DEED OF SETTLEMENT CREATING PRIVATE FAMILY TRUST| Deeds & Drafts

Deeds & Drafts

DEED OF SETTLEMENT CREATING PRIVATE FAMILY TRUST

THIS INDENTURE made on ____________ day of _____ 20 __ between _______________ (M.N.) etc. governed by Hindu Law, hereinafter called “the SETTLOR” (which expression shall unless repugnant to the context or meaning thereof be deemed to include his heirs, executors and administrators) of the ONE PART.

AND

(1) _____________________ (A.B.) etc

(2) _____________________ (C.D.) etc.

(3)______________________ (E.F.) etc.

(4) ______________________ (G.H.) etc. and

(5) _______________________ (I.J.) etc.

all by religion Hindu, etc. hereinafter collectively called “the Trustees” (which expression shall unless repugnant to the context or meaning thereof be deemed to include the survivors or survivor of them and the Trustees or Trustee for the time being of these presents and the heirs, executors and administrators of the last surviving Trustees and their or his assignee) of the OTHER PART.

WHEREAS the Settlor is seized and possessed of the movable and immovable properties fully described in the Schedule hereto and hereinafter referred to as “the said property”.

AND WHEREAS the Settlor is desirous of settling the said property on a Trust for the benefit of the Beneficiaries more particularly described hereunder.

AND WHEREAS the Trustees of this Settlement have at the request of the Settlor agreed to act as Trustees of these presents.

NOW THIS INDENTURE WITNESSETH and it is hereby agreed and declared as follows:

1. In consideration of the premises and in order to effectuate the said desire of the Settlor and in consideration of the natural love and affection which the Settlor bears towards the Beneficiaries, the Settlor doth hereby grant transfer convey, assign and assure unto the Trustees the said property together with all his right, title, interest, benefit thereto owned, possessed and held by him whatsoever in law and in equity of the Settlor in and to the same and every part thereof to have and to hold the same unto the Trustees upon the TRUST and with the subject to the powers, provisions act and directions hereinafter appearing and contained and concerning the same.

2. The Trustees shall hold and stand possessed of the said property hereby settled and all other monies, shares of Joint Stock Companies donations contributions and all properties movable or immovable which may hereinafter be paid or transferred to them and the investment for the time being representing the same and rents, incomes, profits, dividends and interest hereinafter referred to as the TRUST FUND upon the Trust with and subject to the powers and provisions hereinafter contained, that is to say:

i. Upon Trust, in the first instance to collect all dividends, interest, rents, profits and other income of the Trust Fund and from and out of the same in the first place to pay all costs, charges and expenses of and incidental to the collection thereof and all outgoings in respect of the Trust Fund including all taxes or other impositions as may be levied or assessed upon the Trust and all costs or ordinary repairs to the property or properties for the time being subject to the Trust.

ii. Subject to the provisions of sub-clause (i) hereof the trustees shall pay the residue of the said Income to the following beneficiaries or credit to their accounts in the following proportions :

NAME SHARE

1. ____________________________________ One fifth

2. ____________________________________ One fifth

3. ____________________________________ Two fifth

4. ____________________________________ One tenth

5. ____________________________________ One tenth

If any of the beneficiaries shall have died before the date of distribution his/her share of income shall be apportioned equally amongst the survivors or survivor of them.

3. At any time before the date of distribution, the Trustees may by a resolution to be passed in a meeting within three months of the end of the accounting year determine the share in the corpus of each beneficiary relevant to each of the accounting year.

4. On the date of distribution, the Trustees shall hold the Trust Fund or such part thereof as shall not have been paid, transferred or applied under any Trust or power herein contained, for and on behalf of the beneficiaries entitled to the corpus in such proportion as they may unanimously decide PROVIDED HOWEVER that if any of the beneficiaries shall die before the date of distribution, the Trustees may allot and hold such share of such deceased beneficiary in the corpus for such of the legal heir or heirs of the deceased beneficiary who may be alive at the date of distribution (with the exception of the Settlor) as may be determined by the Trustees in their absolute discretion. In default, of such determination the Trustees shall hold the Trust Fund for benefit of the beneficiaries as under:

NAME SHARE

1. ___________________________________ _____________________________

2. ___________________________________ _____________________________

3. ___________________________________ _____________________________

4. ___________________________________ _____________________________

5. ___________________________________ _____________________________

If any of the beneficiaries shall have died before the date of distribution and such beneficiaries have no legal heir his/her share shall be allocated (equally) amongst the remains beneficiary/beneficiaries.

5. These Trusts shall be and remain irrevocable for all times and the Settlor doth hereby also release relinquish disclaim surrender and determine all his rights or powers, if any which may have been reserved to him either by this present or otherwise howsoever, to restore to himself or to re-claim any interest in the Trust Property and/or Trust Fund and the investments for the time being representing the same or the income thereof to the intent that the said Trust Property and/or Trust Fund may be held by the Trustees upon the Trusts and with and subject to the powers, provisions, agreements declarations contained in these presents to the exclusion of the Settlor and/or any benefit to the Settlor by contract or otherwise.

6. It is further declared and directed that if any disposition made by this Deed shall fail by reason of it being void or otherwise and also if any interest in the Trust Property and/or Trust Fund or income thereof remain undisposed of, the disposition of interest, so failing or remaining undisposed of shall be held by the Trustees upon the Trust for the beneficiaries herein and shall not create any resulting Trust for the Settlor.

7. The Trust hereby created shall always be called and referred to as __________ TRUST.

8. The Trustees may appoint additional Trustees or Trustee of these presents with or without a condition that he or they may act as Trustee or Trustees of these presents for a fixed period. PROVIDED HOWEVER that the total number of the Trustees on appointment of additional Trustees shall not at any time exceed ___________

9. The Trustees shall have the following powers :

i. to pay all rents, rates, taxes, insurance premia, maintenance charges and all other outgoings in respect of the Trust Property.

ii. to pay all other charges and expenses and salaries of employees that may be incurred by the Trustees for management of the Trust Property including collection of rents, dividends keeping accounts etc.

iii. to make all repairs, additions and alterations as the trustees may consider necessary or expendient in respect of any immovable property or properties, belonging to the Trust and pay all costs charges and expenses thereof.

iv. to raise fund or borrow moneys required for the purpose of any of the objectives of the Trusts and or for carrying on the business authorised by these presents and/or for carrying out any repairs to any immovable properties or property belonging to the Trust upon the 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.

v. to sell all or any portion of the Trust property either by public auction or by private contract on such terms and conditions as the Trustees may in their absolute discretion think fit and proper 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.

vi. to commence establish and carry on any business or trade which the trustees are hereby authorise to do, save any business of speculative nature and such business or trade may be carried on by the Trustees either alone or in partnership with any other person or persons and for such business or trade to borrow money and/ or to utilise the corpus of the Trust property to such extent as the Trustees may in their absolute discretion think fit. PROVIDED that none of the Trustees shall be personally liable for any loss which may result in the business or trade undertaken by them by virtue of the power and authority hereby conferred and all such losses shall be borne and paid out of the Trust property and the Trustees shall be reimbursed and indemnified against the same from and out of the Trust property.

vii. to appoint any one or more persons (other than the settlor) by a power-of-attorney or powers-of-attorney to act for him/her/them in the affairs of the Trust.

viii. to determine as they shall consider just all questions and matters of doubt existing in the administration of the Trusts of this settlement so that every such determination whether made upon question actually raised or implied in the acts or proceedings of the Trustees shall so far as the law may permit be conclusive and that none of the Trustees and no person having formerly been one of the Trustees and no estate or any deceased Trustees shall be liable for, or for the consequences of, any act or acts done or to be done or any payments made or omitted to be made in pursuance of any such determination as aforesaid notwithstanding that such determination shall be subsequently held to have been wrongly made.

ix. The Trustees may in their absolute discretion transfer the Trust Property and establish the office of the Trust hereby created in any part of India as they may from time to time decide.

x. The Trustees may formulate a scheme or schemes for the arrangement of the Trust property and may frame rules and regulations from time to time to achieve the aims and objects of the Trust hereby created.

xi. the decisions taken and acts done by the Trustees in all matters arising under these presents and taken and done either in the exercise of the discretion vested in the Trustees or otherwise, shall not be liable to be called into question or challenged in any manner whatsoever.

xii. It shall be lawful for the Trustees to settle and determine whether any money accruing due from any shares or securities or other funds which are or shall be considered for the purposes of these presents as capital or income can be appropriated towards any expenses, outgoings or losses arising out of the administration of Trusts and otherwise to determine all matters of difficulty, doubt or dispute arising in the course of or incidental to the execution of the Trusts or powers of these presents and any such settlement or determination, shall be conclusive and binding on all persons claiming under these presents although the question involved may not have been actually raised.

xiii. It is hereby further agreed and declared that in any of the matters wherein the Trustees have discretionary powers or wherein there shall be a difference of opinion regarding the construction of these presents for the management of the Trust Property or any part thereof or the execution of the Trusts or powers of these presents, the votes of majority of the Trustees for the time being voting in this matter shall prevail and be binding on the minority as well as those Trustees, who may not have voted and if the Trustees shall be equally divided in opinion, the matter shall be decided according to the vote of the senior most trustee in age.

xiv. The Trustees may deposit 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 may pay any sum or charges payable in respect of such deposits. The Trustees are empowered to invest the Trust Fund in the name of any two of the Trustees.

xv. To appoint proxy or proxies for voting at any meeting of creditors contributors, share-holders and others.

xvi. 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.

xvii. To open Banking Account or Accounts of the Trust in the name of the Trust of Trustees in any Scheduled Bank or 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 a Bank and to permit any two of the Trustees to operate on any such Banking Account.

xviii. The Trustees shall have the power to do all such other things as may be incidental to or conducive to the attainment of the above mentioned objects.

10. The Trustees shall invest the Trust Fund and the net amount realised on the sale of the Trust Property or any portion or portions thereof with all convenient despatch in any one or more of the following forms of investment at any place or places in the Union of India with liberty at their absolute discretion to sell, vary, transpose and convent the same from time to time:

i. To invest in any firm, Company or corporation or scheduled Bank on such terms and conditions as they may in their absolute discretion think fit and proper.

ii. To invest on the mortgage, whether legal or equitable, of immovable 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.

iii. To invest in to any contributory mortgage along with other parties.

iv. To invest in purchase and/or lease and/or sub-lease of any immovable property or properties or any part thereof whether of free-hold or lease hold tenures including the purchase of the individual share, right, title and interest and/or purchase of ownership flats and or sheds or blocks in industrial estates on such terms and conditions as the Trustees may in their absolute discretion think fit and proper and to become members of any cooperative housing society limited.

v. To invest in the purchase of equity shares, debentures or preference shares of any limited company or corporation whether public or private.

vi. To invest to carry on any business in proprietorship where or in a partnership, any one or more of the Trustees shall be at liberty to permit or allow any one of them to represent this Trust as a partner in the partnership.

11. The Trustees may instead of acting personally, act through a duly constituted attorney or agent, namely, (other than the Settlor,) a Solicitor, Banker, Stock-Broker, or other person to transact any business or do any act required to be transacted or done in the execution of the Trusts including the receipt and payment of money and shall be entitled to pay all charges and expenses so incurred and shall not be responsible for the default if any, of any such agent, employed in good faith.

12. Where the Trust Fund includes any immovable property or proceeds of any immovable property (such immovable property being in this clause referred to as ‘the land’):

i. The Trustees may lease the land or any part thereof for any purpose whatsoever for any term and authorise, either wholly or partly construction, erection, improvement or repairs or may enter into an agreement to construct, erect, improve or repair buildings on the land so leased out and may accept with or without consideration a surrender of any such lease or any part thereof.

ii. The Trustees may in executing any Trust or power, sell any land or any part thereof in consideration of an annual sum payable in installments for any fixed term and being either reserved out of the land sold or secured in such other manner as the Trustees shall think fit.

iii. The Trustees may in executing any Trust or power of sale or lease:

a) sell or lease any part of the land;

b) sell or lease or reserve any easement or right, or privilege over land or any part thereof;

c) sell or lease or accept or reserve any timber or mines or minerals in or under the land or any part thereof together with any easement, right, or privileges for getting or working on the same or otherwise incidental to or connected with the forestry or mining as the case may be;

d) impose and make binding for the benefit of any land sold or leased, any restrictions, stipulations as to user or otherwise affecting any part of the land retained;

e) accept in exchange for the land or any part thereof to be sold or leased property of any kind either with or without any money paid or received for equity or consideration therefore;

f) enter into contract for the sale or lease of the land or any part thereof or otherwise for the exercise by the Trustees of any of the foregoing powers mentioned in this paragraph;

g) all moneys received as consideration for any sale or lease, in execution of any trust or power shall be deemed to be and be held as capital moneys;

h) The Trustees shall not be liable or accountable for any bona fide omission or inadvertent failure to the repair or insurance of any buildings or to the payment of any outgoings in such manner and to such an extent as they shall think fit;

i) The Trustees from time to time expend money comprised in the Trust Fund in erecting, demolishing and re-building and 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 the 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.

13. The Trustees may accept any donation or contribution in cash, shares and any moveable or immovable 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.

14. The Trustees shall maintain proper books of accounts in which shall be entered all transactions of moneys received and paid respectively by or on behalf of the Trustees for the purpose of Trust. The accounting year of the Trusts shall end on _______ every year.

15. The receipt of any Trustee for the time being of these presents for any income of the Trust or corpus thereof and for the purchase of any moveable or immovable property or properties of the Trust hereby authorised to be sold or for any stocks, funds, shares and securities or for any Deeds, papers, writings, documents or other moneys and effects payable or deliverable and/or paid, received delivered and transferred to the Trustees by virtue of these presents and/or in the execution of the Trust and powers herein contained shall be sufficient and effectual discharge for the same and the person or persons to whom or in whose favour the same shall be given, his heirs, executors, or administrators shall not afterwards be answerable for the loss misapplication or non-application thereof.

16. If at any time the Trustees or any future Trustees or Trustee of these presents shall die or desire to retire or refuse or become incapable to act or go out of India for a period of six months at a time then in every such case it shall be lawful for the surviving or continuing Trustees for the time being (and for this purpose every retiring or refusing Trustee shall if willing to act in exercise of this power be deemed to be a continuing Trustee) and if there be no surviving or continuing Trustee then for the executors or executor or administrators or administrator of the last survivor or continuing Trustees as the case may be, to appoint a new Trustee in place of the Trustee so dying or going abroad, or desiring to retire or refusing or becoming incapable to act as aforesaid PROVIDED HOWEVER that upon every such appointment of a new trustee or new trustees the Trust property shall be so transferred as to become vested in the new Trustees or Trustee either jointly with the surviving or continuing Trustees or Trustee or solely as the case may require and every such newly appointed Trustees as well as before or after such vesting of the Trust property shall act or assist in the execution of the Trusts and powers of these presents as fully and effectually as if he had been originally appointed PROVIDED HOWEVER that upon the appointment of such Trustees or Trustee as aforesaid the number of Trustees may be augmented or reduced but so that the total number of Trustees for the time being of these presents shall not be reduced below two or increased above four.

17. The Trustees or Trustee for the time being of these presents shall be respectively accountable only for such moneys, stocks funds and securities as they shall respectively, actually receive and shall be answerable only for their own acts, receipts, neglects and defaults and not for those of each other, nor for any bankers, broker or other person with whom or into whose hands any Trust moneys and securities may come to be deposited or given, nor for the insufficiency or deficiency of any stocks, shares, funds or securities, nor for any other loss unless the same shall happen through their or his or her willful defaults or neglect respectively.

18. The Trustees or Trustee for the time being of these presents shall reimburse themselves or himself or/and discharge out of the Trust Fund all costs, charges and expenses incurred by them in or about the execution of the Trusts and powers of these presents.

19. Any Trustee for the time being engaged in any profession or business shall be entitled to charge and receive all usual professional and other charges for the work done by him or his firm in relation to the Trust.

20. Any of the powers and authorities hereby conferred may be exercised by a majority of the Trustees without the concurrence, or with merely the formal concurrence of any Trustee who 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.

21. Any Trustee who may dissent from exercising any of the powers or authorities hereby conferred shall nevertheless concur in executing or signing any documents of 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.

22. Any Trustee shall have full power to file and defend suit, appeals, applications etc. to declare sign and verify all plaints written statements, memos of appeals, cross objections, applications, affidavit, etc. and to accept, writ, summons, notices etc. and to appear in any place or places in the Union of India before any Court, quasi judicial authorities or Tribunals and before any other Officer or Officers, or Tribunal and before any Registrar or Sub-Registrar of Assurances, at any places 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 difference, dispute or demands to arbitration and adjust, approve and settle all accounts relating to the Trust Fund and to execute all releases and discharges and to do all other acts, deeds and things relating thereto.

23. The Trustees shall have power:

i. to keep in the joint names of the Trustees title deeds of all immovable property or properties forming part of the Trust property in a safe deposit vault at any place or places in the Union of India;

ii. to deposit in the joint names of the Trustees all securities and investments for safe-custody in a nationalised or scheduled bank or banks and to execute a power-of-attorney in favour of such bank or banks for realisation of interest or dividends thereon with directions to carry the interest and dividends and income of the Trust Fund to the credit of the Trust account. The Trustees shall be entitled to transfer such securities and investments to the name of the Bank or Banks. Any sum payable in respect of such deposit and/or transfer aforesaid shall be paid out of the Trust Fund.

24. For attainment of the object and purpose of the Trust, the Trustees may appropriate any part or parts of the Trust property towards satisfaction of any share whether vested or contingent to which any person or persons may be entitled under the Trust and for that purpose may make or cause to be made a valuation or valuations of the Trust Property or any part or parts thereof including any property which may have been appropriated under any power contained in these presents as the Trustees may deem necessary either themselves or by a duly qualified person or persons as they may appoint and in such manner and at such respective times as the Trustees shall consider just and proper and every such valuation shall be conclusive and binding on all parties claiming under these presents.

25. Where the Trustees are authorised or required to apply any income of the trust for the benefit of a minor and unmarried beneficiary the Trustees may pay the same to the parent or legal guardian of such beneficiary without seeing to the application thereof or apply the same in such manner as may be directed in the trust.

26. The decisions taken and acts done by the Trustees in all matters arising under these presents and taken and done either in the exercise of the discretion vested in the Trustees or otherwise shall not be liable to be called into question or challenged in any manner whatsoever.

IN WITNESS WHEREOF the Settlor and the Trustees have hereunto set and subscribed their respective hands the day and year first hereinabove written.

SIGNED AND DELIVERED by the

Within named SETTLOR in the presence of:

1. ____________________________

2. ____________________________

SIGNED AND DELIVERED by the

Within named TRUSTEES ___________

1. ___________________________

2. ___________________________

3. ___________________________

4. ___________________________ and

5. ___________________________

in the presence of :

1. __________________________

2. __________________________

DEED OF FAMILY SETTLEMENT WHERE SETTLOR APPOINTS HIMSELF AS THE SOLE TRUSTEE FOR LIFE & HIS SONS AS SUCCESSIVE TRUSTEE AFTER HIS DEATH

THIS INDENTURE made etc. between ________________ (S.T.) etc. (Settlor) of the ONE PART.

AND

the said ________________ (S.T.) AND ____________________________________ (A.B., C.D., E.F., G.H., and I.J. etc). (Trustees) of the OTHER PART.

WHEREAS the Settlor is absolutely seized and possessed of the several hereditaments respectively mentioned and described in the first, second and the third schedules hereunder written and the inheritance thereof in fee simple free from encumbrances.

AND WHEREAS the Settlor’s wife died long ago and he has by her five sons the said _______________________________ (A.B., C.D., E.F., G.H., and I.J.) and three daughters _________________________________(U.V., W.X. and Y.Z).

AND WHEREAS the settlor’s first three sons the said _________________________ (A.B., C.D. and E.F.) though past marriageable age have remained unmarried against the wishes of the Settlor.

AND WHEREAS the Settlor’s eldest daughter the said __________________ (U.V.) is a spinster and has taken the holy order while his other two daughters the said ______________ (W.X. and Y.Z.) have been given away in marriage and are in affluent circumstances.

AND WHEREAS for diverse weighty causes and consideration him there unto moving the Settlor is desirous of settling the said several hereditaments in manner hereinafter expressed. AND WHEREAS for the purpose of the stamp duty to be paid on these presents the hereditaments mentioned and described in the first, second and third schedules hereunder written are respectively assessed to be of the value of Rs. __________ Rs. ________and Rs. _________ making together the sum of Rs. ___________

NOW THIS INDENTURE made in consideration of the premises aforesaid and for effectuating the Settlor’s said desire WITNESSETH as follows:

1. The Settlor hereby grants, conveys and transfers unto the Trustees all those the hereditaments respectively mentioned and described in the first, second and third schedules hereunder written together with (Insert general words, estate and deed clauses) to have and to hold the same unto the Trustees to the use of the Settlor during his life without impeachment of waste to hold, enjoy, use and occupy the hereditaments comprised in the first, second and third schedules hereunder written and to collect the rents, issues, profits and income thereof and to appropriate the same for his personal benefit without being in any way responsible or accountable for the same and from and after the death of the Settlor to the use of the successive Trustees for the time being of these presents upon and subject to the trusts, uses and intents hreinafter expressed, that to say,

a. As to the hereditaments comprised in the first schedule hereunder written upon trust to convey the same unto the said ___________________ ( A.B., C.D., E.F., G.H. and I.J). absolutely as joint tenants but subject to the right of residence of the said U.V. during her natural life in a room on the first floor thereof;

b. As to the hereditaments comprised in the second schedule hereunder written UPON TRUST to permit the said ______________ ( A.B., C.D., E.F., G.H., I.J. and U.V). and the families and dependants of the said ____________ (G.H. and I.J.) to hold, enjoy, use and occupy the same free of rent and of all other impositions subject however to the limitation that if at any time the said____ (U.V.) shall depart from leading a godly life or leave the protection of the said __________________ (A.B., C.D., E.F., G.H. or I.J.) and cease to live permanently either in the hereditaments comprised in the first schedule hereunder written or in the hereditaments comprised in the second schedule hereunder written or become a permanent ashramite then and in each of such cases the said U.V. shall absolutely forfeit all the rights and benefits under these presents given to her and the trustees for the time being of these presents shall be exonerated from the duties and obligations towards the said U.V. hereby reposed and cast upon them;

c. As to the hereditaments comprised in the third schedule hereunder written upon trust to let out or continue to let out the same to monthly tenants on fair and reasonable rent and out of the rents, issues, profits and income thereof in the first place to set apart such sum as shall cover the rates, taxes and other outgoings in respect of the hereditaments comprised in the second and third schedules hereunder written and in the second place to pay to the said ______________ (U.V.) during her natural life the sum of Rs. _____________ from month to month on or before the ____________ day of each and every month for her personal expenses and in the third place to retain monthly and every month the sum of Rs _________ to be by them spent for causing petty and thorough repairs as and when necessary to the hereditaments comprised in the second and third schedules hereunder written and in the next place to spend the balance for the maintenance and support of the said ______________ ( A.B., C.D., E.F., G.H., I.J. and U.V. )so long as they shall remain joint in mess, else to pay such balance to them in equal shares from month to month on or before the day of each and every month, and

d. Upon trust on the extinction of the uses and benefits hereby created in favour of the said ____________________ (A.B., C.D., E.F. and U.V.) to convey the hereditaments comprised in the second and third schedules hereunder written to the said ________________ (G.H. and I.J.) absolutely and in equal shares freed and discharged of all the trusts, uses and intents herein expressed.

2. AND it is hereby declared that during his life-time the Settlor shall be and act as the sole Trustee and that from and after his death the said ________________ ( A.B., C.D., E.F., G.H. and I.J.) in the order of their seniority shall be the successive Trustees of these presents so nevertheless that of them not more than two shall at any time act in the matter of the trusts, uses and intents herein expressed or such of them as shall then be subsisting and capable of taking effect.

3. The Trustees coming after the Settlor shall act jointly where they shall be two in number and should any difference of opinion shall at any time arise between them in relation to the doing or forbearing to do anything or otherwise howsoever then the opinion of the senior of them shall prevail notwithstanding that he may be personally interested in the matter in dispute.

4. The Trustees coming after the Settlor shall forthwith open an account in their joint names with a banker in ________________ and therein deposit the rents, issues, profits and income aforesaid and all monies payable to and receiveable by them under and by virtue of these presents and shall keep and maintain proper books of account wherein shall be duly posted all receipts and disbursements.

5. So long as the said __________ (U.V.) shall reside in the hereditaments comprised either in the first or in the second schedule hereunder written and lead a godly life the Trustees and all beneficiaries for the time being of these presents shall treat her with utmost kindness and not in any way interfere with her religious beliefs and persuasions.

6. WITHOUT prejudice to the generality of their powers the Trustees shall have power and authority to do and exercise the following acts, deeds and things, to wit,

(a) To demand, sue for and recover all monies payable to and receiveable by them under and by virtue of these presents and to give effectual receipts and discharges for the same;

(b) To prosecute, defend and compromise all actions and proceedings touching the affairs of the said trusts, uses and intents and to do and perform all acts and things in connection therewith;

(c) To sign, endorse and negotiate all cheques and pay orders as shall relate to their duties and obligations under these presents and to operate fully and effectually on the banking account aforesaid;

(d) To sign, execute and register all deeds, instruments and writings as shall be deemed necessary and expedient in the execution and discharge of the said trusts, uses and intents and to pay all expenses to be incurred in connection therewith;

(e) And generally to act prudently in the matter and for the benefit of the said trusts, uses and intents.

7. EACH of the said ____________ (G.H. and I.J.) shall be at liberty by deed or will to appoint in his place and stead a new trustee who shall assume office only when the line of successive Trustees hereby appointed other than the said ____________ (G.H. and I.J.) shall become extinct and there shall subsist any of the trusts, uses and intents aforesaid to be carried out.

8. (Insert clause for revocation, if desired, as in the previous form).

9. The Trustees hereby respectively consent to be and to act as trustees according to the meaning and intent of these presents as is testified by their being parties to and executing these presents.

THE FIRST SCHEDULE ABOVE REFERRED TO & so on

(Describe the respective properties)

IN WITNESS etc.

DEED OF TRUST FOR THE BENEFIT OF SETTLOR’S CHILDREN

TRUST AGREEMENT AND DECLARATION made ____________, by and between ________________ and ______________ husband and wife, of ____________ (address) _______________ here referred to as the Settlors, and _______________ (names), the natural born children of the Settlors, here referred to as the Trustees.

This trust agreement and declaration is made upon the following conditions:

SECTION ONE

Property Transferred

Settlors are about to convey, or cause to be conveyed, to Trustees, the following described property: It is the intention of the Settlors to convey to the trust estate all of the real property and the personal property above described, to have and to hold all the same property (all of which property is sometimes referred to in this instrument as the trust estate) in trust, however, for the use and purposes and on the terms as set forth in this trust agreement.

SECTION TWO

Investment of Income

When the Trustees have taken title to the property, they shall take possession of all of the interest estate and shall invest and re-invest the income from the trust estate in the names of Trustees in _______________ (any bonds or securities approved by any law in force in India), with power to vary the investment or investments of the trust estate from time to time for any other or others of the character above specified in the discretion of Trustees.

SECTION THREE

Power of Trustees to enter into contracts

Trustee shall have full power and authority to enter into agreements, from time to time, as they may deem necessary or expedient, with reference to the organization of corporations, and the stock, bonds or other obligations which form a part of this trust estate.

SECTION FOUR

Management of Trust Estate

Trustees are authorized and empowered to manage, care for, improve, protect, control, deal with, sell and otherwise dispose of the trust estate or any part of it, in their discretion, in any and every way in which any responsible and prudent owner could manage, care for, improve, protect, control, deal with and otherwise dispose of the same.

SECTION FIVE

Power to Borrow

Trustees are authorized, from time to time, to borrow money and pledge as security for the payment of this money, all or any part of the property, real or personal, at any time forming a part of the trust estate when necessary to be used for the benefit of the trust estate.

SECTION SIX

Power to Lease and the like

Full power and authority is granted to the Trustees to improve, manage and protect the trust estate or any part of it, to dedicate streets and highways when necessary, to contract to sell, to grant options to purchase, to sell on any terms as the best judgment of Trustees dictate, to convey, to mortgage, pledge or otherwise encumber the trust estate or any part of it, and to lease the trust estate or any part of it from time to time on any terms and for any period or periods of time not exceeding, in the case of any single demise, the term of __________ (_____ years), and to renew or extend leases on any terms and for any period or periods, of time not exceeding ___________ ( ____ years).

SECTION SEVEN

Costs and Expenses of Estate

Out of the income derived by Trustees from the property at any time comprising the trust estate, Trustees shall first pay all the necessary costs and expenses of this trust, including outlays necessary for the protection, management and upkeep of the trust estate, repairs, alterations and improvements, taxes (general, special, and income), outlays necessary for insurance, care and maintenance of the trust estate and for keeping the property of the trust estate in good condition, and the reasonable compensation of Trustees. The balance of the income derived from the trust estate shall be paid to Settlors ______________ (and to ______ in the following manner:

SECTION EIGHT

Waiver of Right to Revoke Trust Agreement

TRUST AGREEMENT Settlors waive the right to revoke this trust agreement in whole or in part.

SECTION NINE

Disposition on Death of Settlors

On the death of ____________ and _____________ Settlors, the trust created shall terminate and the Trustees, after deducting their expenses and reasonable compensation, shall transfer and pay over all of the personal property in the trust estate with its accumulations, and all undistributed income, to ___________ (names), in equal parts. For the purpose of making any distribution of the personal property of the trust estate, the Trustees are authorized to value and appraise or have valued or appraised any or all of the personal property of the trust estate and to distribute the same in kind or in cash, or part in kind and part in cash, as they may deem advisable after any such valuation or appraisal.

SECTION TEN

Conveyance on Death of Settlors On the death of the Settlors, should the real estate constituting this trust estate remain intact and no portion of the same have been sold or mortgaged by the Trustees, the Trustees shall transfer, convey and warrant by proper deeds of conveyance the following described property to the following described persons, as follows: _____________.

SECTION ELEVEN

Sale or Mortgage of Real Estate

Should the Trustees sell and convey or mortgage any part or portion of the real estate which constitutes a part of this trust estate, then, in that event, at the termination of this trust, the Trustees are directed to convey and warrant by proper deed or deeds of conveyance the remaining part or portion of the real estate not previously sold and any real estate not previously mortgaged to____________ (names), in equal shares as tenants in common.

SECTION TWELVE

Death of Trustees before termination; failure or refusal to Act

Should one or more of the Trustees die before the termination of this trust agreement, the survivor or survivors shall act as sole Trustee or Trustees. Should one or more of the Trustees at any time refuse to act as a Trustee, the Trustee or Trustees refusing to act shall submit their written resignations to the remaining Trustee or Trustees, and the remaining Trustee or Trustees shall act as the sole Trustee or Trustees of the trust estate. Should the Trustee or Trustees refusing to act fail or refuse to submit their written resignations within _____ ( ____ days) after receipt of a written request for such submission by the remaining Trustee or Trustees, the remaining Trustee or Trustees shall be empowered to act as the sole Trustee or Trustees of the trust estate in the absence of a written resignation or resignations with full power and authority to act as though such written resignations had been submitted.

IN WITNESS WHEREOF,

The Settlors and Trustees have executed this agreement and declaration at __________ (designate place of execution) on the date indicated below.

(Signatures and dates of signing)

(Acknowledgements)