Advice needed about a swamiji and a trust!
(Querist) 14 April 2008
This query is : Resolved
Dear knowledgeable men & women,
I have been in touch with a swamiji who owns a large tract of land in Vasai. The land adjoins the NH 8 highway and is quite a large piece of land. The swamiji claims to be in possession of the land with the requisite documents in his hands. Now he wants to form a trust and wants me to be a trustee so as to be able to receive donations from institutions and companies. I am a 31 year old media professional from Mumbai.
Now here's what I would like to know:
1. He wants to make me a trustee. Should I co-operate? How safe is it for me to become involved in this trust?
2. I have always wanted to be involved in a society or a cause that serves others. I had planned to be a trustee and raise funds for building a small school on the premises for the education of underpriveleged children. How can I go about this?
3. Lastly, who can help me register the trust and what are the normal expenses and the time period for the same.
4. I am an honest man. How can I ensure transparency of all dealings and the accounts?
I would really appreciate some advice on the same from the esteemed professionals, which would greatly help me in making an informed decision.
(Expert) 15 April 2008
it is an opportunity to serve the society. get the trust deed drafted and registerd by an advocate.
the trust may be for secific purpose, if you want to know more about it read Indian trust Act 1882.
the stamp cahrges and the registration charges applicabel as per the law applicable in your place, better contact an adovcate or wait for the experts from bombay to answer your query
(Expert) 27 May 2008
You dont need any registration for incorporating a trust but if you wish you can make it registered. You only need to make trust deeed for the same.
there is no problem to be a trustee if it does not involve in unlawful acts.
For transparancy, make a person as treasurer and make provisin that no person can transact moneys of the trust alone and without approval from the designated bank account.
Also make a clause where every action of thetrust need a mandatory resolution by the trustees.