Trust Deed
Trust Deed
OF
VISHWAKARMA MANDIR CHARITABLE TRUST
WHEREAS the 'Settlor' is desirous of settling for Public Charitable purpose a sum
of Rs. 1,00,000/- (Rupees One Lakh only);
AND WHEREAS the Trustees have agreed to act as the Managing Trustees for
life of the said Trust;
The following are the name and addresses of the settlor and trustees of
the trust;
NOW THIS TRUST DEED WITNESS that with a view to perpetuate the said desire
and in consideration of the premises and for other diverse good causes and
consideration him thereunto moving he the 'Settlor' both hereby grant, assign
transfer and hand over to the Trustees and the Trustees do hereby accept and
take possession of the said sum of Rs. 1,00,000/- Rupees One Lakh only)
(hereinafter for brevity's sake called "the Trust Estate" which expression shall
include all accretions thereto by way of donations or otherwise and the
investments for the time being representing the same) to HOLD the Trust Estate
upon the trusts and with and subject to the powers, provisions, agreement’s and
declarations hereinafter contained of and concerning the same i.e
1. The Trustees shall have power and shall be entitled to collect, recover and
receive dividends, rents and profits and other income of the Trust Estate
(hereinafter referred to as `as the Trust income`) and to pay there out all
taxes, rates, assessments, expenses and outgoings for collection in
respect thereof and for the management of the Trust Estate and for
administering and carrying out the Trust hereof.
2. The Trustees shall be entitled from time to time to accept from any person
or persons desiring to make gifts or donations upon the trusts and subject
to the terms, provisions and powers and conditions contained herein, such
moneys or properties as the Donors desire from time to time to give on
the aforesaid trusts and on the terms and conditions herein contained.
3. It shall be lawful for the Trustee/ Trustees at any time and from time to
time to borrow moneys as well as to sell, mortgage, assign, transfer,
demise or let on lease for any period however long or otherwise dispose of
and deal with the Trust Estate including any immovable properties
comprised therein or any part thereof either by publication or by private
contract and on such terms and conditions as they the Trustees think fit
with liberty to the Trustees to buy in rescind or vary any contracts for
sale, mortgage, transfer, assignment, lease or other disposition as
aforesaid and to resell the same or enter into a fresh contract for transfer,
assignment, lease or other dispositions without being answerable for any
loss occasioned thereby and with power also to execute all necessary
assignments, conveyances, mortgages, transfers, leases, sub-leases and
their counter-parts, and other deeds and assurances for the same and to
give receipts and discharges for the consideration moneys and all other
moneys. All moneys arising from any such sale, mortgage, transfer, or
other dispositions shall be deemed to be part of the Trust Estate and shall
be dealt with accordingly.
4. The receipt of the Trustees for the purchase money of any property
hereby directed or authorised to be sold, or for any other moneys, stocks,
funds, shares, securities or investments paid, delivered or transferred to
them or him by virtue of these presents or in the execution of the Trusts
or powers hereof shall effectually discharge the person or persons paying,
delivering or transferring the same therefrom and/or from being bound to
see to the application or being answerable for the loss or mis-application
thereof.
5. The Trustees for the time being of these presents shall be respectively
chargeable only for such moneys and securities as they shall respectively
actually receive, notwithstanding their signing any receipt for the sake of
conformity and shall respectively be answerable and responsible only for
their own respective acts, receipts, omissions, neglect and defaults and
not for those of each other, nor for that of any banker, broker, auctioneer,
or other person with whom or into whose hands any trust moneys or
securities shall be deposited or come, nor the insufficiency in title or
deficiency in value of any investments nor any other loss, unless the same
shall happen through their own wilful default respectively AND ALSO that
the Trustees or Trustee for the time being may reimburse themselves,
herself or himself or pay and discharge out of the Trust estate all
expenses incurred in or about the execution of the Trusts or powers under
these presents.
6. The Trustees for the time being of these presents shall have full power to
compromise or compound all actions suits and other proceedings and all
differences and demands and to adjust, settle and approve all accounts
relating to the Trust Estate and to execute, release and to do all other
things relating thereto without being answerable or accountable for any
loss occasioned thereby.
7. The Trustees shall be entitled to employ any person or persons and pay
them remuneration for the effective management and implementation of
the Trust, including expert and technical qualified or experienced
personnel.
9. Any Trustee may at any time resign by giving a month's notice to his co-
trustees and upon expiry of such period, he shall be deemed to have
vacated his office.
10. The Trustees shall have the right to make necessary resolutions by
circulars instead of by meeting and any resolutions as agreed to by a
majority of the Trustees shall be as valid and effectual as a resolution of
the Trustees at a meeting duly convened.
11. The Trustees shall determine all questions and matters of doubt in
the execution of the Trusts, including the meaning and construction of any
of the articles and provisions herein contained and do all acts and execute
all the trusts, powers and authorities appertaining to these presents
unanimously, and in case of disagreement, by majority, each Trustee shall
have one vote only. The Trustees shall be at liberty to make rules or bye-
laws which are not inconsistent with what is herein contained.
12. For the purpose mentioned above or any of them, the Trustees shall
be at liberty to enter, sign, execute and deliver all such contracts, deeds,
assurances, and writings as they may deem necessary or expedient. The
Trustees shall also be entitled in incur all legitimate expenses which they
consider to be beneficial to and in the interests of the Trust.
13. The Trustees shall be entitled to invest the Trust estate or such
other funds of the Trust as are not immediately required, in any of the
investments authorised by the Bombay Public Trusts Act, 1950 and/or the
statutory amendments, modifications or reenactment thereof for the time
being in force or the rules made there under and the Trustees shall also
be at liberty to invest the Trust Estate or any part thereof on the
mortgage of any immovable property situated in any part of the Republic
of India (either of freehold or leasehold or any other tenure) and the
Trustees shall also be entitled to purchase vacant land of any tenure and
to construct buildings and other structures thereon as the Trustees may
consider necessary and in the interest of the Trust and they shall also be
entitled to pull down and demolish to rebuild any building or erection as
they may consider necessary and in the interest of the Trust AND the
Trustees shall have power to alter, vary or transfer the investments from
time to time in such manner as the Trustees may think fit proper and in
the interests of the Trust.
16. The Trustees shall be entitled to open and maintain bank account or
accounts as they may consider necessary or proper and such account or
accounts may be operated on the signatures of any of two of the Trustees.
Meetings: The trustees shall meet at least once every three months at the
registered office of the trust or at any other place decided by them. The quorum
for a meeting shall be two-thirds of the total number of trustees. The decisions
of the trustees shall be taken by a majority vote and in case of a tie, the
chairperson shall have a casting vote.
Accounts: The Board of Trustees shall appoint one of the trustees as the
Treasurer of the Trust. The Treasurer shall be responsible for maintaining the
accounts of the Trust, receiving, and disbursing funds, preparing budgets and
financial reports, and performing any other duties related to the financial
management of the Trust as assigned by the Board of Trustees. The Treasurer
shall also ensure that the Trust complies with all the applicable laws and
regulations regarding taxation, auditing, and reporting of its income and
expenditure. The Treasurer shall hold office for a term until he resigns or is
removed by the Board of Trustees. The current Treasurer of the Trust is
Surendra Kumar Singh.
Amendments: The by-laws/ Trust deed of the trust may be amended by a
resolution passed by at least three-fourths of the total number of trustees at a
special meeting convened for that purpose. The amendment shall be effective
only after it is registered with the sub-registrar under whose jurisdiction the
trust falls.
IN WITNESS WHEREOF the Settlor and the Trustees have hereunto set and
subscribed their respective hands the day and year first hereinabove written.