Trust Deed – Agreement of Trust

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Agreement of Trust

This Agreement of Trust is hereby entered into by and among the following individuals, who shall collectively be referred to as the “Trustees”:

It is hereby acknowledged that in the context of this agreement, the term “person” shall include and extend to their legal heirs, successors, executors, administrators, assigns, representatives, and the like.

Persons agree as follows:

1. The Trustees, by mutual consent, reserve the right to conduct the affairs of the trust at different premises, under various names, and engage in diverse activities as they deem fit and appropriate from time to time.

2. The Trustees shall make their contributions to the trust corpus at their convenience. Furthermore, additional capital, loans, or deposits necessary for the trust’s needs shall be procured, invested, or contributed by the Trustees as required.

3. The individuals mentioned above shall form the initial Board of Trustees.

4. New trustee(s) may be admitted by the Trustees only with the unanimous consent of the existing Trustees.

5. The following provisions shall apply in the event of a Trustee’s retirement, death, or insolvency:a. Any Trustee shall have the right to retire from the trust by providing written notice of at least 30 (thirty) days to the other Trustees. Upon the expiration of the notice period, the concerned Trustee shall be automatically considered retired from the trust.

b. In the unfortunate event of the death of any one or more Trustees, the trust shall continue to operate and be carried out by the surviving Trustees and the legal representatives of the deceased Trustee. This continuity shall be maintained on the same terms and conditions as agreed upon by the surviving Trustees and the legal representatives.

1. The trust shall operate under the principle of “at will.”

2. The Trustees shall convene regular meetings at least once a month, or more frequently as necessary, to ensure the effective management of the trust’s affairs. A written notice of 10 days shall typically be provided for trustee meetings. Additionally, a minute book shall be maintained by the Board of Trustees. The Trustees pledge loyalty and fidelity to one another and shall refrain from engaging in any actions that may be detrimental to the interests of the trust.

3. The Trustees shall bear the responsibility of administering and managing the trust appropriately.

4. The Trustees shall maintain proper books of accounts or ensure their proper upkeep. Each Trustee shall have the right to access, inspect, and obtain copies of these books. The financial books shall be closed on March 31st of each fiscal year.

5. The trust shall open and maintain one or more bank accounts in its name, and such accounts shall be operated upon the signature of any one or more Trustees.

6. It is explicitly stated that the Trustees named in this agreement serve in their individual capacities and do not represent any other party or entity.

7. The Trustees reserve the right to amend the terms and conditions of this agreement by executing a supplementary deed.

8. In matters not specifically addressed in this agreement, but related to the affairs of the trust, the Trustees may enter into agreements and settlements as mutually agreed upon.

9. Any disputes or questions arising among the Trustees, or between any Trustee and others, pertaining to the trust or this agreement, shall be referred to arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996, or any relevant statutory modification.

10. All terms and conditions not explicitly outlined herein shall be governed by the respective trust act.

11. This agreement is executed on the following stamp paper:

The undersigned parties have carefully read and fully understood this agreement, affirming the accuracy and authenticity of the information provided. They willingly and freely acknowledge and accept the terms herein, without any undue influence from any party, and affix their respective signatures.

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