Trust and Society Registration
Trust and Society Registration are made easily with Corpstore in Coimbatore. A trust can be formed by executing a Trust Deed by the Author/Creator of the Trust. Such Trust Deed should be registered under stamps and registration act with the authorities having jurisdiction over the trust. The stamp duty varies from state to state. The Trust must be formed for charitable purpose. It has been defined to include relief of poverty, advancement of education, advancement of religion and other purpose beneficial to the community not failing under any of these preceding heads. A charitable trust in order to be charity in the legal sense, will have to be for purpose of a public nature in other words for the benefit of the community or some part of it. When the beneficiaries of a trust constitute general public or a section of public, as distinguished from private individuals and when the trust is meant to perform a public charity, it is public charitable trust.
The instrument by which trust is created is called as Trust Deed. Although it is not mandatory for trusts to enter into agreement, since trusts can be formed even by oral communication except in case of trust with immoveable property which is required to be created by a instrument in writing. It is mandatory to get the deed registered under the Income Tax Act for availing the exemptions such 12A, 80G etc., and more over a deed is a evidence of the existence of a trust.
The main documents in formation of a society are Memorandum of Association and Rules and Regulations. Any seven or more persons associated for any literary, scientific, or charitable purpose, or for any such purpose as described in section 20 of this Act, may, by subscribing their names to a memorandum of association, and filing the same with Registrar of Joint-stock Companies form themselves into a society under this Act. The designations of the members can be decided among themselves. These members are collectively called the Governing Body. They directs and controls the functioning of the society. All the members of society are elected for a specific period, After expiry of this period; it can filled through elections in which members of the Governing Body take part.
The property, movable and immovable belonging to a society registered under this Act, if not vested in trustees, shall be deemed to be vested, for the time being, in the governing body of such society, and in all proceedings civil and criminal, may be described as the property of the governing body of such society for their proper title.
The governing body of any society registered under this Act, which it can alter, extend, or abridge such purpose to or for other purposes within the meaning of this Act, or to amalgamate such society either wholly or partially with any other society, such governing body may submit the proposition to the members of the society in a written or printed report, and may convene a special meeting for the consideration thereof according to the regulations of the society; but no such proposition shall be carried into effect unless such report shall have been delivered or sent by post to every member of the society ten days previous to the special meeting convened by the governing body for the consideration.