Tuesday, August 10, 2010

Trust Deed

A public charitable trust is usually recommended when there is property involved, especially in terms of land and building.

Trust Deed : 

It is the the main instrument of any public charitable trust, wherein the aims and objects and mode of management (of the trust) should be enshrined. 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. 

Registration of Trust Deed: 

The trust deed should be executed on non-judicial stamp paper, the value of which would depend on the valuation of the trust property. 

The application for registration should be made to the official having jurisdiction over the region in which the trust is sought to be registered. For registration of 'Trust Deed' the Settlor, Trustee and at least one witness must be physically present at Registrar's Office.

No comments:

Post a Comment