A trust deed was formed between mr. X and mr. Y in 2012 but the trust was never operationalized. In the deed it was mentioned a sum of Rs. 5000 was assigned to trustees. After that neither any bank account was opened nor trust office was set up. Only mr. X applied and got Pan card in the name of trust.
Now we want to dislove the trust. The disolution clause in trust deed says:
"In the event of dissoultion the entire trust funds shall be realised and first be used for payment of liability of trust. The assets left if any shall be disbursed to other trusts or association. And in no event it shall be distributed to board of trustees."
Please explain how to dissolve the trust and what is the exact procedure ??
