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Trust

The document discusses trusts and their legal requirements in India. A trust is an obligation where a trustee holds property or assets for the benefit of another person, called the beneficiary. The main legal requirements for setting up a trust include drafting a trust deed specifying the aims, management, and succession of the trust; signing the deed in the presence of witnesses; registering the trust with the appropriate authority; and submitting documents like an application form, trust deed, affidavit, and consent letter. The principal legislation governing trusts in India is the Trust Act of 1882.

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81 views2 pages

Trust

The document discusses trusts and their legal requirements in India. A trust is an obligation where a trustee holds property or assets for the benefit of another person, called the beneficiary. The main legal requirements for setting up a trust include drafting a trust deed specifying the aims, management, and succession of the trust; signing the deed in the presence of witnesses; registering the trust with the appropriate authority; and submitting documents like an application form, trust deed, affidavit, and consent letter. The principal legislation governing trusts in India is the Trust Act of 1882.

Uploaded by

Pacific Hunter Johnny
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Trust BBA

Description

 A “Trust” is an obligation annexed to the ownership of property, and arising out of a confidence
reposed in and accepted by the owner, or declared and accepted by him, for the benefit of
another, or of another and the owner The person who reposes or declares the confidence is
called the “Author of the Trust”. The person who accepts the confidence is called the “Trustee”.
The person for whose benefit the confidence is accepted is called the “Beneficiary”. The subject-
matter of the trust is called “Trust-property” or “Trust-money”. The “Beneficial interest” or
“Interest” of the beneficiary is his right against the trustee as owner of the trust-property; and
the instrument, if any, by which the trust is declared is called the “instrument of trust”.

 A breach of any duty imposed on a trustee, as such, by any law for the time being in force, is
called a “Breach of trust”

 And in the Trust Act, 1882, unless there be something repugnant in the subject or context,
“Registered” means registered under the law for the registration of documents for the time
being in force. The main instrument of any public charitable trust is the trust deed, wherein the
aims and objects and mode of management (of the trust) should be enshrined. The salient
features of Trust are as follows:

 In every trust deed, the minimum and maximum number of trustees has to be specified.

 The trust deed should clearly spell out the aims and objects of the trust, how the trust should be
managed, how other trustees may be appointed or removed, etc.

 The trust deed should be signed by both the settlor/s and trustee/s in the presence of two
witnesses.
 The trust deed should be executed on non-judicial stamp paper, the value of which would
depend on the valuation of the trust property.

Principal Legislation

 The Trust Act, 1882;

 The Societies Registration Act, 1860; The Companies Act, 1994;

 The Registration Act, 1908;

General Requirements to Set Up a Trust:

 The application for registration should be made to the official having jurisdiction over the region
in which the trust is sought to be registered.

 After providing details (in the form) regarding designation by which the public trust shall be
known, names of trustees, mode of succession, etc., the applicant has to affix a court fee stamp
of specified amount, depending on the value of the trust property.

 The application form should be signed by the applicant before the regional officer or
superintendent of the regional office of the charity commissioner or a notary. The application
form should be submitted, together with a copy of the trust deed.

 Two other documents which should be submitted at the time of making an application for
registration are affidavit and consent letter.

-COLLECTED

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