RULES AND REGULATIONS OF THE TRUST

POWER OF THE MANAGING TRUSTEE :

  • The Managing Trustee shall have power to accept donations either in cash or in kind movable and immovable properties either with or without any special conditions.
  • The Managing Trustee shall be competent from time to time to frame, make and enforce all such rule, regulations bye-laws not inconsistent with the express provision of this Trust as the Managing Trustee may deem proper for securing and facilitating the administration and management relating to the activities and affairs of the Trust.
  • The Managing Trustee shall have power in general to do all acts necessary to carry out of the objects of the trust along with maintenance & registers.
  • The Managing Trustee shall have power to deposit the Trust moneys or any portion thereof in any Nationalized Bank or Banks either by way of fixed deposit or in Current Account or in Saving Bank Account.
  • The Managing Trustee shall have the power to include or exclude Trustees in the Board.
  • The Managing Trustee shall have the power to form an Executive committee and to appoint Secretary and Treasurer and the managing Trustee shall have advisory and supervision role. All excutive committee members can take part in board meetings and will be informed of the minutes of meeting through electronic mail.
  • To have control over the assets of the Trust and to execute, become party, to sign, acknowledge, perfect and register all deeds, agreements and writing and to give effectual discharge on behalf of and against the trust.
  • To drew, make, accept, endorse, discount, negotiate execute, cheques, bills of exchange and other negotiable instrument.

CONSTITUTION OF THE TRUST :

  • The Trust shall be irrevocable.
  • The Trust shall be governed by BOARD OF TRUSTEES. The Board of Trustees shall consist of :
    1. 1. Dr. R.SUTHANTHIRA KANNAN
    2. 2. Dr.K.S.RAMALINGAM
    3. 3. Mrs. S.SUJA
  • The Managing Trustee will be Dr. R. SUTHANTHIRA KANNAN for his life time.
  • The Board of Trustees hereby authorized and empowered to nominate any other person as Trustee as long as the trustees do not exceed Seven in number.
  • The Trustees may at any time invite and receive or without such invitation receive any voluntary contribution(s) from the TRUSTEES or from any other person, or organizations in or out of INDIA, by way of donations, legacy or otherwise. All such contribution shall be treated as forming part of the corpus of the Trust Funds.
  • The Trustees may at any time invite and receive or without such invitation receive any voluntary contribution(s) from the TRUSTEES or from any other person, or organizations in or out of INDIA, by way of donations, legacy or otherwise. All such contribution shall be treated as forming part of the corpus of the Trust Funds.
  • The Trustee shall not be entitled to any remuneration and shall work in honorary capacity. They shall however be entitled to receive the out-of-pocket expenses incurred by them in the course of discharging their duties.
  • The income and funds of the trust will be solely utilized towards the objects and no portion of it will be utilized for the payment to Trustees by way of profit, interest, dividends, etc.,
  • Any amendment to Trust Deed will be carried out only with the approval of the Commissioner of Income Tax.
  • The benefit of the Trust are open to all irrespective of Caste, Religion, Sex, etc.,
  • The activities of the trust shall be carried out in India. No activity of the trust will be carried outside India.
  • The Trust will not carry on any activity with the intention of earning profit.
  • At present there is no movable and immovable property in the name of the trust.
  • At present the Trust is running in the rental building.

POWER TO INVEST :

  • The Trust shall invest its money and funds in such modes as are in accordance with the provisions of Income Tax Act as amended from time to time.
  • If in the opinion of the Board any property belonging to the trust is deteriorating in value or is not yielding reasonable income or that its sale or conversion into property of another kind would be advantageous to the Trust, the Board may exchange the same for property of another kind or sell the property and invest the proceeds in the manner hereinafter provided.
  • For the purpose of carrying out of the objects of the trust, the Trustee shall have the power to purchase or to take lease any immovable properties and in case of vacant land the Trustee shall be liberty to erect building thereon and to do all acts necessary thereof.
  • The Managing Trustees shall be entitled to enter into any agreements and to raise funds by way of loans.
  • The Managing Trustees shall raise money by a way of loan from any Nationalized Bank or any other scheduled Bank or Financial Institution by deposit of title deeds and create necessary mortgage deeds.
  • It shall be lawful and competent for the Managing Trustee in her discretion to make donation from the Trust properties and/or send the money of the Trust in her discretion in any other manner to carry out of the objects of the Trust provided however that the Board of Trustees shall be informed to the same in the meeting held immediately thereafter.
  • The entire control, regulations, management, application and administration of the Trust properties whether capital or income, rent, interest or profit of any kind shall be at the discretion of the trustees.

POWER TO INVEST :

  • The Trust shall invest its money and funds in such modes as are in accordance with the provisions of Income Tax Act as amended from time to time.
  • If in the opinion of the Board any property belonging to the trust is deteriorating in value or is not yielding reasonable income or that its sale or conversion into property of another kind would be advantageous to the Trust, the Board may exchange the same for property of another kind or sell the property and invest the proceeds in the manner hereinafter provided.
  • For the purpose of carrying out of the objects of the trust, the Trustee shall have the power to purchase or to take lease any immovable properties and in case of vacant land the Trustee shall be liberty to erect building thereon and to do all acts necessary thereof.
  • The Managing Trustees shall be entitled to enter into any agreements and to raise funds by way of loans.
  • The Managing Trustees shall raise money by a way of loan from any Nationalized Bank or any other scheduled Bank or Financial Institution by deposit of title deeds and create necessary mortgage deeds.
  • It shall be lawful and competent for the Managing Trustee in her discretion to make donation from the Trust properties and/or send the money of the Trust in her discretion in any other manner to carry out of the objects of the Trust provided however that the Board of Trustees shall be informed to the same in the meeting held immediately thereafter.
  • The entire control, regulations, management, application and administration of the Trust properties whether capital or income, rent, interest or profit of any kind shall be at the discretion of the trustees.

MEETING OF BOARD :

  • Meeting of the Board of Trustees shall be held atleast once in a year but any number of other meeting may be held as and when considered necessary.
  • A minute book shall be kept by the Trustees. All proceedings of all meetings of the Board of Trustee shall be entered in the Minute Book and shall be signed by the Chairman of the Meeting at the conclusion thereof.
  • The Board is hereby authorized and may from time to time make additional rules and bye-laws regulating for carrying out the objects of the trust, investment of Trust funds and there utilization of thereof and all other matters incidental to the working of the Trust and from time to time modify, alter on amend such by-laws and rules provided that no such bye-laws shall be in any way alter or contravene the object of the Trust.

MEETING OF BOARD :

  • Meeting of the Board of Trustees shall be held atleast once in a year but any number of other meeting may be held as and when considered necessary.
  • A minute book shall be kept by the Trustees. All proceedings of all meetings of the Board of Trustee shall be entered in the Minute Book and shall be signed by the Chairman of the Meeting at the conclusion thereof.
  • The Board is hereby authorized and may from time to time make additional rules and bye-laws regulating for carrying out the objects of the trust, investment of Trust funds and there utilization of thereof and all other matters incidental to the working of the Trust and from time to time modify, alter on amend such by-laws and rules provided that no such bye-laws shall be in any way alter or contravene the object of the Trust.

ACCOUNTS AND AUDIT :

  • Proper and regular books of account of all receipts and expenditure of the Trust shall be maintained by the Trustees either in English or in Tamil.
  • On the 31st March of every year a general account shall be taken for all the assets and liabilities of the Trust and an Income and Expenditure Account for the whole year and the Balance Sheet as on 31st March shall be prepared and shall be passed by the Trustees. The accounts of the Trust shall be audited annually by a Chartered Accountant appointed by the Trustees for the purpose.

ADMINISTRATION :

  • The Board shall have the full power of management of the Trust properties and funds and they shall have full control over the finance of the Trust. They shall likewise have full powers of supervision over the Charitable institution, schools, colleges, hospitals and all the establishments falling with in the objects of the Trust.
  • Except otherwise provided herein neither the Trustees jointly or severally shall have power to mortgage or change or alienate any of the Trust properties of this Trust. No Trustee shall be made liable for the acts or defaults of this predecessor.
  • Subject to the supervision of the Board and subject to the express provisions herein contained, the Managing Trustee shall have all and every power of Management, conduct and administration of the affairs of this Charitable Trust and its educational institutions, hostels, boarding houses, workshops, hospitals and industry trade and other business establishment conducted by the Trust.

WINDING UP AND DISSOLUTION :

  • Upon winding up or dissolution of the Trust, the remaining property / assets after satisfaction of all its debts and liabilities shall not be paid or distributed
  • among the members of the Trust. The remaining funds of the Trust will be transferred to some other Trust having similar objects. The Trust shall not carry out any activities outside India.

ANNUAL MEETING AND AUDIT REPORT :

  • There shall be an annual meeting of the Board when the annual report of the trust with an annual and audited statement of account shall be considered and adopted. The Managing Trustee shall at such meetings submit a budget for the Receipts and Payments of the Trust for the coming year.
  • The Board shall consider at such meeting the Auditors Report and the Annual Report of the Trust and if the same is approved shall record such approval by a resolution to that effect.