MANAGEMENT OF TRUST:

Board of Trustees

The management and administration of the affairs of the Trust shall be vested with the Board of Trustees. The Board would include a Managing Trustee, Secretary and Treasurer.

  • Managing Trustee/ Founder
    Mr.Anil Kumar Jayswalshall be the Managing Trustee (Chief Functionary) for the administration of this trust.

  • Secretary
    The day-today administration of the Trust shall be looked after by the Secretary under the guidance, control and supervision of the Board of Trustees.

  • Treasurer
    He / she would be responsible for maintaining regular books of account and shall be in charge of all account books of the Trust. He / she will have the power to collect and receive subscriptions and other contribution and to give receipts for the same.

    The board members can also take advice from an advisory board set up for taking the expert opinion for the management of the trust.

  • Term of Office of the Board:

    These Trustees shall hold office for three years or such duration as may be specified by the board of trustees.

    Fee for Registration and Membership

    The Fee of Admission for each member shall be not less then Rs. 1100 Rs yearly (P.A) and Board of member fee is shall not be less then Rs. 5,100 Rs yearly (P.A) or may change from time to time and fee for new member shall be not less than 1100 Rs yearly (P.A).

    Meetings:

    The Board of trustees shall meet at least once annually or as often as may be necessary for the satisfactory conduct of the affair of the trust. The meetings can also be organized though video conferencing facilities, in case all the Trustees are not able to physically meet for the board meetings. All meetings of the trust shall be held at such place and at such time as the chairman of the trust shall decide from time to time.

    Notice:

    15 days Notice shall ordinarily be given in writing for a meeting of Board of Trustees.

    Quorum:

  • There shall be a normal quorum when at least ½ of the total strength of trustees or 3 members, whichever is more, are present at any meeting of the trustees.

  • If a quorum shall not have assembled within half an hour after the time appointed for the meeting, the meeting shall be adjourned to the same time and same day next week and shall be convened after 30 minutes at the same place originally declared.

  • In such an adjourned meeting, a lower quorum of 1/3 of the Trustees or two trustees, whichever is higher, will be sufficient and all the business transacted in such meeting shall be considered legal and valid.

  • Provided, however in the absence of the normal quorum (i.e. ½ of the total strength of trustees or 3 members, whichever is more) at the adjourned meeting, no business requiring a majority higher than ½ of the members present and voting, will be transacted.

  • Provided further that at an adjourned meeting, the chair shall not permit discussion or decision on any matter which has not been specifically listed, in the notice for the original meeting.

  • Resolution by Majority:

  • Every resolution submitted to a meeting, except those enumerated in the following paragraph, shall be decided by a simple majority of the trustees present at such meeting and voting on the same. Each Trustee shall have right to give one vote whether or not he/she has previously voted on the question.

  • In the question of appointment of new trustees, removing the name of any trustee, increasing the number of trustees of the trust, or amendment of the Trust Deed, the resolution shall be required to be passed by 2/3rd of all the trustees present in the meeting. It is also provided that such resolutions can be passed only at a meeting where a minimum quorum of ½ of Trustees or 3 trustees whichever is higher is present.

  • Resolution by Circulation:

  • Any matter or business of a routine or formal nature, which calls for an urgent decision, except those enumerated in the following paragraph, may be determined by a circular without meeting of the trustees providing that the matter is circulated to all the trustees in writing and the resolution is supported by majority of the trustees through their written consent. The circular resolutions shall be treated as any other and they will have the same validity as other resolutions.

  • The following matters cannot be decided by circulation. Consent of the Managing Trustee is essential in any of these matters.

    I. Appointment of new trustees.

    II. Removing the name of any trustee;

    III. Increasing the number of trustees of the trust

    IV. Amendment of the trust deed

    V. Dissolution of the trust.

  • Difference of opinion in decision making

    In all matters wherein the trustees have a discretionary power or wherein there shall be a difference of opinion regarding the construction of these presents of the management of the trust fund, or any part thereof, or the execution of any of the trusts or power of these presents, or as regards any act or thing to be done by the trustees, the votes of the majority of the trustees for the time being, voting in the matter shall prevail and be binding on the minority as well as on those trustees who may not have voted, and if the trustees shall be equally divided in opinion, the matter shall be decided according to the casting vote of the Managing Trustee.

    Delegation of Power:

    The Trustees shall be entitled at their discretion to delegate their powers to one or more of them.

    Remuneration to Trustees:

    The Trustees will not be entitled to receive any remuneration for their duties of the office of a Trustee. However, the Trustees may reimburse themselves all expenses actually incurred by them in connection with the Trust or their duties relating thereto.

    Fee for Professional work

    The Trustees shall be entitled to charge and be paid all usual professional fee or other charges for business done by him / her or his /her firm in respect of and in relation to the Trusts of these presents. Any Trustee required to perform additional duties on a regular basis, beyond the call of the office of a Trustee, may also be paid suitable salary or honorarium, subject to prior approval by the Board of Trustees.

    Resignation and Removal

    Every Trustee will be at liberty to resign on giving one month's notice of his/ her intention to do so.

    In the following event, Trustee shall cease to hold office and a vacancy in the office of trustee shall be created:

  • When a Trustee resigns

  • When a Trustee becomes insolvent

  • When a Trustee is declared of unsound mind or has any other physical unfitness to administer the Trust

  • When a trustee is convicted for a criminal offence involving moral turpitude or convicted for an offence involving any financial irregularities.

  • When a Trustee dies

  • When a Trustee is found to have acted against the interest of the Trust

  • Upon expiry of the period up to which the board of trustees have nominated the trustee.

  • Any Trustee can also be removed by majority vote and consent of the Founder Trustee.

  • Duties of Trustees

  • To take reasonable care in exercising their powers as Trustee.

  • To read and understand the trust instrument (i.e. the Trust Deed or Will setting up the Trust)

  • to carry out the terms of the trust instrument

  • to defend the trust,

  • to prudently invest trust assets

  • To act fairly between beneficiaries

  • To comply with the terms of the Trust

  • To provide information and accounts to the beneficiaries on request. The beneficiary can be asked to pay the cost of producing the documents.

  • To act unanimously unless there is express power in the Trust instrument for decisions to be reached by majority.

  • To act without reward: the general rule is that a Trustee cannot charge for his services, unless they are a professional Trustee.

  • Not to make a secret profit from the trust e.g. by supplying goods or services to the Trust through the Trustee's own business.

  • Not to purchase trust property without express authority in the Trust instrument

  • not to be in a conflict of interest position and

  • the duty to administer the trust in the best interest of the beneficiaries