INDIAN TRUST ACT
AFTERSCHO☺OL
– DEVELOPING CHANGE MAKERS
CENTRE FOR SOCIAL ENTREPRENEURSHIP
PGPSE PROGRAMME –
World’ Most Comprehensive programme in social
entrepreneurship & spiritual entrepreneurship
OPEN FOR ALL FREE FOR ALL
[Link]
02/03/09 AFTERSCHO☺OL's
AFTERSCHO☺OL's MATERIAL
MATERIAL 1
[Link] FOR PGPSE PARTICIPANTS
INDIAN TRUST ACT
Dr. T.K. Jain.
AFTERSCHO☺OL
Centre for social entrepreneurship
Bikaner M: 9414430763
tkjainbkn@[Link]
[Link], [Link]
[Link]
02/03/09 AFTERSCHO☺OL's
AFTERSCHO☺OL's MATERIAL
MATERIAL 2
[Link] FOR PGPSE PARTICIPANTS
TRUST …
• It is an obligation annexed to the
ownership of a property.
• It arises out of confidence reposed
02/03/09 AFTERSCHO☺OL's MATERIAL 3
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Difference between trust and
bailment
• Trustee becomes the full owner of the
property, but the bailee is having a special
property only (for the time being).
• Bailee has legal obligation, but the trustee
has equitable obligation
• Trust may be for any property, but
bailment can be for only movable property
02/03/09 AFTERSCHO☺OL's MATERIAL 4
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Types of trusts…
• Simple v/s special trust : where the trustee holds
the property without any special duties to
perform, it is called simple trust, but where thre
are special objectives then it is ccalled special
trust.
• Cheritable v/s religious trust
• Public trust / private trust (if the benefit of the
trust goes to a person / family, it is private trust,
and if its benefit is for common persons, it is
public trust).
02/03/09 AFTERSCHO☺OL's MATERIAL 5
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Creation of trust …
• Only for lawful object
• It should not be for objects – forbidden by
law, or fradulant, or involing immoral or
anti-public policy or for injury of others.
02/03/09 AFTERSCHO☺OL's MATERIAL 6
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Creation of trust..
• Reasonable words –
• Objectives have to be written
• Intention, purpose, beneficiary, and trust
property has to be mentioned in the trust
deed.
02/03/09 AFTERSCHO☺OL's MATERIAL 7
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Certainity
• The wording should be certain (use of I
wish / I hope etc. should not be there).
• Object should be certain
• Subject matter must be certain.
02/03/09 AFTERSCHO☺OL's MATERIAL 8
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Who may create trust…
• Any person competent to contract
02/03/09 AFTERSCHO☺OL's MATERIAL 9
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Who may be trustee..
• Sec. 10 : every person competent to hold
a property can be a trustee.
02/03/09 AFTERSCHO☺OL's MATERIAL 10
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Duties of trustee…
• Sec. 11 to 22:
• Execute the trust and obey the direction of the
trust
• Protect the trust property & use it carefully.
• Be familiar with the nature of trust property.
• Don’t do anything which is adverse to the
beneficiary
• Don’t create personal title to the property of the
trust
02/03/09 AFTERSCHO☺OL's MATERIAL 11
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Liabilities of trustees.
• Make good the loss that may be due to his
act.
• Not to set off
• Not liable for act of his predecessor or for
the acts done by co-trustees.
• Pay simple or compound interest to the
beneficiary
02/03/09 AFTERSCHO☺OL's MATERIAL 12
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Rights of trustees.
• Possession of the property
• Reimburse for costs incurred
• Take opinion from court
• Get a discharge in writing (when he has
competed his duties).
02/03/09 AFTERSCHO☺OL's MATERIAL 13
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Powers of trustees.
• Sell the property
• Vary the investments
• Give a receipt
• Compromise a claim
• Right to act in case of death of other
trustees.
02/03/09 AFTERSCHO☺OL's MATERIAL 14
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Disabilities of a trustees.
• He cannot renounce a trust, once he has
accepted it
• He cannot delegate his office (exceptions
are provided = like where the instrument
of trust so authorises or where delegation
is necessary / regular course of business).
• No personal profit
• Can buy the property of trust (where he is
seller).
02/03/09 AFTERSCHO☺OL's MATERIAL 15
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Rights and liabilities of a
beneficiary..
• Right to rent / profit from trust property
• Right to specific execution of trust
accounts
• Right to inspect and take copy of
instrument of trust
• Right to transfer the beneficial interest
02/03/09 AFTERSCHO☺OL's MATERIAL 16
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Obligations – similar to trust..
• Constructive trust (like partner, agent )
• Qualified owner – gaining advantage
• Transfer for illegal purpose :
02/03/09 AFTERSCHO☺OL's MATERIAL 17
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Extinction of trust
• When purpose is complete
• Unlawful object
• Trust is revoked.
02/03/09 AFTERSCHO☺OL's MATERIAL 18
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About AFTERSCHO☺OL
• PGPSE - World’s most comprehensive
programme on social entrepreneurship –
after class 12th
• Flexible – fast changing to meet the
requirements
• Admission open throughout the year
• Complete support from beginning to the
end – from idea generation to making the
project viable.
02/03/09 AFTERSCHO☺OL's MATERIAL 19
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Branches of AFTERSCHO☺OL
• PGPSE programme is open all over the
world as free online programme.
• Those who complete PSPSE have the
freedom to start branches of
AFTERSCHO☺OL
• A few branches have already started -
one such branch is at KOTA (Rajasthan).
02/03/09 AFTERSCHO☺OL's MATERIAL 20
[Link] FOR PGPSE PARTICIPANTS
Workshop on social
entrepreneurship
• We conduct workshop on social
entrepreneurship – all over India and out
of India also - in school, college, club,
association or any such place - just send
us a call and we will come to conduct the
workshop on social entrepreeurship.
• These workshops are great moments of
learning, sharing, and commitments.
02/03/09 AFTERSCHO☺OL's MATERIAL 21
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FREE ONLINE PROGRAMME
• AFTERSCHO☺OL is absolutely free
programme available online – any person can
join it. The programme has four components :
• 1. case studies – writing and analysing – using
latest tools of management
• 2. articles / reports writing & presentation of
them in conferences / seminars
• 3. Study material / books / ebooks / audio / audio
visual material to support the study
• 4. business plan preparation and presentations
of those plans in conferences / seminars
02/03/09 AFTERSCHO☺OL's MATERIAL 22
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100% placement / entrepreneurship
• AFTERSCHO☺OL has the record of
100% placement / entrepreneurship till
date
• Be assured of a bright career – if you join
AFTERSCHO☺OL
02/03/09 AFTERSCHO☺OL's MATERIAL 23
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Pursue professional courses along
with PGPSE
• AFTERSCHO☺OL permits you to pursue
distance education based professional /
vocational courses and gives you support
for that also. Many students are doing CA
/ CS/ ICWA / CMA / FRM / CFP / CFA and
other courses along with PGPSE.
• Come and join AFTERSCHO☺OL
02/03/09 AFTERSCHO☺OL's MATERIAL 24
[Link] FOR PGPSE PARTICIPANTS