Educational trust
sengodan sundaram
(Querist) 25 June 2014
This query is : Resolved
Dear Sirs,
We registered a Educational Trust 2 years back (in June 2012)with 22 Members as trustee and among one as Managing Trustee who has got more power than other trustees in a standard trust deed format in Tamil Nadu state. Due to some individual reasons 10 members of the trustees had resigned,Same has been registered as a supplementary deed and at present we are only 12 members.
Now the trust is having asset worth of 6 crore as land and building with running 2 schools.
Now , we want to distribute the power of existing Managing trustee by forming Joint Managing Trustee , Secretary, Treasurer and Board of trustees with the same trust name with supplementary by adding some more new trustees.
Other opinion is that form a new trust and donate or transfer the properties to the new trust from the existing one since there will not be any issue even if the resigned trustees make any dispute in future.
Now we are not able conclude which one will be the best option. One view is that to transfer/donate the assets to other trust may not be legally correct also it requires stamp duty to be paid as per the asset value.
Please suggest your comments.
Note :
Also clarify that in the existing trust deed (Parent Deed) one person is the founder and we want to make all the present trustees are founders, is it legally correct.
Regards
Siva
Dr J C Vashista
(Expert) 26 June 2014
Show the trust deed to a local lawyer for perusal and proper advise.
Devajyoti Barman
(Expert) 26 June 2014
without seeing the deed it is difficult to advise.
Sankaranarayanan
(Expert) 26 June 2014
Yes better to consult local lawyer and show all relevant papers
Rajendra K Goyal
(Expert) 26 June 2014
All the documents along with trust deed need to be referred for any advise, consult a local lawyer.
T. Kalaiselvan, Advocate
(Expert) 27 June 2014
Yes you consult a local lawyer conversant with the matters related to your query and proceed as per his advise.
