Public Trust in India is governed by the Indian Trust Act, 1882, except to the Trust registered in the state of Maharashtra and Gujarat as they shall be governed by the Bombay Trust Act, 1950. Trust can be formed amongst the family members or the public at large. A minimum of two members is required to form a trust and there is no such upper limit. Its geographical area of operation is always PAN India.
Trust should be ideally be set up only when a person wishes to make an endowment of his assets for perpetuity, and the trustees want the assets to be used for some charitable purpose with close control by the original trustees. Compliance involved in Trust are comparatively less as compare to Section 8 Company or Society.
During the formation of Trust, we need to present the Trust Deed before the Registrar of Trust. Trust Deed Document is the bylaws that must contain, inter-alia, the following information:
- Signed Trust Deed on a Stamp paper.
- Self Attested copies of PAN card and Address proof (Aadhar Card, Voter ID card, etc.) of Trustees.
- Two passport size photographs of each of the Trustee.
- Self Attested Aadhar Card copy of the two witnesses.
- No Objection Certificate from the landowner on a ten rupees stamp paper and on a notarized as well.
- Utility bills like the electricity bill or the water bill which is not older than two months.
- Rent Agreement.
Draft and Execute the Trust deed on a Non-Judicial stamp paper. The rate of stamp duty differs from state to state.
Seek an appointment with the Registrar office based on the jurisdiction of the Trust;
On the appointment date, the Settlor, along with the two witnesses, need to be present in the Sub-registrar’s office.
After the registrar registers the Trust, you will receive the Trust Deed within 15 days.
Apply for the PAN card, TAN number, and open a current bank account.
Yes, foreign members and artificial members can be the members of the Trust. Even the trust itself can be a member of the trust.
The name of the trust should be Unique and shouldn’t be registered under the law before.
Yes, Settlor along with two (2) witnesses needs to be physically present during the formation of the trust.
Anyone can be a witness. You can even choose your relatives to be witness to the Trust.
You need to apply for the change of members of the trust with an application along with minutes of the relevant meeting to the Sub Registrar’s office.
You need to apply for the change of the address of the Trust with an application to the sub registrar’s office.
Yes, you can convert a Trust into a Section 8 Company in the future.
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