Registration of Charitable Trust
Trust registration is a process of legalizing the trust deed (a legal contract between the settlor and Trustee) from the registrar of the respective jurisdiction. The Trust serves as a legal medium liable for the lawful distribution of the settlor’s assets among the concerned beneficiaries. The Trust comes to an effect as soon as the registrar provides its authorization to the trust deed.
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Overview of Trust registration
Trust registration is a process of legalizing the trust deed (a legal contract between the settlor and Trustee) from the registrar of the respective jurisdiction.
Different states in India have different Trusts Acts in force, which govern the trusts in the state; in the absence of Trusts Act in any particular state or territory the general principles of the Indian Trusts Act 1882 are applied.
Purpose of trust are relief of poverty, education, medical relief, the advancement of any object of general public utility, etc.
The main instrument of public charitable trust is trust deed, wherein the aims and object and mode of management should be enshrined
A trust needs a minimum of three trustees; there is no upper limit to number of trustees. The board of Management comprises the trustee A trustee, selected by the grantor, is liable for administering the Trust & finally distributing his/her assets to the designated beneficiaries selected by the grantor when the Trust is set up. Heir, family members, or charity are some common beneficiaries of the Trust in India.
The following documents must be submitted for registration of Trust:
I. Covering letter for Trust registration to the Official having Jurisdiction
II. Application Form in Form
III. Court fee stamp of Rs.2 affixed to the application form
IV. Certified copy of Trust deed
V. Consent letter of Trustees
On submission of the application with the requisite documents, the office of Commissioner would enter the name of the Trust maintained by the Commissioner with details like name of the Trust, trust registration number, address of the Trust, names of the Trustees, object of the Trust, description of properties of the Trust and particulars of encumbrances. A copy of the entry into the registry is also provided to the Trust or Trustee for record keeping.
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