and grant aid or other financial assistance to schools, colleges, libraries, reading rooms, universities, laboratories, research and other institutions of the like nature in India, for use of the students and the staff and also for the development and advancement of education and diffusion of knowledge amongst the public in general.

(c) To establish, maintain and run studentships, scholarships and render other kind of aid to students including supply of books, stipends, medals and other incentives to study, without any distinction as to caste, colour, race, creed or sex.

(d) To promote, establish, support, maintain or grant aid to institutions for the promotion of science, literature, music, drama and fine arts, for the preservation of historical monuments and for the research and other institutions, in India, having similar objects for the benefit of the public in general.

(e) To establish, maintain or grant aid for the establishment and/or maintenance of parks, gardens, gymnasiums, sports clubs, dharamshalas and rest houses, for use by public in general.

(f) To establish, maintain or grant aid to homes for the aged, orphanages or other establishments for the relief and help to the poor, needy and destitute people, orphans, widows and aged persons.

(g) To establish and develop institutions for the physically handicapped and disabled or mentally retarded persons and to provide them education, food, clothing or other help.

(h) To grant relief and assistance to the needy victims during natural calamities such as famine, earth quake, flood, fire, pestilence, etc. and to give donations and other assistance to institutions, establishments or persons engaged in such relief work.

(i) To construct repair and manage the marghats, cemeteries and burial grounds.

(j) To grant aid or render assistance to other public charitable trusts or institutions.

4. That the Trust Fund may be augmented by the income from the initial fund and also by donations and other contributions from time to time.

5. That the Trust Fund shall not be applied for any purpose other than those specified in Para 3 hereinabove.

6. That the Trustees shall always maintain proper accounts of the Trust which shall be kept at the office of the trust.

7. That for the furtherance of the objects of the trust, the trustees shall have the following powers:

(a) To accept any donation, contribution, grant or subscription in cash or in kind, from any person(s), body of persons or trust, with or without conditions.

(b) To apply the whole or any part of the income of the trust, or the trust fund or accumulations thereto, to any one or more of the objects of the trust, as the trustees may, in their discretion, deem fit from time to time.

(c) To convert and deal with the trust property and/or any investments for the time being.

(d) To invest the Trust Fund either in the purpose of mortgage of immovable property or in shares, stock or debentures or other securities and investments, or in deposits with or loans to any company, bank, firm or any other person, and to alter, vary or transpose such investments, from time to time at the discretion of the trustees.

(e) To borrow or raise or secure payments of moneys and also to lend money either with or without security.

(f) To sell, dispose of, alienate or otherwise deal with any property comprising the Trust Fund.

(g) To let out, demise any immovable property comprised in the Trust Fund for such period and at such rent on such terms and conditions as the Trustees in their discretion may think fit.

(h) To open account in the name of the Trust, Trustees and/or Institutions run/ conducted by the Trust with a Bank or Banks, to operate such account and to give instructions to the Bank and to provide for opening and operation of such account by one or more of the Trustees or by an agent appointed by the Trustees. (i) To adjust, settle, compromise, compound, refer to arbitration, all actions, suits, claims, demands and proceedings regarding the Trust Fund.

(j) To appoint constituted attorneys or agents and to delegate to such attorneys or agents all or any of the powers vested on them under these presents and from time to time remove such attorneys or agents and to appoint other or others in his or their place.

(k) To appoint or make provision for the appointment of any person (including all or any of the Trustees and committees or administrator or Managing Trustees or otherwise) for the purpose of the administration of the Trust in such manner and subject to such rules and regulation as the Trustees may prescribe and also to appoint or provide for the appointment of separate Trustees to hold any fund or investment subject to the provisions of this Deed in such manner and subject to such rules and regulations as the Trustees may from time to time think fit.

(l) To make, vary, alter or modify schemes, rules and regulations for carrying out the objects of the Trust and for the management of the affairs thereof and/or running any institution in furtherance of the objects of the Trust and otherwise for giving effect to the objects of the Trust.

(m) To start, abolish, discontinue and restart any charity or charitable institutions for the benefit of general public and to impose any conditions to any subscription or donation made by them.

(n) To set apart and/or allocate the whole or a part of the income or the corpus of the trust Fund or part thereof for any of the objects of the Trust.

(o) To join, co-operate or amalgamate this trust with other or others having kindred or allied objects, upon such terms and conditions as the trustees may in their discretion think fit, particularly having regard to and in conformity with the objects and nature of this Trust.

(p) To give aid by way of donations out of the income or the corpus of the Trust Fund or otherwise, to different charitable institutions, societies, organisations or Trusts in India which may have been established or which may hereafter be established for the like charitable purposes mentioned in these presents or any of them to enable such institution, societies, Organisation or Trustees to start maintain, or carry out such charitable objects.

(q) To settle all accounts and to compromise, compound, abandon, or refer to arbitration any action or proceedings or disputes, claim, demand or things, as deemed proper for such purpose without being responsible for any loss occasioned thereby.

(r) To borrow moneys either on the security of any property comprised in the Trust Fund or otherwise for all or any of the purposes of these presents, and it shall be lawful for the Trustees to make such borrowings on payment of such interest and otherwise on such terms and conditions as they may in their absolute discretion think fit.

(s) To apply to the Government, public bodies, urban, local, municipal, district and other bodies, corporation, companies, or persons for and to accept grant of money and of aid, donations, gifts, subscriptions, and other assistance with a view to promoting the objects of the trust and to discuss and negotiate with the Government Departments, public and other bodies corporations, companies or persons, scheme and other work and matters within the o6jects of the Trust and to conform to any proper condition upon which such grants and other payments may be made. (t) To take over or amalgamate with any other charitable trust, society, association, or institution with similar objects.

(u) To establish, promote, manage, organise or maintain or to assist in establishing, promoting, managing, organising, or maintaining any branch of the Trust or any other Trust or its branch with objects similar to those of this Trust and to promote or carry on the affiliation or amalgamation of such other Trust with this Trust.

(v) To take over, acquire, manage, control or aid any existing institution or institutions having objects either wholly or in part similar to the objects of this Trust and on such terms and conditions as may be thought expedient.

(w) To purchase or otherwise acquire and undertake all or any part of the property, assets, liabilities and engagement of any or more of the trusts, societies, institutions or associations with which this Trust is authorized to amalgamate.

(x) To transfer all or any part of the property, assets, liabilities and engagements of this Trust to any one or more of the trust, societies, institutions or associations with which this Trust is authorised to amalgamate.

(y) To transfer and hand over the Trust to any other Society, Corporation, Institution, Trust or Organisation on such terms and conditions as the Trustees shall in their absolute discretion think fit and proper to be held by the Society, Corporation, Institution, Trust or Organisation with the powers, provisions, agreements and declarations, appearing and contained in these presents subject to such modifications as may be necessary and consequent to such transfer of the Trust fund. The Trustees for the time being of these presents shall become discharged from the Trust thereof relating to Trust Funds so transferred.

8. The Trustees shall be accountable only for such moneys, stocks, shares and funds as shall actually come into their hands and a Trustee shall not be answerable or accountable for neglect, default, acts or omissions or commissions of the other trustees, nor of any banker or other person with whom the trust properties or any securities may have been deposited or kept.

9. The Trustees will not be entitled to receive any remuneration, but the Trustees may reimburse themselves all expenses actually incurred by them in connection with the Trust or their duties relating thereto.

10. The number of the Trustees shall not be less than two and more than seven. If the number of the trustees shall fall below two, the Trustees shall not, except for the purposes of filling any vacancy, act so long number is below the said minimum.

11. The managing trustees for the time being will be at liberty to appoint additional Trustee within the number mentioned above for such period or on -such terms as to retirement and re-appointment as the trustees for the time being considered proper. A person shall cease to be a Trustee either:

(i) if he without leave of absence does not attend three consecutive meetings of the Trustees or for one calendar year, whichever is longer, or

(ii) if he is requested to resign by 3/4th or as near thereto as possible of the remaining trustees

12. Every Trustee will be at liberty to resign on giving one month’s notice of his intention to do so.

13. The Trustees may from time to time frame rules for the conduct and regulations of the meetings Of trustees. In the absence of such regulations:-

(a) Two Trustees shall form a quorum for a meeting of the Trustees.

(b) All matters will be decided mutually by the Trustees.

(c) Resolution passed without any meeting of the Trustees but by circulation thereof and evidenced in writing under the hands of two thirds of the trustees shall be as valid and effectual as a Resolution duly passed at a meeting of Trustees.

14. The Trustees shall have the power to determine in case of doubt whether any moneys or property shall for the purpose of the charity be considered as capital or income and whether out of income or capital any expenses or outgoings ought to be paid or borne and every such determination shall be binding and conclusive provided that nothing contained shall be deemed to authorise the Trustees to spend the income or corpus of the Trust for any purpose not authorised by these presents.

15. The accounting year of the Trust shall be the financial year ending on 31st March every year.

16. The Trust and the Trust funds shall be and irrevocable for all times.

17. The office of the Trust shall be situated at Delhi unless changed by the Trustees by two thirds majority.

18. It is expressly declared that no part of the Trust property or its income or any accretion thereto shall be applied for any purpose outside India or for any Purpose which is not a charitable purpose in law, and all provisions hereof shall be construed accordingly.

APPLICABILITY OF TRUST ACT:

The provisions of the Indian Trust Act 1882 shall apply to all matters not specifically mentioned in these presents.

APPLICATION OF INCOME TAX ACT:

All clauses herein are intended to secure exemption from Income Tax on the income of contributions and donations to the Trust and any clause or portion of this Deed of Trust which is inconsistent with or repugnant to the sections of the Income Tax Act, 1961 as amended, substituted or modified from time to time, shall be deemed to be deleted or modified with effect from the date on which the sections to which the clause or part of a clause is repugnant or inconsistent comes into force.

THIS TRUST IS DECLARED IRREVOCABLE:

 DISSOLUTION:

In the event of dissolution of the Trust, the entire Trust funds shall be realized and first be used for payment of liabilities of the Trust.  The assets left if any, shall be disbursed to other Trusts or Associations having similar objectives after obtaining previous approval of Commissioner of Income-tax and in no event it shall be distributed in any manner, to any of the Board of Trustees or their relatives or related concerns.

SCHEDULE

At present, the Trust has no property or assets, either movable or immovable, other than the Trust Fund and the immovable properties, donated by the SETTLOR, as described in the Schedule below:

1. Cash contribution to the Corpus Fund of the Trust of Rupees ————— (Rupees ————————————————————————— only)

2. Properties of ————————————————————————–

3. Assets of —————————————————————————– 

IN WITNESS WHEREOF THE SETTLER AND THE FIRST TRUSTEES here to have set their hands on the day, month, and year first above written.

SIGNATURE OF SETTLOR 

Signature: ——————–

Name:

Address:

SIGNATURE OF FIRST TRUSTEES

1. Signature: ——————–

Name:

Address:

2. Signature: ——————–

Name:

Address:

3. Signature: ——————–

Name:

Address:

Witnesses:

Signature: ——————–

Name and address

4. Signature: ——————–

Name: