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| There are no statutory provisions
or guidelines available for the management of Trust. For the good management of a Trust, it is important that the Trust Deed
should specify rules and regulations with regard to: |
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Holding of Meetings |
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Quorum of Meetings |
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Chairman of Meetings |
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Adopting a resolution |
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Delegation of Functions |
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Fixing of Accountability |
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Sources of Income, including receipt of
grants |
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Modes of Investment |
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Modes of application of funds, towards
attainment of the objectives |
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Prohibition on use of funds for specified
purposes |
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Treatment of unutilized funds in the event
of windingup |
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Statutory audit and other legal formalities |
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Opening & Operation of Bank Accounts |
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| STATUTORY AND MANAGEMENT
COMMITTEES |
| Unlike a company or a society,
the trust does not have a General Body, from which the Governing Body is elected. The trustees are the ultimate authorities
of a trust. Therefore, all the Trustees form the Governing Body of the Trust and the issue of electing a Governing Body is
not relevant. However, Trustees can elect office bearers among themselves at periodic intervals. It is important that the
Trust Deed is drafted accordingly. |
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