Deed of Settlement for Establishing a Girls’ School

Deed of Settlement for Establishing a Girls’ School

This deed of settlement is made on this ….…………… day of ……..….  2000 between AB son of ………………… residing at ………………… (hereinafter called the settlor) of the One Part and CD son of ……………… residing at ……………, EF son of ……………… residing at ………………… and GH son of ………………. residing at ……………………….. (hereinafter called the trustees which expression shall where the subject or context allows or admits of be deemed to include the survivor or survivors of them and the successors in office as also the Trustees or Trustee for the time being of the Trust hereby created) of the Other Part.

Whereas the settlor is the sole and absolute owner of the immovable property fully mentioned and described in the First Schedule hereto as also of the securities mentioned in the Second Schedule hereto;

And whereas for good reasons and considerations and in order to perpetuate the memory of the settlor’s father ……………… the settlor is desirous of establishing a girls’ high school at …………… to be named after the said …………… and settling the said property irrevocably for its maintenance.

And whereas the settlor has also endorsed the securities mentioned and described in the Second Schedule hereto in favour of and delivered to the trustees to provide for the necessary capital for establishing such ………….

And whereas the estimated value of the properties mentioned is Rs. ……………………

Now this indenture witnesses as follows:

1. In pursuance of the said wish and desire of the settlor, the settlor do hereby grant, convey, transfer, assign and assure to the trustees all that property described in the First Schedule hereto and deliver all the securities described in the Second Schedule hereto duly endorsed in favour of the trustees to have and to hold them all upon trust for the objects and with the intent and subject to the powers, provisions and agreements hereunder declared and expressed concerning the same.

2. The trustees or the trustee shall, not later than one year from the date of these presents, erect, build, construct on the land described in the First Schedule hereto a building suitable for a girl’s school at a cost of not more than Rs. ..…………….. to be raised by sale of such of the securities mentioned in the Second Schedule hereto or portion thereof as the trustees may think proper.

3. The trustees or trustee shall immediately after such a sale establish a girls’ high school in the said building with the sanction of the appropriate authorities and pay all initial costs in that connection out of the income of the property described in the First Schedule and the securities described in the Second Schedule hereto and in case of any deficiency shall make good the same out of the sale proceeds of such securities as the trustees may consider necessary to sell for the purpose.

4. The trustees shall manage and develop the said property and every part thereof as mentioned in the First Schedule hereto and after having paid Government revenue, cesses, taxes and all expenses of collection and management shall use the balance of the income as well as the income from such of the securities mentioned in the Second Schedule hereto as may remain unsold or of any other securities into which the same may hereafter be converted by them, for the recurring expenses of the girls’ high school and any balance remaining after making such expenses shall be deposited in such bank and invested in such manner as the trustees may consider proper.

5. The trustees shall have power to convert such securities mentioned in the Second Schedule hereto as they think necessary into other securities or into money, but they shall have no power to sell, mortgage, otherwise transfer the said property described in the First Schedule hereto except with the permission of the District Judge having jurisdiction over the subject-matter of the trust.

6. In case of any vacancy amongst the trustees occasioned by death, resignation or incapacity of any trustee or otherwise, the settlor shall have the power to fill up the vacancy and after his death, the remaining trustees shall make the appointment.

7. In case the land where the school building is to be created or erected is acquired by the Government, the trustee shall utilise the entire compensation money for purchase of another land or lands suitable for the purpose and erect a new building or buildings and restart the girls’ school thereon.

The First Schedule

The Second Schedule

In witness whereof the parties hereto have signed these presents on the day, month and year first above-written.

Signed, sealed and delivered by the said AB the settlor in the presence of:

Signed, sealed and delivered by CD, EF and GH the trustees as a token of acceptance of the Office of trustees in the presence of:

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