|
This Deed of Trust
executed this 20th day of July 1989 by SRI SATHYA SAI, aged about 62 years,
residing at Prasanthinilayam (hereinafter called the ‘SETTLOR’ of the TRUST).
WITNESSES AS
UNDER:
2. Whereas the
Settlor is desirous of constituting a Charitable Trust for objects of public
charitable nature as hereinafter mentioned.
3. Whereas with
the said intent, the settlor has set apart a sum of Rs.1,000/-(Rupees One
thousand only) which has been hereby handed over to the trustees hereinafter
mentioned to hold the same upon trust together with further contributions and
all the income arising therefrom and all the accumulations and accretions
thereto for the intent, purpose and objects herein contained.
4. NOW THIS
DEED OF TRUST WITNESSES AS FOLLOWS :
(i) The settlor has this day transferred and given unto the trustees a
sum of Rs.1,000/- (Rupees One thousand only) to be held upon trust together with all the income arising therefrom for the intent, purpose
and objects herein contained.
(ii) The name of
the Trust shall be SRI SATHYA SAI WELFARE CENTRE’. The office of the Trust shall be at Prasanthinilayam and/or such other
places as the trustees may determine.
(iii) The
objects of the Trust shall be:-
(a) EDUCATION: Which without in any way taking away
the generality of the meaning will mean and include the following objects;
namely:
(i) to
establish, maintain, run, develop, improve, extend, grant, donate for and to aid and assist in the establishment, maintenance, improvement
and extension of schools, colleges, polytechnics and other educational
institutions including vocational Training Centres, Research Centres and Audio Education Centres and hostels for students pursuing
their studies.
(ii) To Institute studentship, scholarships, stipends, medals, prizes etc. to
hold and encourage deserving students and to provide monetary aid to
students, scholars and teachers for pursuing their education.
(iii) To establish, maintain, develop and donate
for the establishment,
maintenance and development of Book Banks, Libraries and Hostels.
(iv) To organise, conduct and assist in the
organising and conduct of lectures, seminars and symposia on arts, science, commerce and
other subjects of general academic interest to students, and
(v) To do all
that is necessary and incidental for the purpose of achieving the objects in (i) to (iv) above.
(b) MEDICAL RELIEF:
Which without in any way taking away the generality of its meaning will mean and
include the following objects, namely:
(i) To establish, maintain, run, develop, improve, extend, grant, donate for and to aid
and assist in establishment, maintenance, running development, improvement and
extension of hospitals, clinics, dispensaries, medical laboratories, Research
units, with special emphasis on medical research in modern medicine
including Indian systems of medicines like Ayurveda and similar institutions
affording treatment, cure, rest, recouperation and other medical relief to the
public including relief to the physically handicapped, the old aged and the
mentally retarded.
(ii) To
establish, maintain, develop and donate for the establishment, maintenance and
development of Blood Banks and Drug Banks.
(iii) To organise,
run and assist in the organising and running of free medical camps in rural
areas.
(iv) To
organize medical relief in homes for the aged and creches. and
(v) To
do all that is necessary and incidental for the purpose of achieving the objects
in (i) to (iv) above.
(C) RELIEF TO
THE POOR: Which without in any way taking away the generality of its meaning
will mean and include the following objects, namely:
(i) To
assist and provide for the poor by constructing community halls, Rest houses, etc.
To conduct feeding of the poor, and to give food, clothing and cash grants
to the poor, and to grant donations for the support of the inmates of
orphanages, rescue and rehabilitation centres and similar
institutions.
(ii) To provide
relief in times of natural calamities like earthquakes,
floods, famines, contagious diseases by organising relief camps etc.
(iii) To
establish and run orphanages, rescue and rehabilitation centres and homes for
the malignant and aged and
To do all that is
necessary and incidental for the purpose of achieving the objects in (i) and
(iii) above.
(d) OTHER
OBJECTS OF GENERAL PUBLIC UTILITY: Which without in any way taking away the
generality of its meaning will mean and include the following objects,
namely:
(i) To establish,
run and aid public reading rooms, libraries and community halls.
(ii) To carry out
study and research into various aspects of social, economic and other factors
including our living conditions.
(iii) To carry out
studies, reserch, analysis into the various aspects of the Indian way of life with
a view to promoting an integrated national character and unity among the people
of this country for achieving their social, moral and economic
development, especially by including higher values of life India has always stood
for and to assist, promote and aid in activities towards these goals.
(iv) To
undertake programmes of rural reconstruction and rural
development with a view to ameliorating the
living conditions of the economically, socially and otherwise backward sections
of the community. and
To do all that is necessary and
incidental for the purpose of achieving the objects in (i) to (iv)
above.
(e) ANY OTHER ACTIVITY: Which
may at any future point of time or from time to time be engaged in or encouraged
as an approved activity for the purpose of Sections 2(15), 11,of Section 8OG of
the Income Tax Act 1961, or any corresponding Section of that Act.
5. The Trust hereby
created shall be irrevocable.
6. The term ‘Trust
Property’ shall mean and include the said sum of Rs.1000/- (RUPEES ONE THOUSAND
ONLY) set apart by the settlor and further grants, donations and contributions
and/or property - movable or immovable, that may be made by the founder or by
others from time to time and other accumulations and accretions thereof in
whatever from they may varied from time to time.
7. The Trust property
shall vest in the Board of Trustee(s) who shall hold, manage and administer the
Trust in accordance with the terms and provisions thereof
8. BOARD OF
TRUSTEES:
The Settlor shall be the Founder Trustee.
(a) The first Board of Trustees shall consist of the
following persons:-
(a). Bhagawan Sri Sathya Sai Baba
(b). Sri N.Radhakrishna and
(c). Sri C.Srinivas
(b) Bhagawan Sri Sathya Sai Baba will be the Managing
Trustee. The trustees may authorise either the Managing Trustee or any
other trustee among themselves to carry out any or all the functions for and on
behalf of the Trust in accordance with the terms of the Trust Deed as may be
felt necessary and expedient in the transaction of the affairs of the
Trust.
(c) Any of the trustees may retire after giving a calender month’s notice in writing of his intention to do so to each of the
other trustees for the time being and upon the determination of such month, the
trustees giving such notice shall ipso-facto cease to be the trustees of the
Trust.
(d) The Board of Trustees shall consist of a minimum
number of two and a maximum number of five Trustees
(e) The Settlor shall have absolute power at his sole
discretion, without assigning any reason whatsoever, to remove any or all the
Trustees, including the Managing Trustee at any time and appoint other persons
to function as Trustees and to fill up any vacancy (ies). On the power so
exercised the Trustees who have been removed shall forthwith cease to function
as Trustees. Such power shall be deemed to have been exercised and will be
effective when a communication to this effect is posted to the concerned
Trustee.
9. Without prejudice to
the generality of the powers, the Board of Trustees shall have the following
powers:-
(i) To employ clerks, and other employees, agents, bankers accountants and
others on such remuneration as they may think fit. To appoint advocates,
attorneys, and also to execute powers of attorney etc. for and on behalf of the
Trust.
(ii) To delegate any powers as they can lawfully delegate to any other
person and to execute such power as they may think fit for the
purpose.
(iii) To convert, to call in, to sell or otherwise dispose of any of the
investments comprised in the Trust property and re-invest or change the nature
of any other investment contained therein. To compound and settle the
claims of and against the Trust.
(iv) To invest trust monies in fixed deposits with Nationalised Banks,
Scheduled Banks, Government Securities or any other investments as provided for
in Section 11(5) Income Tax Act 1961, or any other corresponding Section of the
said Act.
(v) To withdraw any power or revoke any appointment of any employee or
attorney.
(vi) To sell any immovable property belonging to the Trust.
(vii) To let any portion of any immovable property forming part of the
Trust fund, at such rent and for such period and on such terms and conditions as
they may think fit and accept surrender of any lease.
(viii) To maintain Bank accounts in the name of the Trust and to operate
the said accounts.
(ix) To appoint proxy or proxies for voting for any purpose.
(x) To raise loans on the mortgage of the Trust Properties-movable
or immovable.
(xi) To borrow funds with or without security of the
property and for this to mortgage charge and encumber any asset immovable or
movable.
(xii) To accept gifts, donations or contributions in so far as they
are not inconsistent with the objects of the Trust.
(xiii) To establish trusts and other institutions having similar
objects to those of this Trust.
Provided further that any or all these powers can be exercised by the
Managing Trustee or any Trustee or any group of them on being authorised by the
Board of Trustees.
10. These powers of the Trustees shall be so exercised as to ensure that
the income of the Trust would be exempt under Sections 10(23 C (iv) and/or
Section 11 of the Income Tax Act, 1961 as read with Section 12,12-A as amended
from time to time. It is clarified that the power of investment of Trust funds
including those mentioned in clause (iv) shall be exercised in accordance with
the provisions of Section 11(5) read with Section 13 of the Income Tax Act 1961
and / or any other corresponding Section of the said Act.
11. The Trustees shall keep proper books of accounts of the income and
expenditure of the Trust, which shall be closed every year on 31st March.
They shall be audited by a Chartered Accountant and a certificate
obtained. These shall be in the custody of the Managing
Trustee.
12. The Trustees shall at all times stand indemnified in
respect of any act that may have been bonafide done in respect of matters
relating to the Trust, but they shall not be entitled to any
remuneration.
13. Any decision taken by authority of the Trustees including the
Managing Trustee, at any Trust meeting, shall
be valid and binding on all the Trustees and powers so vested in or exerciseable
by the Trustees shall be valid and binding on the Trust.
14. A minutes book shall
be maintained at the office by the Board of Trustees. Minutes of all the
meetings, appointments and entry into the office of every new Trustee and all
other proceedings of the Board of Trustees shall be entered and recorded in such
minutes book and shall be signed by the Chairman of the meeting either at the
conclusion thereof or at a subsequent meeting when they are duly
confirmed.
15. The Managing Trustee
shall, at all times during his continuance in the office, have the right to
delegate his powers to any of the remaining Trustees or to other attorneys or
agents, with the prior consent of the Board of Trustees. The Trustees may
appoint a Council or Councils of Management, if necessary, at their
discretion, consisting of as many members as the Trustees determine and delegate
to the Council/ Councils such functions as they may deem proper and expedient
including the functions relating to the day to day running of the affairs of the
Trust and the management of the Trust properties. These Councils shall
function in accordance with the rules and regulations framed by the
Trustees.
16. The Trustees, by a
majority, are empowered to alter the rules governing the administration of the
Trust in a manner not inconsistent with the objects of the Trust provided that
such amended rules are in no way repugnant to the provisions of Clause 10 of the
Deed. But such alteration shall be made only with the prior approval of the
concerned Commissioner of Income Tax.
17. In the event of the
determination of the Trust or dissolution, for any reason, the Trustees shall
make over or transfer the properties of the Trust to a charitable institution or
a charitable trust having similar objects to those of the Trust, enjoying
exemption under Section 80-G of the Indian Income Tax Act, 1961 provided that
under no circumstances the properties of the Trust at the time of dissolution or
at any time shall be distributed among the Trustees.
IN WITNESS WHEREOF I
HAVE SET AND SUBSCRIBED MY HAND AND SEAL ON THE DAY AND THE YEAR FIRST ABOVE
WRITTEN.
Sri Sathya Sai Baba
T R U S T E E S. SETTLOR
(a) Sri Sathya Sai Baba
(b) Radhakrishnan
(c) C.Sreenivas
Witnesses,
1.S.P.Jayakumar
Prepared by Susmanali
Bukkapatnam
Assistant
Commissioner Endowments Department
A N A N T A P U R
CERTIFIED COPY
|
