DEED OF TRUST
THIS DECLARATION OF TRUST made at Dharwad this 22nd day of Dec. 2020 by Shri.
FGH , s/o ABY, age.35 years, occupation, Businessman, residing at Dharwad (hereinafter
referred to as the 'Founder') is as follows:-
WHEREAS the donor had dedicated and endowed a sum of Rs. 5,100/- (Rupees Five thousand
and one hundred only) and has created a charitable trust for the benefit of the public which is
being called as Charitable Trust, subject to the following terms and conditions as set out
hereunder:-
AND WHEREAS it has now been considered as expedient and desirable to reduce the terms and
conditions of the creation of the above said charitable trust in writing:-
AND WHEREAS with a view to secure proper and permanent administration of the Trust, it is
considered to execute a formal Deed of Trust:
NOW THIS DEED WITNESSETH and it is hereby declared as follows:-
1) The name of the Trust shall be ZAB (hereinafter referred to as the 'Trust').
2) The above said sum of Rs. 5,100/-(Rupees Five Thousand & One Hundred only) shall be the
property of the Trust.
3) The term 'Trust Property' shall mean and include the said sum of Rs. 5,100/-(Rupees five
thousand and one hundred only) all additions and accretions hereto, the income thereof and the
acquisition therewith in whatever form and all other property which may from time to time vest
in, or come from any source to, the Trust.
4) The Head Office of the Trust shall be situated at Dharwad but the Trustees shall be at
liberty to transfer the same to such other place as may be determined by them from time to time.
5) The objects of the Trust shall include the following:-
(i) To open, found, construct, establish, takeover, equip, promote, conduct, maintain, support,
subsidise, grant aids, to make donations to hospitals, schools, colleges, pathshalas, boarding
houses, reading rooms, libraries, art, music or literary societies and other institutions,
educational or otherwise, associations, printing presses, journals, newspapers, periodicals and
other publications for imparting or developing commercial, industrial, legal, medical
engineering, scientific or other knowledge or training.
(ii) To give stipends, scholarships, travelling expenses, allowances and monetary aids to students
and scholars in India and abroad;
iii)To open, found, establish, equip, finance, assist, maintain, or contribute to technical,
industrial, or commercial concerns, institutions, associations, or bodies imparting any type of
training or providing employment to persons;
(iv) To open, found, conduct, maintain or contribute to the opening and maintaining of such
institutions where work at living wages can be provided to poor and deserving people or which
are conducive to the benefit of the poor and the development of industries;
(v) To promote the well-being of humanity by establishing or assisting the formation or aiding of
humanitarian institutions and to start, encourage, promote or support institutions and societies to
harmonise social and economic interest of the peoples of the world and to unite them in such a
manner as may best ensure the attainment of proper shelter, food and clothing by them, as well
as ensure peace and happiness of the humanity at large;
(vi) To open, found, build, equip, takeover, conduct, maintain and grant aids to dispensaries,
maternity homes, hospitals, lunatic asylums or any other institutions of the like nature;
(vii) To found, construct, maintain, support, assist or grant aids or subscriptions to places for
cultural, social or other discourses;
(viii) To erect, construct, establish, takeover, maintain poor houses, dharmasalas, parks, bridges,
bathing ghats, cremation grounds etc for the use of the public.
(ix) To help widows, orphans, lunatics and indigent persons and to give relief to the poor and
distressed;
(x) To give relief, by subscription or otherwise, during famine, flood, earthquake, pestilence or
any other calamity;
(xi) To establish, help or maintain institutions for the cultural, social or economic advancement
within the country;
(xii) To revive, investigate, promote and spread the ancient science of astrology, jyotish and
astronomy.
(xiii) To give donations, subscriptions or contributions to any other charitable Trust;
(xiv) To subscribe to such other charitable objects as the Trustees may deem proper.
(b) For the purpose of carrying out the aforesaid object, the Trustees may
(i) Purchase, or otherwise acquire any property, rights, leases and concessions etc;
(ii) Purchase or otherwise acquire, start, establish, equip or close any business, undertaking or
industry;
(iii) Purchase, acquire or undertake the whole or any part of property and liabilities of any
person, firm or company;
(iv) Train persons in any business or industry and grant them stipends, allowances or bonuses as
may be determined by the Trustees from time to time;
(v) Enter into all necessary contracts incidental or conducive to the fulfillment of the aforesaid
objects, provided that the income and profits derived from these shall be utilised for the objects
and in the manner provided in this Trust Deed.
6. The Trust Property shall vest in the Trustees who shall hold, manage, and administer the same
in accordance with the terms and conditions set out herein.
7 a) There shall not be less than three and not more than seven Trustees who shall together
constitute the Board of Trustees.
b) The following persons shall constitute the first Board of Trustees. The number of Trustees
may further be increased as provided herein:-
1. ABC
2. XYZ
3. MNO
c) The power to fix the number of Trustees from time to time, to vary the maximum or the
minimum number or to appoint new or additional Trustees, to fill up any vacancies, the
conditions on which any or these Trustees are appointed, or the manner, if any, in which their
successors are to be appointed, shall vest in the Founder. The maximum or minimum number of
Trustees fixed by the founder shall not be altered except by him.
d) The Founder and after him, or even in his lifetime, if he so desires, the Board of Trustees
shall in accordance with the terms of this Deed, select, appoint and co-opt one or more Trustees.
Such selection, appointment and co-option shall be made by a majority of three-fourth of the
number of Trustees and persons so appointed shall hold office and be liable to retirement as
herein mentioned. The term 'three-fourths' when it is not a complete integer, shall mean, if the
fraction is not less than half, the next higher and when the fraction is below half, the next lower
integer.
e) The Founder shall hold office as Trustee for his lifetime. The other Trustees shall ordinarily
hold office for three years, but they shall be eligible for re-appointment after their retirement on
the expiry of the term. Provided that any such Trustee shall also cease to be a Trustee when he is
requested in writing by all the other Trustees, without assigning any reason therefore, to vacate
his office.
f) After the death of the founder, in case the requisite number of Trustees either to fill up the
minimum number of Trustees is not appointed by the Board of Trustees due to failure of three-
fourth majority, the matter of selection and appointment of a suitable person shall be preferred to
the Chief Justice of the Supreme Court of India and the selection and appointment made by him,
in accordance with the provisions herein, shall be binding on the then Board of Trustees. In case
the said Chief Justice refuses to do so or is not successful in selecting a Trustee, the appointment
shall, by appropriate proceedings, be made by the Court having jurisdiction in the matter.
8. The Founder shall have the power to nominate any one of the Trustees to be the Chairman
of the Board of Trustees for such period as he may determine. After his death, the Board of
Trustees may appoint any one of themselves as Chairman for such period as they may determine
from time to time.
9. The Trustees shall carry out the aforesaid objects of the Trust from out of the Trust property
and from its income.
10. The Trustees shall have full powers to do everything in or for the furtherance of this Trust or
beneficial or conducive thereto, subject to the conditions laid down in this Trust Deed.
11. The Trustees shall have full power and discretion to acquire, hold, carry on and manage any
trade or business or any part thereof, and to employ the whole or any portion of the Trust
property or any funds of the Trust in such trade or business, or in running concerns or managing
agencies, or in securities or shares and debentures of public or private limited companies or other
investments and realise or vary the same or any branch or portion thereof, as they may deem
proper from time to time, provided however, that the income profits and gains thereof shall be
utilized and applied only for and on behalf of the Trust as provided herein.
12. The Trustees shall be entitled to sell all kinds of assets and property of the Trust or any part
thereof or exchange the same for equality of exchange.
13. The Trustees may lease or let out on rent or royalty and land or building or any part thereof
belonging to the Trust or acquired or constructed for the purposes of the Trust or any land or
building vested in it, or sub-lease or give right to exploit any concessions or licenses on such rent
or royalty to any person either from year to year or for a term of years and on such other terms
and covenants as they may think fit and the rent or royalty so received shall form part of the
income of the Trust and be accordingly.
14. The receipt of the Trustees for any money payable to the Trust upon any sale or exchange or
for any rent reserved upon any such lease as aforesaid or otherwise shall be sufficient discharge
for the same to any purchaser, mortgagor, lessee or other person dealing with the Trust and such
purchaser, mortgagor, lessee or other person shall not be bound or concerned to see to the
application of the said money.
15. The Trustees may, at any time, if they consider it necessary or beneficial to the Trust, raise or
borrow money for the use and benefit of the Trust on any terms, and on any security or
otherwise, as they may consider proper.
16. (a) The Trustees may accept donations and contributions, as gifts or otherwise from any
person, corporation, institution, State or Government of any country or from any other Trust; and
all these may be accepted in any form, such as money, bullion, ornaments, machinery,
workshops , factories running concerns, stores, raw materials, fabricated goods, finished goods,
managing agencies, royalties, rights, licenses, concessions, useful animals and movable or
immovable property of all kinds.
( b) Such donations, if accepted by the Trustees, shall be dealt with, as regards their investment
and disposal, by the Trustees according to the wishes (if any) of the donor, unless such wishes
are in violation of any law or in derogation to the objects of the Trust, and, in absence of any
Specific directions by the donor, they shall be dealt with according to the decision of the
Trustees.
17. (a) The Trustees may deposit any money, subject to the terms of this Trust Deed and whether
required for the expenses of the Trust or not, in any Bank or in any Joint Stock Co and withdraw
the same from time to time as they may decide. They may open accounts with any Bank or
banking institution.
b) No portion of the Trust money shall be lent to, or kept in deposit with, any of the Trustees
or any firm in which any of the Trustees may be a partner, nor shall any of the Trustees apply
any portion of the Trust property or fund for his own use or benefit either directly or indirectly.
18. (a) The Trustees shall cause to be kept true and correct, accounts of all assets and liabilities
and money received and expenses incurred by them in respect of the Trust, and once in every
year such accounts together with a balance sheet shall be examined, audited and certified by such
auditor or auditors as may be appointed by the Trustees from time to time on such remuneration
or otherwise as they may decide. These annual statements of audited accounts shall be adopted
and signed by the Trustees soon after the same are ready as stated herein.
b) All the main account books of the Trust shall be kept at the head office of the Trust or at such
other places as the Trustees may decide. The branches of the Trust, wherever established, may if
desired by the Trustees, maintain separate accounts of their own, which shall be incorporated in
the Head Office accounts and when considered proper and convenient but not later than the
annual closing.
19. a) The Trustees are authorized to carry on the administration of the Trust in the manner they
may consider best, and for the administration of the Trust, including the purpose or policy
thereof, they may frame schemes, rules and regulations and may decide the same from time to
time as deemed fit. They may also form committees or sub-committees for the purpose of the
administration of the Trust or for management of its properties and business.
20 The Founder may appoint any one or more Trustees as Managing Trustee or Managing
Trustees and shall have the power to cancel and vary such appointments. After the death of the
Founder, or earlier at his discretion, this power shall vest in the Board of Trustees. To the
Managing Trustee may be delegated such powers as the Founder or the Board of Trustees
respectively, as the case may be, may decide from time to time by executing a power of attorney
or otherwise authorising the said Managing Trustee (or Managing Trustees) to act jointly or
severally and with or without power to sub-delegate any of such powers to any other person
considered fit by the Managing Trustees for that purpose.
21. The Trustees may appoint paid or honorary Secretary or Manager and other officers and staff
to manage and administer the Trust and to maintain the books of accounts of the Trust as well as
to carry out correspondence and all other business on behalf of the Trust, as may be necessary,
and pay their remuneration.
22. The Trustees may, in the conduct of the Trust business, employ agents and other employees
and pay them salary or commission as they may, at their discretion, consider necessary, and
delegate to or confer upon these agents or employees such authority and power on behalf of the
Trust, as the Trustees may deem proper.
23. The Trustees for the time being shall meet at least once in every calendar year and at
a time and place to be decided by them for the purpose of transacting the business of the Trust,
and the decision of the majority of the Trustees shall regulate such business, provided always
that it shall be open to the Trustees to make rules and regulations relating to such meetings and
the conduct of their business.
24. Any Trustees may call a meeting of the Board of Trustees by giving each Trustee one week's
notice or such shorter notice as the Trustees may decide from time to time. No notice of meeting
need be sent to a Trustee who is not in India at the time such meeting is held. A notice calling a
meeting of the Trustees may be issued by the Secretary or Manager of the Trust
25. The quorum for a meeting of the Board of Trustees, unless otherwise determined, shall be
two. But this shall not effect the power and right of the continuing Trustee to appoint another
Trustee to make up the quorum so long as the number is below that.
26. Any resolution signed by a majority of the Trustees, on circulation to all the Trustees, shall
be as good as passed in a meeting of the Board of Trustees.
27. The decision of the majority in case of difference of opinion amongst the Trustees in any
matter shall be final. The chairman of a meeting of the Board of Trustees in a matter of tie will
have a casting vote.
28. The Trustees shall not be entitled to any remuneration, but they may be paid all reasonable
travelling and other expenses for attending meetings of the Board of Trustees or in connection
with the business of the Trust, provided however, that the Managing Trustee/s may be paid any
honorarium for special services to the Trust, as may be unanimously decided upon by the Board
of Trustees from time to time.
29. In the professed execution of the Trust and powers hereof, no Trustee shall be liable for any
loss to the Trust property arising by reason of any investment made in good faith or for the
negligence or fraud of any agent or employee, employed by him or her or by any other Trustee,
although the employment of such agent or employees was not strictly necessary or expedient, or
by reason of any strictly necessary or expedient or by reason of any mistake or omission made in
good faith by any Trustee, or by reason of any other matter or thing, except willful fraud or
wrong act on the part of the Trustee who is sought to be made liable.
30. The Trustees shall not spend the trust fund outside the country without the prior approval of
CBDT and funds of the trust shall be invested as per the provisions of the Income Tax Act
1961.
31. The aims, objects, purposes, pursuits and other provisions of this Trust Deed have been
framed and laid down in accordance with law so that this Trust shall never fail. But if any time
the Trustees find or come to know that any provision herein is invalid or contrary to law, it shall
be their duty to cancel, and treat as cancelled, such particular provision so that the other
provisions hereof may not be rendered invalid or otherwise affected.
(Donor & Trustee)
Dharwad
Date : 22.12.2020
In the presence of/ Witnesses
1.
2.
