TRUST DEED FOR CHARITABLE OBJECTS
THIS TRUST DEED is created between Sh.______________ s/o Sh. _____________r/o _________________ hereinafter referred to as "the author" of the one part
Sh. __________________, Sh. __________________, and Sh._______________ (hereinafter referred to as "the trustees" which expression shall include the trustee or trustees for the time being) of the other part.
1. The author being owner and being in complete possession of the immovable property having no. _______, more specifically stated in the Schedule I enclosed hereto and such other movable property as stated in the Schedule II enclosed hereto which being his self acquired property and he has full disposing power on it under Hindu law;
2. The author intends to gift said properties valuing at Rs. _________ for such donation purposes as stated herein after.
3. The trustees have consented to become owner of said properties/assets for effecting he wishes of the author.
NOW THIS DEED WITNESSES AS FOLLOWS:
1. The said Trust shall be named as _____________________
2. The Objects of the Trust shall be giving financial assistance:
(i) to needy and poor people ,widows for enabling them earning their bread.
(ii) For students of poor studies.
(iii) to persons in distress, due to floods/earthquakes/other acts of God,
(iv) Commonly to hospitals, educational Schools and other charitable institutions.
3. On life time of Author and capable of performance, he shall be a trustees and shall exercise, conjointly with other trustees, the powers in applying/spending the trust fund for the purposes as stated before. The majority of the trustees will decided matter relating trust.
4. The trustees shall ensure for spending purposes of the trust stated as before only by income by and out of corpus of Trust Fund.
5. The Trustees shall keep proper accounts of all amounts received/disbursed due to purposes of the trust stated as before. The trustees shall get accounts audited by a Chartered Accountant, per the enactments of the Income Tax Act.
6. If any trustees dies or resigns or become incapable or otherwise, and vacancy falls due to that, founder shall appoint other trustee in filling up the vacancy and if the founder is dead, the remaining trustees shall make the appointment.
7. If, at any moment, net proceeds coming from the properties/assets of the trust exceds the expenditure incurred due to purposes of trust stated here in before, the Trustees shall be empowered in investing such surplus funds in such securities/bonds as given in Section 20 of the Indian Trust Act.
8. The trust fund, and the corpus and the income there from, shall not be used for any other object excepting those for which trust has been made.
IN WITNESS WHERE OF, the parties hereunto have signed this deed
1. The Founder
2. The Trustee