Public charitable trusts vs unsecured loans

Gorthi (Querist) 20 March 2014 This query is : Resolved
Dear All,

Please confirm.

Is Public Trust can borrow unsecured loans from outsiders i.e private financiers . Interest rate ranging between 14% to 24%.

Trust having registered address in Bangalore is this mean it is governed by the Rules of Indian Trust Act or is there any other law applies.

Regards

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T. Kalaiselvan, Advocate (Expert) 22 March 2014
What is your question and how are you related to the trust? The trust members by a resolution might have authorized for a loan which should be well within the bye laws of the trust. First of all see whether the trust was registered under the trust act of any other act.

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