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Trust - Creation of Trust As Per Indian Law
Trust - Creation of Trust As Per Indian Law
Indian law
Trusts under Indian Laws:
Trusts, in general, under Indian law have a statutory basis, namely the
Indian Trusts Act, 1882.
Public trusts are classified into charitable and religious trusts. The
Charitable and Religious Trusts Act, 1920, the Religious Endowments
Act, 1863, the Charitable Endowments Act, 1890, the Societies
Registration Act, 1860, and the Bombay Public Trust Act, 1950 are the
relevant legislations for the recognition and enforceability of public
trusts.
Types of Trusts:
1. Private Trust:
2. Public Trust
3. Public-cum-Private Trusts
Advantages of a Trust:
� A trust can be formed for Charitable/Religious purposes which
enables the settlor to discharge his sentiments for public benevolence,
amelioration of human suffering, advancement of knowledge etc., in a
regulated and proper way.
Duties of Trustees:
Trustee is not bound to accept the trust.[7] However, once accepted,
he cannot renounce it except permission of civil court or beneficiary (if
he is major) or by virtue of special power in the instrument of trust.[8]
Once trustee accepts trust, he is bound to fulfil the purpose of trust
and to obey directions given at the time of creation of the trust. It can
:
be modified with consent of beneficiary.[9]
Go to the local registrar & submit the Trust Deed, along with one
Photocopy, for registration. The photocopy of the Deed should
also contain the signature of settler on all the pages. At the time of
registration, the settler & two witnesses are required to be
personally present, along with their identity proof in the original.
End-Notes: