Who can be a trustee beneficiary of a trust under Indian Trust Act 1. Critical Analysis of who can be a trustee and beneficiary of a trust under Indian Trust Act 1. Indian Trusts Act 1. According to section 1. Indian Trusts Act 1. Every Person capable of holding property may be a trustee but, where the trust involves the exercise of discretion, he cannot execute it unless he is competent to contract. The position of trustee is an extremely important one, as trustees are in a fiduciary relationship with the trusts beneficiaries. This means that they are in a special position of trust and accordingly have a number of significant duties. I4Jx4CY7omcvOXxl70njSK3652kY_LwiIiY2iXXuV0p0n4rb7VtWCbyMYRUOlRZS4A=h900' alt='Indian Civil Procedure Code Bare Act Pdf' title='Indian Civil Procedure Code Bare Act Pdf' />If you are a trustee, it is vital that you familiarise yourself with those duties, as you can be liable for breach of trust if you do not full fill them. Any person who can own property may be a trustee. A minor someone under 2. In general, the main duties of trustees are to act in the best interests of the beneficiaries of the trust to act in an even handed manner between beneficiaries and between groups of beneficiaries not to use knowledge or influence gained as a result of being a trustee to advance the trustees own position except when the trustee discloses his or her personal interest to the settler of the trust and obtains the settlers informed consent to act personally rather than delegating decisions to others except if the trust document explicitly permits delegation to act honestly and with the level of skill and care that would be expected of the reasonable businessperson in administering the affairs of others to be thoroughly familiar with the terms of the trust in the trust deed the main trust document, and with who the possible beneficiaries may be and what the assets and liabilities of the trust. Beneficiaries In trust law according to Section 9 of Indian Trust Act 1. Every person capable of holding property may be a beneficiary. A proposed beneficiary may renounce his interest underthetrust by disclaimer addressed to the trustee, or by setting up, with notice of the trust, a claim inconsistent therewith. The nonviolent right to vote movement peoples almanac from slavery to freedom from violence to nonviolence the science of government from tragedy to triumph. A beneficiary is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person, but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in sophisticated commercial transaction structures. With the exception of charitable trusts, and some specific anomalous non charitable purpose trusts, all trusts are required to have ascertainable beneficiaries. Generally speaking, there are no strictures as to who may be a beneficiary of a trust a beneficiary can be a minor, or under a mental disability in fact many trusts are created specifically for persons with those legal disadvantages. It is also possible to have trusts for unborn children, although the trusts must vest within the applicable perpetuity period. Trustee. The question who should be appointed trustee to some extent depends upon the nature of the trusts ,whether it was regarded as a hereditary trust or whether the trusteeship of each holder ends with him or it is the case of fresh appointment by court or some other competent authority In Kinloch v. Secretary of the State for India James L. QUQCJzjGk/UTtpCgDJU_I/AAAAAAAACrw/nK1nsDbmiOM/s1600/The-Advocates-Act-1961-bare-Act-No-25-of-1961-India.jpg' alt='Indian Civil Procedure Code Bare Act Pdf' title='Indian Civil Procedure Code Bare Act Pdf' />J. The Government of India is not ,as it appears to me, capable of being a trustee nor is the Secretary of State in Council the name by which the government can be sued a person is capable of being trustee any more than the attorney general in this country would be ,or any other person ,who sued in cases for ,or on behalf of the Crown. But the present view is that the Secretary of State for India is capable of being ,a trustee. Anyone capable of taking physical possession of or legal title of the property can be a trustee. And there is no limit to the number of trustees to hold the position in one trust. Generally there are more than one trustee, the trustees, with respect to each other, are referred to as co trustees, and when acting jointly as a collective body are referred to as the Board of Trustees. The trustee should be at least someone capable and fit for executing the powers and duties honorably. The trustee should be stationed within the jurisdiction of the court where the trust is located. Lyndon Baines Johnson l n d n b e n z d n s n August 27, 1908 January 22, 1973, often referred to as LBJ, was an American. Central Acts. 3500 Central Bare Acts incorporating amendments Rules, Regulations, Schemes and Orders Hindi text of the Central Acts in PDF format. But where the trust property is portable land, the trustee need not be stationed within any single jurisdiction. Non residency will not disqualify or preclude the trustee from carrying out his position non residents of the state in which the trust is to be administered can be trustees. State law determines whether an alien can act as a trustee. Appointment of the trustee. Appointment of the trustee should be done formally, expressly in writing, even though it will always be implied the individual will use the trust property, or performs any act to carry out the trust for the interest of beneficiaries. Once the acceptance has been tendered then no court of law can prevent the trustee from holding the office, except for the breach of trust or good cause dependent upon clear and lawful necessity. The failure of author to appoint a trustee. The-Indian-Penal-Code-1489409-1e56b1ba6c0a458712bb.jpg' alt='Indian Civil Procedure Code Bare Act Pdf' title='Indian Civil Procedure Code Bare Act Pdf' />The failure of author to name a trustee does not void a trust. The court appoints a trustee to administer the trust and orders the person having legal title to the property to convey it to the appointed trustee. If two or more trustees are appointed, they always hold the title to trust property in Joint Tenancy with the Right of Survivorship. If one of the trustee dies, the surviving trustee inherits the entire interest, not just her proportionate share. Resignation by a trustee. Static Ip Changer Programming. A trustee cannot resign without the permission of the court unless the trust instrument so provides or unless all of the beneficiaries who are legally capable to do so consent to the resignation. The court usually permits the trustee to resign if continuing to serve will be an unreasonable burden for the trustee and the resignation will not be greatly detrimental to the trust. Who can be a trustee. A corporation can act as a trustee. Adobe Indesign 2015 Cc Crack. A corporation is capable of accepting the ownership of property with an obligation annexed to the ownership for the benefit of another which may be a class of persons, there can be no objection to a corporation acting as a trustee. This is a well established proposition from the time of the decision of the Judicial Committee of the House of Lords in Salomon v. Salomon and Company Ltd which has been followed in India by the Supreme Court and it has held that a juristic person can carry on all human activities subject to such limitation as arise from its not being a natural person and the limitations imposed upon it activities by its own charter contained in the objects clause in the memorandum of association. A juristic person cannot marry and procreate, but it is certainly capable of owning property. It is also capable of owning property in its capacity as a trustee. Corporations carrying on the activity of becoming trustees and executors are not unknown. There can, therefore, be no objection to a corporation acting as a trustee provided its objects clause in the memorandum of association so permits. For example, a trust company is a bank that has been named by author of trust to act as trustee in managing a trust. A partnership can serve as a trustee if state law permits. I STUDY MATERIAL EXECUTIVE PROGRAMME INDUSTRIAL, LABOUR AND GENERAL LAWS MODULE II PAPER 7 ICSI House, 22, Institutional Area, Lodi Road, New Delhi 110 003. Answer Key Detailed Solutions UPSC Civil Services Prelims Exam 2017. General Studies 1. SET Unknown. Page 1 of 2 Notification No. PSCExam201717 Dated 31032017 In continuation of the date of examination notified on the website of the Commission on 18. An unincorporated association, such as a Labor Union or Social club, usually cannot serve as a trustee. Smartphone Recovery Pro Crack. Alien can act as a trustee.