Trust Deed establishing Scholarship
THIS DEED OF TRUST is made on the . . . . . . .day of . . . . . . , 20 . . . . . . . .BETWEEN A.B. etc. (hereinafter called ‘‘the Founder’’) of the one part AND C.D. etc. E.F. etc., and G.H. etc. (hereinafter called ‘‘the Trustees’’ which expression shall include the survivor or survivors of them and the executors and administrators of the last survivor or the trustee or trustees for the time being of the trust) of the other part.
WITNESSES as follows:
1. The Trustees shall hold the sum of Rupees . . . . . . . this day paid to them by the Founder upon trust to apply the income thereof in perpetuity for the promotion and encouragement of education in the . . . . . . .University in the manner hereinafter appearing.
2. The Trustees shall invest the said sum of Rs . . . . . . . in their names in any investment permitted by law and may at any time and from time to time vary any of such investments for others of a like nature.
3. The said sum of Rs. . . . . . . . and the investment representing the same as . . . . . . . aforesaid shall be called the . . . . . . . trust fund and are hereinafter referred to as the trust fund.
4. The Trustees shall out of the income of the trust fund first pay all costs and expenses of or incidental to the management of the trust fund and the income thereof and shall apply the balance in establishing a scholarship (hereinafter called the . . . . . . . scholarship) of the monthly value of Rs . . . . . . . to be from time to time awarded in the manner hereinafter mentioned to a student entering the said University as an undergraduate and to be held and enjoyed as hereinafter provided.
5. The scholarship shall be awarded at such intervals and as the result of such examination and in such manner and shall be held and enjoyed for such period and upon and subject to such terms and conditions as shall from time to time be prescribed by regulations to be made by the said University and in default of such regulations as the Trustees shall determine.
6. The Trustees may at any time and from time to time set apart as sinking fund the whole or any part of the surplus income produced by the trust fund in any year not required to meet the cost of the said scholarship and may invest any sums so set apart and the resulting income thereof in the names of the Trustees in the manner aforesaid with power at any time to vary any of such investments.
7. The Trustees may at any time sell any investment representing the capital or income of the sinking fund and apply the proceeds thereof or the capital or income of the sinking fund as though the same were income produced by the trust fund during the then current year.
8. So much of the income of the trust fund in any year as is not required for the aforesaid scholarship or sinking fund shall from time to time be applied for the grant of any such other scholarship and in such manner as the University may from time to time direct.
9. The Trustees may with the concurrence of the 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 the occurrence of any vacancy amongst the Trustees by reason of death or resignation of any trustee or for any other cause, the Founder will have the right to appoint a new trustee and after the death of the Founder the remaining trustees shall by a majority of votes appoint a new trustee and in case of equality of votes, the appointment shall be made by the Chancellor of the said University (or by the Court having jurisdiction in this behalf).