Deed of Private Trust
|Updated at:||March 2010|
Deed of Private Trust
THIS DEED OF TRUST is made at........ this........ day of........ between A of........ hereinafter referred to as "the Settlor", of the One Part and (1)X, (2) Y and (3) Z all of......... Indian inhabitants, hereinafter referred to as the Trustees' of the Other Part,
The Settlor is possessed of a sum of Rs......... (Rupees.........) and he desires to settle the said amount on trusts hereinafter appearing for the benefit of his wife and children.
The Trustees have at the request of the Settlor agreed to act as the First Trustees of the said Trusts and of these presents.
The Settlor has prior to the execution of these presents transferred the said amount to the Trustees to be held by the Trustees on trusts and subject to the powers and other provisions hereinafter contained.
NOW THIS DEED WITNESSETH that in consideration of the premises and in order to effectuate the said desire of the Settlor and for diverse other good causes and considerations, the Settlor doth hereby transfer and shall be deemed to have transferred unto the Turstees the said sum of Rs........ To Have And To Hold the said sum (hereinafter mentioned as'the Trust Fund') unto the Trustees to the use and upon the Trusts and with and subject to the powers, provisions, agreements and declarations hereinafter declared and contained of and concerning the same.
The expression "Trust Fund" hereinafter appearing shall mean and shall be deemed to Include the said amount ofRs,....... as well as all other sums, and any property, moveable and immoveable that the Trustees may receive from the Settlor or any other person or hold, by way of purchase or any other mode of transfer or grant or acquisition or by way of interest accrued on Trust Fund and dividends, rents, or other income and other accumulations howsoever made and investments representing the Trust Fund for the time being and from time to time.
The Trustees shall invest the Trust Funds in any of the investments hereinafter mentioned and shall collect or receive the interest, dividends, rents, profits and other income accruing on such investments from time to time and out of such gross income the trustees shall deduct the following expenses-
(a) The costs, charges and expenses incurred for recovering or receiving such income from the investments.
(b) The wages and salaries of any employees engaged for managing the Trust Fund or property.
(c) If the Trust Fund is invested in an immoveable property or properties or the trustees hold any such property then (i) the expenses by way of payment of taxes, cesses, assessments,dues and duties payable to the Government or any local authority or public body in respect thereof, (ii) the expenses for carrying usual tenantable repairs, additions or alterations to such property and keeping it in good condition, (iii) the expenses of insurance premium on policies obtained against any risk to such properties, (iv) fees payable to any architect, legal adviser or other professional person in connection with such property, (v) all other costs, charges and expenses for the management of the trust fund or property not specifically mentioned.
After deducting or setting apart the expenses mentioned in clause 3 above from the gross income of the trusts...
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