Private Trust engaged in microfinance

Buvaneswari (Querist) 09 November 2009 This query is : Resolved
Respected experts
Private trust engaged in microfinance at Tamil Nadu(target customers are lower income people) wants to develop secured loan product. they wants to lend against LIC bonds, savings bond etc., Is there any legal requirements to be satisfied by the trust to carry out this type of lending? I would be very thankful if anyone would guide me in this regard..
Thanks in advance..

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Raj Kumar Makkad (Expert) 09 November 2009
The Trust established under India Trust Act, 1885t cannot start such of commercial activities/business. If any busines is to be started then form any other way like sole proprietorship, firm, company etc. and trust should confine to its aims and objects mentioned therein.

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