Trust Deed Establishing a Scholarship
This indenture is made on the 2nd day of November 2000 between AB, etc. (hereinafter called the founder) of the One Part and CD, etc., EF etc., and GH etc. (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 also the successor or successors in office or the trustee or trustees for the time being of the trust) of the Other Part.
Whereas the founder has made over to the trustees a sum of Rs. 20 lakhs and/or put them in effective control over the same for investment thereof in some approved security and apply the income exclusively for the objects hereunder mentioned.
Now this indenture witnesseth and it is hereby agreed and declared by and between the parties as follows:
1. The trustee or trustees shall invest and at all times keep the said sum of Rs. 20 lakhs invested in some approved security or securities prescribed under s. 20 of the Indian Trust Act and apply the income thereof in perpetuity for awarding a scholarship to be named after the founder to a most meritorious student who will secure the highest number of marks in Electronics every year in the MSc Examination of the University of ……………… tenable for two years at the rate of Rs.5,000 per month.
2. The trustees may at any time and from time to time vary such investment or investments for others of a like nature for the sake of better return but shall on no account change the character of the investment or investments.
3. The said sum of Rs. 20 lakhs and the investment or investments representing the same shall be known as ELH Trust Fund and is hereinafter referred to as the Trust Fund.
4. The trustee or trustees shall out of the income of the trust fund pay at the first instance all costs, charges and expenses of or incidental to the maintenance and administration of the trust fund and shall apply the balance for awarding the scholarship as aforesaid. In case of any surplus the same shall be invested in the same type of security. In case of any deficit the value of the award shall abate proportionately.
5. The award of the scholarship shall be subject to such terms and conditions as shall from time to time be prescribed by Statutes, Regulations, Ordinance of the said University and in case there is no candidate eligible for such scholarship in any particular year or years the trustees may utilise for any other purpose or purpose for advancement and promotion of education the entire amount thereof as may be desired by the University.
6. The trustees or trustee may at any time and from time to time set apart as and by way of sinking fund the whole or any part of the surplus income produced by the trust fund in any year not needed to meet the cost of the said scholarship and may invest any such sum or sums so set apart and the resulting income thereof in the manner aforesaid with power at any time to vary any such investment or investments.
7. The trustees or trustee may at any time sell any investment or investments representing the capital income of the sinking fund and apply the proceeds thereof or the capital or income of the sinking fund as if the same were income produced by the trust fund.
8. The trustee or trustees may at any time apply the income for the grant of any such other scholarship or scholarships and in such manner as the University may from time to time direct in so far as the same is permitted by the surplus income of the trust fund in any year as is not required for the aforesaid scholarship or sinking fund.
9. The trustees may, with the concurrence of the Vice-Chancellor of the said University, at any time wholly or partially vary any of the purposes for which the income of the trust fund is to be applied and such income or part thereof shall then be applied to such other purpose provided that the same shall not be applied to any purpose unless the same is conducive to the promotion or encouragement of education at the said University.
10. In case of any vacancy amongst the trustees occurred by reason of death or bankruptcy or resignation of any trustee or for any other cause, the founder will have the right to appoint a new trustee or trustees and failing him and after the death of the founder the remaining trustees shall have power by a majority of votes to appoint a new trustee and in case of equality of votes or failing same the appointment shall be made by the Vice-Chancellor of the said University or by the court having jurisdiction in this behalf.
In witness whereof the parties hereto have set and subscribed their respective hands and seals the day, month and year first above-written.
Signed, sealed and delivered by AB the founder at Calcutta in the presence of:
Signed, sealed and delivered by CD, EF and GH indicating consent to act as trustees in the presence of: