School assets with landed properties
ajithkumar.t
(Querist) 21 December 2011
This query is : Resolved
An aided school owned by eight family members governed by a WILL dt in the year 1976.
Now some four members out of this eight are in need of money and are willing to even sell the school. But other four do not like to sell it off.
Now the question is.
Since four persons require money urgently Is there any way to raise money for them by selling their own shares in the school. If so How, and how the school can be run and under which governing documents.
WILL, or Trust etc.
Please answer.
Please see that only a WILL is there and based upon this the school functions. No other pvt.trust or things like that.
Please answer.
Raj Kumar Makkad
(Expert) 21 December 2011
It seems that either school is not aided and if it is aided then definitely it might be run under a society duly formed under society registration act or a trust as no govt. makes aid to the school being run by individuals. Even recognition cannot be provided to unaided school without being run under society or trust.
You should come with true and accurate facts.
In the given matter, if 4 trustees (I presume all 8 are trustees) want to relinquish their share in the trust (though legally it cannot be) then they shall have to go in depth the provisions of trust deed qua the leaving of trusteeship and induction of new trustees replacing the outgoing. The money consideration can be made out of papers in the given matter if the institution is being run by society or trust.
ajithkumar.t
(Querist) 22 December 2011
Thank you sir for your valuable reply.
ajithkumar.t
(Querist) 22 December 2011
Sir,
Please answer the following.
If school assets and land are owned by eight family members governed by a WILL then,
What is the intelligent way to manage the school and its affairs. eg. any society to be formed for managing etc.
1.Then, what is the position of the assets owned by the 8 persons in the nature of school property and land.
2.Whether the 8 persons can freely transfer their right over the property as and when they wish to do so.
3.Is it needed to transfer the property in the name of the Society which runs the school.
4.Or the 8 persons can continue to enjoy the assets in their own names unitedly and parallelly a society formed to exclusively run the school and manage its affairs.
5.What is the best method to adopt for running the school and for safeguarding the assets at the interest and freedom of 8 members.
Sir please answer the query.
