Resignation from trust
Cheshta
(Querist) 21 June 2015
This query is : Resolved
If a trust has two trustees one of which wants to resign as he had just lend his name to form the trust but never participated in any activity. Now he wants to resign but resignation should mean the dissolution of trust aa minimum requirement is two trustees.
How should he resign to make sure there are no legal consequences on him in future?
If the trust has 80g and income tqx registrations.,would he be required to submit anything there also?
What will happen to trust afterwards?
ADV-JEEVAN PATIL, MUMBAI
(Expert) 22 June 2015
1) Resign if other trustee is appointed for its constitutional validity.
2) U r still liable for past liabilities even if u were sleeping Director
Rajendra K Goyal
(Expert) 22 June 2015
You can resign as per the provisions of the trust deed. Liability can not cease for that time when you were trustee.
Cheshta
(Querist) 22 June 2015
But the question is whom to give resignation?? what all departments should be informed.Basically what is the procedure of resignation?
kavksatyanarayana
(Expert) 22 June 2015
what are the terms and conditions of the trust. if the trust is registered, without another trustee joins, then it will be automatically dissolved and its assets and liabilities shall be transferred to another trust having similar aims and objects through the court concerned.
Dr J C Vashista
(Expert) 23 June 2015
I agree with experts, if there are only two trustees and one of them wanted to resign the trust comes to an end/stand dissolved.
Show the document of trust to a local lawyer for proper opinion, advise and proceeding in a professional manner.
