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This Deed of Trust
executed on this 18th day in the month of August 1997 by Sri N.CHIRANJEEVA
RAO aged about 76 years, residing at PRASANTHI NILAYAM.(hereinafter called the settlor)
WITNESSES AS
UNDER:
A. The Settlor is desirous of
constituting a Charitable Trust under the name and style SRI SATHYA SAI
AUDIO VISUALS for objects of public charitable nature as hereinafter
mentioned.
B. With the said intent, the settlor has set apart a sum of Rs.1,000/-(Rupees One thousand only) which he has
handed over to the Trustees hereinafter mentioned to hold the same upon Trust
together with all the income arising therefrom and all the accumulations and
accretions there to for the intent purpose and objects herein
contained.
C. The settlor desires to
reduce to writing the terms of the Trust.
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.
(2) The name of
the Trust shall be SRI SATHYA SAI AUDIO VISUALS. The office of the Trust shall be at PRASANTHI NILAYAM, and/or such
other places in India as the trustees may determine.
(3) (a) objects of the
Trust shall be:
A. EDUCATION: Which without
in any way taking away the generality of its meaning will include the following
objects namely:
(i) To
establish, maintain, run, develop, improve, extend, grant to and
donate for educational institutions including schools for the
promotion and practice of fine arts and to aid in every possible manner such schools, colleges, polytechnics and other educational institutions
including institutions for the study of various schools of philosophy, vocational training centres, research centres and hostels for students
pursuing their studies.
(ii) To Institute
studentship, scholarships, stipends, medals,prizes, etc., to help and
encourage deserving students and to provide monetary aid to students, scholars
and teachers for the purpose of and towards the imparting of 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 lectures,
seminars, symposia and like on and in respect of arts, science, commerce and
other subjects of general 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 include the
following objects namely:
(i) To
establish, maintain, run, develop, improve, extend, grant, donate for and to aid in the 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 medicine
like Ayurveda and similar institutions affording treatment, cure
rest, recouperation and other medical relief to the public
including relief and aid to the physically handicapped, the aged and the
mentally retarded, with particular emphasis on the blind.
(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 do all that
is necessary and incidental for the purpose of achieving the objects in (i) to (iii) above.
(C) RELIEF OF THE POOR: Which
without in any way taking away the generality of its meaning will include
the following objects namely:
ii) To promote, sustain
and support fine arts various schools of
philosophy, Indian culture especially with a view to underlining the unity of man and
the universality of human nature, and the ultimate evolution and progress of man
towards Godhood.
iii) To undertake,
support and carry out by every means the inculcation and promotion of moral, social and spiritual values in the general
public, by highlighting and propagating, among other things the tenets of Sathya,
Dharma, Prema, Shanti and Ahimsa, to help assist in the
upward evolution of man and his journey towards absolute truth. Towards these to
disseminate among the public the concept of oneness of God, the unity of man and the equality of all
calculated to achieve harmony and understanding among various castes,
communities and creeds by every means including the spreading of the teachings and philosophy of Avatars, great saints, seers, sages
and the like through the medium of
speeches, discourses, bhajans, songs, writings etc. and
iv) To do all that is necessary and incidental for the
purpose of achieving objects in (i) to (iii) above.
N.B.: The benefits arising
from the objects set out hereinabove will be available to the public at large
without any distinction of community, caste or creed. The trustees in
their discretion may apply or accumulate in India as permitted by law the income
and the funds of the trust for any or all of these objects, as they may
determine, but for no other purpose.
(b) For the purpose of achieving all or any of the objects in clause (a)
above the trustees may undertake to
produce, re-produce, distribute, exhibit, exploit in any manner, and sell
video-audio cassettes, laser/compact discs, photographs and other communication
media etc., but only to the extent and in so far as such activity is incidental
to the attainment of the objectives of the Trust. Separate books of
accounts will be maintained in respect of such activity.
4. The Trust hereby created shall be
irrevocable.
5. The term ‘Trust property’ shall
be 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 the others from time
to time and other accumulations and accretions thereof in whatever from they may
be varied from time to time.
6. The Trust property shall vest in
the Board of Trustees who shall hold, manage and administer the Trust in
accordance with the terms and provisions herein.
7. BOARD OF
TRUSTEES:
(a) The first Board
of Trustees shall consist of the following persons:-
1. SRI N. CHIRANJEEVA RAO
2. SRI PIYUSH SRIVASTAV
(b) The trustees may elect one among themselves as the
Chairman of the Board of Trustees/Managing Trustee.
(c) Notwithstanding what has been stated in the
clause, 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 9 Trustees
(e) Notwithstanding anything contained herein the
Settlor may at any time without assigning any reason change the
constitution of the Board of trustees by removing, substituting or co-opting any
one or more of the trustees. On the happening of such an event the
Board shall automatically stand as to reconstituted. Without
prejudice to the above the Board of trustees at any time acting unanimously also
will enjoy the power of removal, substitution and co-option of any or all of the
trustees at any time.
8. Without prejudice to
the generality of the powers, the trustees shall have the following powers for
the purpose of and towards the attainment of the objects of the
Trust.
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 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 investment comprised in the trust property and re-invest
or change the nature of any other investment contained therein, to compound and
settle any claims of or against the trust.
(iv) To invest trust monies in fixed deposits with Nationalised Banks,
Government Securities of any other investments as provided for in Section 11(5)
of the Income Tax Act 1961.
(v) To withdraw
any power or revoke any appointment of any employee or attorney.
(vi) To acquire by purchase or otherwise any immovable
property for the trust and 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.
(ix) To appoint
proxy or proxies for voting at any meeting of creditors, contributors, contributories, shareholders or
otherwise.
(x) To borrow and
raise funds for the purposes of the Trust from persons including banks,
financial institutions by any means including mortgaging, hypothecating, charging or otherwise using
movable and immovable properties of the Trust.
9. These powers of the
Trustees shall be so exercised as to ensure that the income of the trust would
be exempt u/s 11 of the Income Tax Act, 1961 as read with sections 12,12A
amended from time to time. It is clarified that all the powers including
those of investment of trust funds as mentioned in clause 8(iv) and
8(xiii) or otherwise, shall be exercised, in accordance with the provisions of
section 11 of the Income-tax Act read with section 13 so as to
ensure exemption from levy of income - tax.
10. 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.
11. 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.
12. Any
decision taken by authority of the trustees including the Managing
Trustees 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.
13. A
minutes book shall be maintained at the office by the Board of
Trustees. Minutes of all meetings; appointments, and entry into the office of
every new trustee and other proceedings of the Board of Trustees shall be
entered and recorded in such minutes book and shall be signed by the Managing
Trustee at the meeting either at the conclusion there of or at a subsequent
meeting when they are duly confirmed.
14. The Managing
Trustee of the Board shall at all times during this 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.
15. The trustees,
by a majority, are empowered to later the rules governing the administration of
the trust in a manner not inconsistent with the objects of the trust, provided
that such ammended rules are in no way repugnant to the provisions of clause 9
of the Deed. But such alteration shall be made only with the prior approval of
the concerned Commissioner of Income-tax.
16. 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 objects similar to those of this
trust enjoying exemption under section 80G 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 other time shall be distributed among the trustees. Such
distribution will be made only with the consent of the Commissioner of
Income-tax.
IN WITNESS WHEREOF, I HAVE SET AND
SUBSCRIBED MY HAND AND SEAL THE DAY AND THE YEAR FIRST ABOVE WRITTEN.
SETTLOR :
TRUSTEES
1. N.CHIRANJEEVEVA RAO
2. PIYUSH SHRIVASTAVA
WITNESSES:
1.
[K.CHAKRAVARTHI]; PRASANTHINILAYAM
2.
[K.S.RAJAN]; PRASANTHINILAYAM
Drafted by:- N.Chiranjeeva Rao S/o of Late N.Ramayya, Prasanthinilayam
CERTIFIED
COPY
Assistant Commissioner,
Endowments Department,
A N A N T A P U R
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