Deed of Trust Constituting Pension Fund

Updated at:March 2010
 
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This deed, made the …………………… day of …………1999 between Anish Bhatt, of ……………….…, hereinafter called the founder of the one part, and Vatsala Devi of …………………, and Deven Verma of ………………… of the other part.

Whereas the founder, who is largely interested in the Nuclear. Co. Ltd. (hereinafter called the company), is desirous of establishing a pension fund in relation to that company, and with a view thereto has transferred …...……...….. fully-paid shares of Rs. ……...……… each in the company, numbered ………………… to …………………… inclusive, to the said Vatsala Devi and Deven Verma. Now it is agreed and declared as follows:

  1. The trustees, which expression in this deed means the said Vatsala Devi and Deven Verma, or other the trustees or trustee for the time being hereof, shall hold the said shares and the income thereof in trust for the purposes hereof.

  2. The income of the trust fund shall be applied in paying the pensions from time to time payable hereunder, and if the income of any half-year or other period shall be insufficient to pay the said pensions, such pensions shall abate rateably.

  3. The following persons shall be eligible as pensioners, that is to say—

    (a) Persons who, having served the company for more than 10 years, have attained the age of 65.

    (b) Widows and orphans of employees who have died in the service of the company.

  4. During the life of the founder, it shall rest with the founder and after his death it shall rest with the company to elect pensioners and to determine the amount of the pensions payable to them respectively, and the time or times of payment, and to withdraw, reduce, or increase any pension.

  5. A register of pensioners shall be kept by the company and there shall be entered therein the names and addresses of the pensioners and the amounts of their respective pensions and...

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