Dear Folks,
Seeking clarification on Merger of Trusts assuming this is the appropriate forum. Here it goes.
We have Trust A and Trust B, both are non-profit irrevocable registered Trusts. Trust A has merged with Trust B and with approval from IT department. As per unregistered memorandum of understanding between the Trusts, all the assets and liabilities of Trust A have been transferred to Trust B. Now the questions are as follows.
1. Is Trust A defunct or dissolved?
2. If not, can it, with approval of Trust B, enter into leasing its property to a third party?
3. In case Trust A is dissolved, since the land sale deeds are still in the name of Trust A, do we need to get it formally transferred to name of Trust B? In which case, will it necessitate re-registration with Registrar, stamp duty on current market price of property etc.?
Thanks in anticipation for your reply.
ganesh