2) All funds (including those raised by sale of property) or any part thereof shall solely utilized by the Board for the purpose of promoting the objects of the Trust, and any
portion thereof shall not be transferred directly or indirectly by way of dividend, bonus or profit to any of the Trustee or their relatives.
8. APPLICATION OF THE TRUST FUND
The amount of funds would be utilized solely for the objects of the Trust as under:
a) Trust funds may be utilized for any purpose which further the objects of the Trust;
b) the Board shall have the powers to invest the Trust fund or any part there purchase of such land, buildings, stocks, shares, funds and
securities as it may in
its discretion deem fit, with power to alter, vary, sell and transpose such properties or investment from time-to-time; and
c) The Board shall have the power to raise loans from recognized banking institutions against security of Trust properties.
9. NATURE OF THE TRUST
a) The Trust shall be non-political and non-partisan body; and
b) shall not indulge in any commercial activities to earn profits for distributions among its members or directors or any one of them.
10. MEETINGS OF THE BOARD
i. The Board will meet as often as is necessary and expedient for transacting the business of the Trust. Audit Accounts will be presented
in the annual meetings.
ii. Quorum for the meeting shall not be less than three (3) or one third of the total number of Trustees whichever is higher.
iii. The decision of the Board shall, as far as possible, be made unanimous. However if the Trustees fail to agree on any matter or issue
the decision of the majority shall prevail.
iv. Minutes of the proceeding of all meeting shall be recorded and kept by the Secretary of the Board in a Minute Book to be maintained for
the purpose and shall be signed
by the Chairman of the meeting. Copies of the minutes shall be sent to all Trustees.
11. CHAIRMAN AND VICE CHAIRMAN
The settler, viz., ________________________________________ and ________________________________________, shall initially be
the Chairman and Vice-Chairman respectively of the Trust. If and when any of them vacate his/her office the post shallfilled from among the
Trustees by election to be held three (3) years.
(6)
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