The Green Future Trust operates transparently and focuses on charitable purposes, adhering to legal requirements for trusts in India. According to the Indian Trust Act, 1882, what are the constituents of The Green Future
CS Executive · Setting Up of Business, Industrial and Labour Laws · PYQS · December 2024
The Green Future Trust operates transparently and focuses on charitable purposes, adhering to legal requirements for trusts in India. According to the Indian Trust Act, 1882, what are the constituents of The Green Future Trust ?
Answer & Explanation:
Trust is defined in section 3 of the Indian Trust Act, 1882 as "an obligation annexed to the ownership of property and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another or of another and the owner. In other words, it is simply a transfer of property by one person (the settlor/author of the trust) to another (the "trustee") who manages that property for the benefit of someone else (the "beneficiary"). The settlor must legally transfer ownership of the assets to the trustee of the trust. Thus, the settlor, trustee, beneficiary, the trust property, beneficial interest and instrument of trust are the constituents of The Green Future Trust defined as follows: "author of the trust": the person who reposes or declares the confidence is called the "author of the trust": "trustee": the person who accepts the confidence is called the "trustee": "beneficiary": the person for whose benefit the confidence is accepted is called the "beneficiary": "trust-property": the subject-matter of the trust is called "trust-property" or "trust-money": "beneficial interest": the "beneficial interest" or "interest" of the beneficiary is his right against the trustee as owner of the trust-property; and "instrument of trust":- the instrument, if any, by which the trust is declared is called the "instrument of trust":
Topics: Indian Trust Act, 1882
Related Questions in this Topic
- What are the records, returns and notices that an employer is required to maintain and comply with under the Code on Wag...
- What interim measures can the Internal Committee recommend to the employer during the pendency of an inquiry under the S...
- Explain the qualifications required for engaging an apprentice and outline the contractual formalities prescribed under ...
- Discuss the need and objectives of bringing in the New Labour Codes.
- Rohan is an adolescent employed at GS General Grocery Store. His regular working hours are from 10:00 a.m. to 4:00 p.m.,...