TRUST DEED FOR ESTABLISHING A SCHOLARSHIP
THIS TRUST DEED is made between Sh.______________ s/o Sh. _____________r/o _________________ hereinafter referred to as "the founder" 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.
WHEREAS the founder wanted to create a trust for giving scholarships to bright students studying in the University/college/school ___________________ for promoting and encouraging education and for that purpose proposes in settling a sum of Rs.________ on trust to the trustees.
NOW THIS DEED WITNESSETH AS FOLLOWS:
1. The Trustees shall spend the said sum Rs.______________ (hereinafter referred to as "Trust fund") in their names in such securities /bonds as they may think fit and to apply the income there from, after paying all costs and expenses of or incidental to the management of the trust fund, giving scholarships to bright students studying in the said University/college/school for the promoting and encouraging education.
2. The scholarship be paid from income of trust fund monthly valuing at Rs. ___________ to be given to the students studying in the said University/college/school and have qualified such examination as laid per regulations of the said University/college/school or as determined by the trustees from time being.
3. If income of the trust fund per year exceeds to what is needed for above said scholarship it can be applied for the grant of any such other scholarship and in such way as the University/college/school may instruct as determined by the trustees, from time being.
4. Decision of the majority of the trustees shall adjudge matter concerning trust .
5. If vacancy is caused amongst the trustees owing to death or resignation or incapability of any trustee or otherwise the founder shall select other trustee to fill up the vacancy and in case the founder is dead, the remaining trustees shall make the appointment.
6. The trust shall be a public charitable trust and the trust fund shall in no case revert to the founder of the trust or any of his descendents or to any other person.
7. The trust fund 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 this