Settlement of Property for Benefit of Minor Children
THIS SETTLEMENT made on the . . . . . . . day of . . . . . . . . . , 20 . . . . . . . . BETWEEN A.B. etc. (hereinafter called ‘‘the Settlor’’) of the one part AND C.D. etc., E.F. etc., G.H. etc. (hereinafter called ‘‘the Trustees’’ which expression shall include the trustee or trustees for the time being) of the other part,
WITNESSES as follows:
1. In consideration of the natural love and affection for his children named X, Y and Z who are all minors and were born on. . . . . . .,. . . . . . . and . . . . . . . respectively the Settlor hereby transfers and assigns the property described in the Schedule hereto which belongs to the Settlor to the Trustees upon trust and subject to the powers and provisions hereinafter expressed and declared.
2. The Trustees shall not transfer the immovable property hereby transferred except in case of absolute and unavoidable necessity and with the permission of the Settlor or in case of his death, his wife, and in case of the death of both, with the permission of the District Judge having jurisdiction in the matter.
3. The Trustees may sell the immovable properties mentioned in the Schedule hereto as necessity may arise and may in their absolute discretion either allow the money and securities to remain deposited and invested as they at present are or may withdraw the said money or any part thereof and deposit it elsewhere or invest it in any safe security and may sell or convert into money and security or part thereof and invest the net sale proceeds thereof in the name of the Trustees in or upon such investments as they think proper.
4. The Trustees shall hold the said property mentioned in the Schedule hereto or any property representing the same in trust for such of the Settlor’s children named X, Y an Z who shall attain the age of 18 years in equal shares.
5. The Trustees shall apply the income of the property hereby transferred to them or the property representing the same towards the maintenance and education of the Settlor’s said children during their minority and invest the surplus income if any in such investments as they think fit.
6. In case of marriage of the Settlor’s daughter Y, the Trustees shall out of the income and if necessary out of the money or securities mentioned in the Schedule hereto apply such sum not exceeding Rs. . . . . . . . . . . as they think proper to the expenses of the said marriage, and any sum of money so applied out of the moneys or securities mentioned in the Schedule hereto shall be set off against the share of the said Y in the property hereby transferred.
7. The settlement hereby made shall be irrevocable.
8. The power of appointing new trustee or trustees shall be vested in the settlor or after his death in his wife if she survives him.
9. It is hereby declared that the value of the aforesaid property is Rs . . . . . . . . .
IN WITNESS WHEREOF etc.