Deed of Endowment for Beds in a Hospital
This deed of endowment is made on this 4th day of July 2000 between Mr. D of ………………………………………… . (hereinafter called the DONOR) of the one part and Mr. AB and Mr. CD of ……………………………………… (hereinafter called the TRUSTEEs which expression unless the context otherwise requires shall include the TRUSTEE or TRUSTEEs for the time being) of the other part.
WHEREAS the DONOR is the Owner of certain stocks, shares and securities and investments particulars whereof are given in a Schedule hereunder.
And WHEREAS the DONOR is desirous of establishing an Endowment Fund for three paying beds in the Charitable HOSPITAL (hereinafter called the HOSPITAL) and the maintenance of the same for persons who may be unable to pay the charges and expenses of the HOSPITAL as a private patient.
And WHEREAS the DONOR is about to transfer to the said TRUSTEEs the DONOR’s stocks, shares, fund, securities and investments mentioned in the Schedule hereunder (hereinafter called the funds) whose present value is Rs. 30 lakhs and the monthly income is Rs. 30,000.
And WHEREAS the DONOR is desirous of declaring such TRUST funds as the D TRUST (hereinafter called the TRUST) and shall be governed by the rules set out in the Second Schedule hereunder which rules have been approved by the Management Committee of the HOSPITAL. The present income of the TRUST Funds and estimated future income will be sufficient for the maintenance of three beds occupied 365 days a year and there is every possibility of the income being increased to support the treatment of four patients for 4 beds in the HOSPITAL at any point of time.
And WHEREAS the Management Committee of the HOSPITAL has agreed to appropriate and set apart for the TRUST three beds named D Ward in the HOSPITAL to be maintained out of the income of the TRUST Funds which in all reasonable probability will be sufficient to maintain even 4 beds in the HOSPITAL.
Now this deed of endowment witnesseth as follows:
1. I, the DONOR do hereby convey in TRUST into the TRUSTEEs the said funds and the TRUSTEEs shall be in possession of the TRUST Fund and shall hold the same upon the TRUST for the purposes of maintaining the said TRUST pay-beds in the said HOSPITAL.
2. The TRUSTEEs shall be entitled to alter the investments at their sole discretion for the benefit of the said TRUST.
3. The TRUSTEEs shall pay or apply the income of the TRUST Fund in paying all costs, charges and expenses of the TRUSTEEs in relation to the administration of the TRUST Fund and shall pay or apply the net income of the TRUST Funds in accordance with the rules of the TRUST set out in the Second Schedule hereto or the rules of the TRUST that might be in force for the time being.
4. The TRUSTEEs shall hold meetings at least once a year. A special meeting may be called by any of the TRUSTEEs by giving seven days’ notice in writing mentioning the business to be transacted or discussed at such meetings. The Senior TRUSTEE shall preside over the meetings and all decisions shall be of the meeting, but if at the said meeting both the TRUSTEEs cannot agree, the presiding TRUSTEE shall have a second or casting vote.
5. The TRUSTEE may appoint an Honorary Secretary who shall cause the Minute Books and proper books of accounts to be maintained.
6. The TRUSTEEs may from time to time make rules as regards meetings, conduct of business and management of the TRUST.
(Particulars of shares, stocks, investments,
securities and assets transferred to the TRUSTEES)
The Second Schedule
(Rules of the TRUST)
7. The TRUST shall be called “D TRUST”. In these rules the “D TRUST” shall be referred as the TRUST. HOSPITAL means the “Charitable HOSPITAL”. The TRUSTEEs means the TRUSTEEs or the TRUSTEE for the time being of the TRUST. The Council means a “Council of Management” for the time being constituted by these rules. HOSPITAL Committee means the “Management Committee of the HOSPITAL” for the time being. “Endowment Beds” means the three pay-beds. “TRUST Funds” means shares, stocks, investments and other assets for the time being subject to the TRUST. Beds subject to these rules shall be Beds for the time being appropriated by the HOSPITAL Committee with the concurrence of the TRUSTEEs to be managed wholly out of the income of the Trust.
8. The Endowed Beds shall be for persons male, female, child who are in the opinion of the Council unable to pay the usual fees and charges as private patients in the HOSPITAL.
9. The power of nominating patients for reception in the Endowed Beds shall be vested in the Council of Management which shall consist of 3 members namely the TRUSTEEs for the time being and a member to be appointed from time to time by the Council.
10. A member of the Council who is absent from all meetings of the Council for a period of 3 months or who becomes insolvent or incapacitated from acting or absent from India for 3 months or who resigns from Office shall thereupon cease to be a member of the Council.
11. The Council may from time to time make such rules as to its meetings and conducting business. A quorum at the meeting of the Council shall be 2 members present. The Council shall act upon a majority decision and in case of equality the Presiding Officer shall have second or casting vote. In the event the number of members is reduced to one then the sole member may appoint another person as a member of the Council to carry on the transactions of the TRUST.
12. The Council may nominate a person for reception of the patients in the Endowed Beds.
13. The Council shall from time to time communicate with the Committee of the HOSPITAL the names of the members of the Council who are entitled to nominate for the Endowed Beds.
14. The nomination of patients for the Endowed Beds shall be signed by the persons nominating for this purpose or by two members of the Council.
15. The Council shall maintain the books of accounts and Minutes Books of the meetings.
16. The Endowed Beds shall be for use of patients nominated by the Council or a member on whom the power has been delegated. Three Beds shall be reserved for that purpose. It will be at the sole discretion of the Council to judge whether the patient is in a position to pay the charges of the HOSPITAL or he is eligible to its Endowed Beds.
17. In the event the other beds of the HOSPITAL are full and the Council has not nominated anybody for the Endowed Beds, the same may be used by the HOSPITAL for other patients who are likely to be discharged within a short period.
18. All patients nominated for the Endowed Beds shall be subject to the rules and regulations of the HOSPITAL.
19. The net income of the TRUST shall from time to time be paid by the TRUSTEEs to the HOSPITAL Committee for applying the same in the maintenance of the Endowed Beds in the HOSPITAL called “D Beds” intended to be reserved for the persons nominated by the Council.
20. If the Council is of the opinion that the HOSPITAL has refused to accept the nominated patient or discharged a patient prematurely, the Council shall make a report to the TRUSTEEs who may suspend either wholly or in part payments to the HOSPITAL Committee and make alternative arrangement with some other hospital.
21. The TRUSTEES may from time to time with the consent of the HOSPITAL Committee or the Management revoke and/or amend or alter the rules and make such new rules as they may think fit, provided that any such rules so made shall provide for the application of the net income of the TRUST for the maintenance of the three beds in the said HOSPITAL or if circumstances so require in another hospital.
22. In witness whereof the DONOR has executed these presents and the TRUSTEES have accepted the TRUST and agreed to act as the TRUSTEES and have also hereby put their signatures hereon on the day, month and year first above-written.
Signed and delivered by Mr. D
in the presence of: Signature
Signed and delivered by Mr. AB
in the presence of: Signature
Signed and delivered by Mr. CD
in the presence of: Signature