As defined in Section 3 of the Indian Trusts Act, 1882, a Trust is an obligation annexed to the ownership of property, and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him for the benefit of another, or of another and the owner. Public Trust as per Section 2 (13) B.P.T. Act, 1950 means an express or constructive trust for either a public religious or charitable purpose or both and includes a temple, a math, a wakf, church, synagogue, agiary or other place of public religious worship, a dharmada or any other religious or charitable endowment and a society formed either for a religious or charitable purpose or for both and registered under the Societies Registration Act, 1860. For the creation of a valid Trust, it is necessary that the author of the Trust must indicate with reasonable certainty : a) intention to create the Trust, b) the purpose of the Trust, c) the beneficiary and d) the trust property.
Trustee means a person in whom either alone or in association with other persons, the trust property is vested and includes a manager. One who has accepted trusteeship and undertaken to administer the trust, should know what is expected of him. He must in the first instance examine and study the instrument of trust. A trust is created by a Deed of trust, or by a Will or by a Scheme framed by a Court or by a written constitution. It is also essential that the trust must be accepted by the trustee. He will be presumed to have accepted the trust, unless the intended trustee disclaims it within a reasonable period and such disclaimer prevents the property from vesting in him. Where the number of trustee is more, a disclaimer by one or more of them vests the property in the remaining trustee or trustees from the date of possession of the trust.
Trust may be either private trust or a public trust. Depending on the nature of trust, they are classified for maintenance of record under B.P.T. Act, 1950 as follows. a) �A� Hindu religious trust, b) �B� Muslim trust, c) �C� Parsi trust, d) �D� Christian trust, e) �E� Trust registered on the basis of Trust Deed and f) �F� Societies converted into trust.
Trust property is always vested with the trustees for its proper administration. The legal ownership of the trust property is of the trust and trustees are having restricted interest to the extent of proper administration of the properties in the interest of trust.
Under Section 18 sub clause 1 of B.P.T. Act, 1950, it shall be the duty of the trustee of a public trust to which this Act has been applied to make an application for the registration of the public trust. The mode of making application and the necessary contents are mentioned in Section 18 of B.P.T. Act, 1950.
Trust ones registered gets a legal entity and is governed by provisions of B.P.T.Act, 1950. The entire supervision and control of the registered trust is with the Deputy or Asstt. Charity Commissioner of that region being the custodian of trust. The income and expenditure of the trust is properly regulated with annual audit from competent authority.
In order to bring the trust within purview of B.P.T. Act, 1950, the objects of the trust must be either the religious or charitable. The charitable objects may be of any kind including imparting education, providing medical aid, helping the poor etc. It is incumbent to mention the objects specifically in the application for registration of the trust. In case the Deputy or Assistant Charity Commissioner, after having recorded their findings, finds that the objects mentioned by the trustees in their application are described vaguely, he may start suo motu inquiry under section 22A of the Bombay Public Trusts Act, 1950, for particulars specifying distinctly as to what the objects are.
In view of definition of Public Trust under section 2 (13), public trust includes society formed either for a religious or charitable purpose or for both and registered under the Societies Registration Act, 1860. All societies registered under the S.R. Act, 1860 are converted into public trust under B.P.T.Act, 1950 after necessary inquiry and following the procedure under B.P.T.Rules, 1951.
In case of any grievance about administration of trust, trust properties or functioning of a trustee complaint can be filed by any person to the Deputy or Asstt. Charity Commissioner within whose jurisdiction the trust is situated.
Yes. Any person can get information about any trust from the concerned P.T.R. Office on depositing the necessary charges for inspection or obtaining the certified copies. The right to get information is now also governed by Right to Information Act, 2005.
Deputy or Asstt. Charity Commissioner is the supervising authority of the trust situated within his territorial jurisdiction. Charity Commissioner is the head of organization for entire Maharashtra. Joint Charity Commissioners are the head of offices of regional level and Deputy or Asstt. Charity Commissioners are the head of offices at District level.
Every trust is required to submit audited statement of accounts with the office of Assistant Charity Commissioner. The information about the income and expenditure of the trust for annual year can be gathered from the audited statements submitted to the authority.
Yes. It is mandatory to inform any change which occurs in the trust in respect of the trustees, moveable or immovable properties etc. within a period of 90 days from the change as provided under section 22 of the B.P.T. Act, 1950. The change so informed is necessary to be recorded on satisfaction of its legality and validity to the authority. It is the duty of trustee to inform the change and also substantiate the same with record about its legality and validity.
The donations received by any trust are fully governed by the Income Tax Act. The relevant provisions of Income Tax Act are applicable. In case of a trust having certificate under Section 80 G of Income Tax Act, the donations received by them are exempted subject to I.T. Act.
Every trust is administered by its own trust deed, rules and regulation or scheme. There is prescribed qualification for becoming a trustee in the constitution of each trust. If a person qualifies the eligibility, then he can become trustee of that trust. The mode of appointment of trustee is also prescribed in the constitution. Therefore, any person willing to become a trustee must be aware of the constitution of trust, eligibility for becoming a trustee and the mode of appointment.
If trustees are found not to be working property as per the constitution of the trust, then any person having an interest can approach the competent authority i.e. Deputy or Asstt. Charity Commissioner for redressal under various provisions of B.P.T. Act, 1950.