Deed of Trust (Provident Fund)

Updated at:March 2010
 
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This deed of trust is made this .................... day of ................... 2000 betweenJetlag Co. Ltd. having its registered office at .................. (hereinafter called the company) of the one part and Anil Biswas, Chirag Desai and EapenPatel all are residing at .................. and/or working for gain at ...................... (hereinafter called the trustees) of the other part.

Whereas the company intends to create a Provident Fund for the benefit of the employees and whereas it is necessary to execute a declaration of trust in respect of the contribution of the company and of the contributories to the fund.

This deed witnesses and it is hereby agreed and declared as follows:

  1. That the above-named persons, viz., (1) Anil Biswas (2) Chirag Desai and (3) EapenPatel are hereby appointed as the trustees for administering the Provident Fund of the company and the income thereof as provided in the rules in force for the time being.

  2. That the trustees shall stand possessed of the existing fund as also all contributions made in future from time to time with all accumulations to the said fund upon trust for the benefit of the employees of the company according to the rules of the fund a copy whereof is attached hereto.

  3. That this trust shall not be revocable except with the consent of all contributories to the fund.

  4. That the money for the time being constituting the fund shall be invested by the trustees in any one or more of the following securities:

    (a) In promissory notes, debentures, stock or other securities of any local Government or of the Government of India.

    (b) In bonds, debentures and annuities charged on the revenues of India.

    (c) In stock or debentures of, or shares in, Government and other companies the interest whereon shall have been guaranteed by the Government of India.

    (d) In debentures or other securities for money issued, under the authority of any Central Act or Act of a Legislature established in the States of India, by or on behalf of any Municipal Body, Port Trust or City Improvement Trust in any Presidency town.

    (e) On a first mortgage of immovable property situate in the States of India: Provided that the property is not a leasehold for a term of years and that the value of the property exceeds by one-third, or, if consisting of buildings, exceeds by one-half of the mortgage money.

  5. Provided that in execution of the trust and in performance of his duties and powers hereunder conferred no trustee shall...

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