DEED OF TRUST CHENNAI

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DEED OF TRUST

THIS DEED OF DECLARATION OF TRUST executed at Chennai on this the 24th day of January 2007

By

Mr. N. Devarajan, son of Late Narayanasami Naidu, Indian, Hindu, Kamma, Telugu speaking, aged 65 years, residing at No. AL 80, Anna Nagar, Chennai 600 040, hereinafter called FOUNDER OF THE TRUST, witness as under:

WHEREAS the FOUNDER OF THE TRUST is desirous of establishing a Trust in the name and style of (KUPIDISAATHAM NARAYANASWAMI EDUCATIONAL TRUST) for all kinds of educational purposes and has contributed an initial sum of Rs.5000/- (Rupees Five Thousand Only) as nucleus of the said trust and has handed over the said amount to the Trustees hereinafter mentioned.

WHEREAS THE FOUNDER in pursuance of his aforesaid intention do hereby declare that the aforesaid amounts and further sums, good will and properties to be acquired and brought into the Trust are to be in complete charge of the Founder, who in his capacity as the Managing Trustee, shall own, possess and manage the same and carry out the purposes of the Trust within the ambit of and the power and authority vested by virtue of these presents.

 

NOW THIS DEED OF TRUST WITNESSETH AND DECLARES AS FOLLOWS:

1. Name of the Trust:

The Name of the Trust is "KUPIDISAATHAM NARAYANASWAMI EDUCATIONAL TRUST"

2. Office:

The Registered Office of the Trust shall be at A-80, 3rd Avenue, Anna Nagar, Chennai 600 102

3. Objects:

The Trust shall be an Educational Trust with the following objects:

      i.        The Main object of the Trust is to render Philanthropic, Educational and Charitable services to the public in General and particularly to persons belonging to Telugu speaking communities, without discrimination on the basis of caste, creed, religion or sex and such activities shall not be motivated for making profit.

     ii.        To open, found, establish, promote, set-up, run, maintain, assist, finance, support and/or aid to or help in the setting up and/or maintaining and/or running Schools, Industrial Training Institutes, Training Schools, Teachers Training Institutes, Arts Colleges, Science Colleges, Engineering Colleges, Management Institutes, Dental Colleges, Medical Colleges, Paramedical Colleges, Technical Institutes, Technological Institutes, Environmental Education Institutes, Computer Training Centres, Fashion Technology Institutes, Catering Technology Institutes and other educational institutions and to establish super speciality in education at all levels of all disciplines and further to establish hospitals for providing quality education and to take over the existing Schools, Engineering Colleges, Medical Colleges, Dental Colleges, Management Institutes and other educational Institutes, which could not be Successfully run by the Trust(s)/ Society(ies)/ other individuals or bodies, which established them on account of various reasons;

    iii.        To maintain, develop, improve and extend facilities available in the various institutions under the Trust and to introduce additional facilities as may be required for purpose of in the education, training, research and development various fields such as Medicine, Dental, Engineering, Technology, Dietetics and Nutrition, Environment and to and technical assistance. To provide consultancy other accomplish this task, this trust may go for signing Memorandum of Understanding (MOU) with colleges/Institutes/Universities or other bodies having similar objects;

   iv.        To accept the autonomous status or accreditation status to any of the institutions as and when the Grants Commission and other University Universities or other competent authorities' accord such status;

     v.        To provide for the dissemination of literary, cultural, scientific and technical knowledge through educational and literary surveys, publication of journals, magazines, periodicals, newspapers, books and pamphlets in the regional language (Tamil) as well as in Telugu, English and Hindi and to facilities necessary for printing establish and publication.

   vi.        To undertake and promote Research and Development activities through the establishment of research and development centre and by extending technical and financial assistance to the existing Research & Development centre functioning in other institutions/organizations;

  vii.        To provide job-oriented education, training and work experience programmes including 'earn while you learn scheme' and such education and training so as to develop self-employment and entrepreneurship.

 viii.        To establish, maintain, improve and extend hostel facilities for the benefit of the students of the institutions.

   ix.        To grant, pay or give scholarship, stipends, prizes, rewards, allowance and other financial assistances or help in cash or kind to students with a view to help them in Prosecuting their studies in schools, colleges, educational institutions, technical institutions, art schools or other training, research or educational works.

     x.        To undertake, organize and facilitate conferences, seminars and training programmes, lectures and workshops in all the educational fields.

   xi.        To create environmental awareness among the students and public, making efforts to protect environment and nature and similar other activities.

  xii.        To establish other Trusts for achieving the above objects and any identical objects out of the funds of this Trust.

 xiii.        To establish Telugu library and to establish various institutes for propagation of Telugu language, apart from establishing Research centres to conduct research in Telugu language.

 xiv.        To establish institutes to propagate Telugu Drama, Fine Arts, Music and other cultural heritages of Telugu language.

  xv.        For the furtherance of the objects above, to maintain liaison with professional institutions and educational and training bodies in various parts of the world.

 xvi.        Not more than 5% of the Income of the Trust would be applied for any religious purpose or religious Institutions.

4. Trust Fund:

    (i)        The FOUNDER hereby declares that a sum of Rs.5000/- (Rupees Five Thousand Only) handed over in Trust and dedicated for Public, educational purposes, shall be held by the Trustees, herein after mentioned, upon Trust and also any other money or properties which the trust may acquire, from time to time for augmenting the trust fund.

   (ii)        The funds of the Trust would be utilized only towards the objects and no portion of it would be distributed in any manner to the trustees or persons defined in sec.13(10)c) of the Income Tax Act.

5. The Founder Trustee:

    (i)        The FOUNDER TRUSTEE shall be the Managing Trustee

   (ii)        The FOUNDER TRUSTEE shall be Mr. N. Devarajan.

  (iii)        The FOUNDER TRUSTEE Mr. N. Devarajan shall hold office for life.

  (iv)        The Founder Trustee is entitled to nominate any of his legal heirs, assigns or successors or any other person of his choice as his succeeding Managing Trustee, who shall also hold office for life and shall also have identical powers as that of the ‘Founder Trustee'.

   (v)        The FOUNDER TRUSTEE nominates M/s D.G. Lakshmi, D. Kavitha & D. Aishwarya, all residing at AL 80, Anna Nagar, Chennai 600 040 and D.L. Madhusudhan, residing at AF 2233/1, First Street, Eleventh Main Road, Anna Nagar, Chennai 600 040 as Trustees. The four trustees nominated by him shall hold office for life. The FOUNDER TRUSTEE shall have power to nominate more trustees from time to time for such period, provided the said persons know Telugu language and possess affinity towards the language and the FOUNDER TRUSTEE will also have the power to remove such trustees including those appointed for life time before the expiry of the period for which they were nominated.

  (vi)        In case the Founder Trustee dies without nominating another person, as a Managing Trustee, then the Trustees shall elect one among themselves as the Managing Trustee who shall have similar rights and duties as that of the Founder Trustee.

6. Powers of Trustees

    (i)        The FOUNDER TRUSTEE/Managing Trustee shall open the bank accounts wherein all money and contribution received by the Trust shall be deposited and shall maintain the bank accounts. The Managing Trustee shall maintain/cause to be maintained proper books of accounts required by law and therein shall be entered a true record of receipts and expenditure of the Trust. The books of accounts shall be subject to audit periodically by a qualified Chartered Accountant.

   (ii)        The FOUNDER TRUSTEE/The Managing Trustee shall be the person to act for and on behalf of the Trust and to open and operate independently the bank accounts and to receive and to pay moneys on behalf of the Trust.

  (iii)        The FOUNDER TRUSTEE/The Managing Trustee shall have power to borrow funds, for implementing and carrying out the objects and purposes of the Trust, from individuals, body corporate, lenders, banks or financial institutions, on the security or without security, on such interest prevailing in the banking institutions or such other lending bodies from whom the monies are being borrowed and to execute necessary security documents on behalf of the Trust for such borrowing.

  (iv)        The FOUNDER Trustee The Managing Trustee shall be competent from time to time to frame, make and enforce all such rules, regulations and/or bye-law not inconsistent with the founder the express provisions of this Trust, as Trustee/Managing Trustee may deem proper for securing and facilitating the administration and management in detail of the various activities and affairs of the Trust and for convening, conducting and regulating the meeting of the Trustees and for appointing sub-committees and generally for the management and administration of the Trust's estate and also from time to time to alter, amend, or add to all such rules.

   (v)        The Founder Trustee The Managing Trustee shall have power or authority to appoint or engage and at his discretion, remove, dismiss, or suspend any of the officials or employees or servants in permanent or temporary special services in connection with the work of the Trust or they may from time to time deem fit and to determine their power and duties and fix their salaries, bonus or to require security in such instant and at such amount as the Managing Trustee may think fit. The Founder Trustee The Managing Trustee shall also have to found and maintain provident funds, gratuity funds, personal and other funds for employees and comply with the rules and regulation regarding the same.

  (vi)        For the purpose of carrying out the objects of the Trust, the Founder Trustee/Managing Trustee shall have power to acquire by purchase or otherwise, any immovable property or any vacant land. The Managing Trustee shall be at liberty to erect buildings there over and do all acts necessary and incidental thereto.

(vii)        It shall be lawful for the founder trustee/managing Trustee to pull down, renovate, rebuild, alter, adapt, improve, add, develop or repair any immovable property comprised in the Trust and to expend thereon such moneys out of the Trust fund as he may think fit.

(viii)        The FOUNDER TRUSTEE MANAGING TRUSTEE shall be entitled to enter into any agreements or covenants with owners or persons entitled to or interested in any other properties and raise funds by way of loans by entering into agreements with any Financial Institutions.

  (ix)        The Founder Trustee/The Managing Trustee shall have power to make donations from the Trust properties to carry out the object of the Trust and not contravening clauses herein above.

   (x)        The Founder Trustee Managing Trustee shall have the power to sell, let or lease any or all the properties of the trust as may be required and considered prudent and reasonable based on the circumstances of the situation then prevailing.

  (xi)        The Founder Trustee / Managing Trustee shall be at liberty to place the spare funds of the Trust with any of the approved financial institutions or approved mutual funds and approved securities or lend to trusts with similar objects, for consideration which shall be in line with the rates of interest prevailing at the time of placement and /or lending of the funds.

(xii)        The Founder Trustee shall be at liberty to add or alter or modify any of the provisions of the Trust apart from the objects of the Trust in a manner not inconsistent with the objects of the Trust laid down in Article 3 of this Deed and the provisions of Section 2 (15), 11 to 13 and 80 (G) of the Income Act, 1961 as amended from time to time.

(xiii)        The Founder Trustee / Managing Trustee shall have power to create one or more Trusts by carving out the assets and funds of the Trust for achieving objects of this Trust in a better way.

(xiv)        The Founder Trustee / Managing Trustee shall have to initiate, prosecute and power defend any proceedings before all law courts, fora and authorities.

(xv)        In the event of dissolution or winding up of the Trust, the assets of the Trust shall be handed over to another trust with similar objects, and enjoying exemption u/s 11 and 80G of the Income Tax Act.

7. Financial Year:

    (i)        The accounts of the Trust shall be closed on the 31 March every year and statement of Income and Expenditure for the financial year and assets and liabilities shall be drawn at the date which shall present a true picture of the affairs of the Trust.

   (ii)        The Trust may receive contributions and donations in Cash, Cheques or any kind and also immovable properties, valid receipt shall be issued for all the donations received. The Trust funds shall be invested for the betterment of the Trust in any manner as the founder trustee/Managing Trustee deems fit including the cash securities as recognized by the Income Tax Act in force from time to time for the use of the Trust.

8. Meeting of the Trust

The FOUNDER TRUSTEE MANAGING TRUSTEE shall call for a meeting of the trust Board once in three months by giving 7 days’ notice. The quorum on such meeting shall be TWO including the FOUNDER TRUSTEE / MANAGING TRUSTEE.

9. Alteration of the benefits conferred by the Trust,

In the event of change of circumstances making it impossible to continue any of the objects of the Trust, the Managing Trustee shall apply the Trust funds and the property to any other subject of like nature or to any other institution or Trusts having similar objects.

10. Alteration of clauses of the Trust

The Founder Trustee/Managing Trustee shall have power from time to time to alter the DEED OF TRUST or any of its clauses as the Founder Trustee/Managing Trustee may think fit and necessary.

11. The Trust hereby declared is irrevocable.

12. It is hereby declared that the Trust has no moveable or immoveable Property as on date

IN WITNESS WHEREOF THE FOUNDER HAS SIGNED THIS DEED ON THE DAY MONTH AND YEAR FIRST ABOVE WRITTEN.

WITNESS:

1.

 

2.