TRUSTS, WAKFS, SOCIETIES AND NON‑PROFIT MAKING

 1. Trust, meaning of,

2. Classification of trusts,

(i) Simple and special trust,

(ii) Express and implied trust,

(iii) Constructive trust,

(iv) Resulting trust,

(v) Executed and executory trust,

(vi) Complete and incomplete trust,

(vii) Public and private trust,

3. Creation of trust,

(i) Parties to the trust,

(ii) Intention to create trust,

(iii) Purpose of the trust,

(iv) Cy pres doctrine In charitable trust,

(v) The beneficiaries,

(vi) Trust property,

(vii) Transfer of trust property,

4. Who can create trust,

5. Subject of trust,

6. Who may be trustee,

7. No one bound to accept trust,

8. Acceptance of trust,

9. Disclaimer of trust,

10. Rights of the trustees,

(i) Right to title deeds,

(ii) Right to reimbursement of expenses,

(iii) Right to indemnity from gainer by breach of trust,

(iv) Right to apply to Court for opinion in management of trust property,

(v) Right to settlement of accounts,

(vi) General authority of trustee,

(vii) Power to sell in lots and either by public auction or private contract,

(viii) Power to sell under special condition and power to buy in and re‑sell,

(ix) Power to convey,

(x) Power to vary investments,

(xi) Power to apply property of minors, etc. for their maintenance, etc.,

(xii) Power to give receipts,

(xiii) Power to compound, etc.,

(xiv) Power to several trustees of whom one disclaims or dies,

 

11. Suspension of trustee's power by decree,

12. Duties of the trustees,

(i) To execute trust,

(ii) To inform himself of state of trust property,

(iii) To protect title of trust property,

(iv) Not to set up title adverse to beneficiary,

(v) Care required from trustee,

(vi) Conversion of perishable property,

(vii) To be impartial,

(viii) To prevent waste,

(ix) Accounts and information,

(x) Investment of trust money,

(xi) Sale by trustee directed to sell within specified time,

 

13. Rights of the beneficiaries,

 

(i) Rights to rents and profits,

(ii) Right to specific execution and to transfer of possession,

(iii) Right to inspect and take copies of instrument of trust accounts, etc.,

(iv) Right to transfer beneficial interest,

(v) Right to sue for execution of trust,

(vi) Right to proper trustees,

(vii) Right to compel to perform any act of duty,

(viii) Wrongful purchase by trustee,

(ix) Following trust property into the hands of third person,

Saving of rights of certain transferees,

(xi) Acquisition by trustee of trust property wrongfully converted,

(xii) Right in case of blended property,

(xiii)Wrongful employment by partner‑trustee of trust property for partnership purposes,

 

14. Liabilities of the beneficiaries,

 

(i) Liability of beneficiary joining in breach of trust,

 

15. Extinction and revocation of trusts,

 

(i) Rectification of trust deed,

(ii) Extinction of trusts,

(iii) Revocation of trusts,

 

16. Revocation not to defeat what trustees have duly done,

17. Wakfs,

18. Person who can make a wakf,

19. Objects for which wakf can be created,

20. Completion of creation of wakf,

21. Registration of wakf,

22. Mutawalli,

23. Appointment of mutawalli,

24. Wakf can be created for the maintenance and support of family, children or descendants of the founder,

25. Powers of mutawalli,

26. Registration of wakfs with the wakf commissioner,

27. Submission of wakf accounts by mutawalli,

28. Audit of accounts of wakf,

29. Revocation of wakf,

30. Societies under Societies Registration Act, 1860,

31. Registration of society,

32. Contents of Memorandum of Association of the Society,

33. Where the proposed society seeks to register with the name similar to an existing society,

34. Grant of registration to the society,

35. Alteration, extension or abridgement of objects,

36. Property of society vest in the governing body of the society,

37. Governing body of the society,

38. Dissolution of society,

39. Assent required,

40. Government consent,

41. No member to receive profit on dissolution of society,

42. Limited companies for promotion of commerce, art, science, religion, charity, etc.,

43. Application for grant of licence under section 25, Companies Act, 1956,

44. Application for licence under section 25 by a company already registered underCompanies Act, 1956,

45. Publication regarding application being made,

46. Trusts, wakf, etc. and tax laws,

           

(1) Income‑tax Act, 1961,

 

(a) Charitable purpose,

(b) Institution constituted for development of Khadi or Village industries,

(c)Body constituted or appointed by government for administration of public religious or charitable trusts etc.,

(d) Income of notified funds, trusts, associations, etc.,

(e) Income from property held for charitable or religious purposes,

(f) Income of trusts or institutions from contribution exempt from tax,

(g) Registration of trusts, etc.,

(h) Forfeiture of exemptions,

 

(2) Wealth‑tax Act, 1957,

 

(i) Assessment of trustees under Wealth‑tax Act,

 

47. Trust how created,

48. Stamp duty,

49. Registration,

 

CHECKLIST

 

50. Trust deed,

51. Wakf deed,

 

PRECEDENTS

 

1 . Trust deed for establishing a temple,

2. Trust deed for providing medical facilities to poor persons,

3. Declaration of a trust for running a school,

4. Short form of disclaimer of trust to be endorsed on deed of trust,

5. Disclaimer by trustee,

6. Deed of revocation of trust,

7. Endowment for establishing a Hindu temple,

8. Deed of trust for prize to be awarded to brilliant students,

9. Appointment of a new trustee,

10. Deed wakf‑alal‑aulad,

11. Wakf for public purposes,

12. Memorandum' of Association with Regulations of a Society to be registered under the Societies Registration Act,

13. Form of Memorandum of Association of non‑profit making company,

14. Form of notice to be given by the promoters of non‑profit making company,

 

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