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.
A minimum number of 2 members is required to form a Trust. There is no educational qualification required to become a trustee. Even an illiterate person can become a trustee.
The Board of Trustees should at least meet once in a year for the necessary functions such as appointment of auditors, approval of financial statement, etc. However, the Trust may mandate increased number of meetings through incorporation of such clause in the Trust Deed.
