Deed of Trust when no Trustees are Appointed but Money is given Straight to the University Direct
This indenture made this 10th day of December 1999 by me AB etc.
Whereas I am desirous of establishing a scholarship at the ………… University (to be known as ……….. scholarship) to be awarded to the student who would stand first in the first class in Political Science in the M.A. Examination every year at the rate of Rs. 900 per month for two years and for that purpose purchased with the approbation of the said University and in the name of the said University 9 per cent. Government Promissory Relief Bonds (or other security as may be described by the settlor) of the face value of Rs. 2 lakhs yielding interest of Rs. ………… per annum (state particulars of the security).
And whereas I have made over the said Government Promissory Relief Bonds (or other security) to the Registrar of the said University on the …………… day of ……….. for the purpose as aforesaid.
Now this indenture witnesses and I the said AB do hereby declare that the University shall at all times hereafter hold and possess the said Relief Bond (or other security) upon trust hereunder created and with and subject to the powers and provisions hereinafter contained.
(a) The University shall collect the interest of the said Bonds (or other security) twice each year on due dates and after meeting therefrom the costs, charges and expenses for such collection including bank charges, if any, keep the amount earmarked for the purpose of awarding the scholarship after the final publication of the result of the said examination.
(b) In case there is no award of such scholarship for any particular year or years, none having passed in the first class in Political Science the University may, if so decided by the syndicate, award the said scholarship to the student who would stand first in the second class or alternatively the University may declare no award for that particular year. If, however, the particular student is not available for any reason whatsoever, the scholarship will go to the next best student for that year.
(c) The University shall have ordinarily no power to encash the said Bonds (or other security) but shall, on the contrary, hold the same for the trust hereunder created except upon its redemption whether on their maturity or earlier when it shall convert them and invest the proceeds in sum or other good security yielding an income of Rs. 18,000 per annum tax free or so.
In witness whereof I the said AB have set and subscribed my hand and seal this 10th day of December 1999.
Signed, sealed and delivered by AB Accepted and confirmed:
For and on behalf of the University: