There are no statutory provisions or guidelines available
for the management of Trust. For the good management
of a Trust, it is important that the Trust Deed should
specify rules and regulations with regard to :
i)
|
Holding
of Meetings |
ii)
|
Quorum
of Meetings |
iii)
|
Chairman
of Meetings |
iv)
|
Adopting
a resolution |
v)
|
Delegation
of Functions |
vi)
|
Fixing
of Accountability |
vii)
|
Sources
of Income, including receipt of grants |
viii)
|
Modes
of Investment |
ix)
|
Modes
of application of funds, towards attainment of
the objectives |
x)
|
Prohibition
on use of funds for specified purposes |
xi)
|
Treatment
of unutilized funds in the event of windingup |
xii)
|
Statutory
audit and other legal formalities |
xiii)
|
Opening & Operation
of Bank Accounts |
STATUTORY AND MANAGEMENT COMMITTEES
Unlike a company or a society, the trust does not
have a General Body, from which the Governing Body
is elected. The trustees are the ultimate authorities
of a trust. Therefore, all the Trustees form the Governing
Body of the Trust and the issue of electing a Governing
Body is not relevant. However, Trustees can elect office
bearers among themselves at periodic intervals. It
is important that the Trust Deed is drafted accordingly.
