Trust Registration India – A “trust” is an obligation annexed to the ownership of property, and arising out of a confidence reposed in an accepted by the owner, or declared and accepted by him, for the benefit of another, or of another and the owner. A public charitable trust is usually floated when there is property involved, especially in terms of land and building. Like Schools, Hospitals, etc are mostly formed as trust mostly. Even the ‘Being Human: The Salman Khan Foundation’ is registered as a charitable trust.
Trusts in India are regulated under Indian Trusts Act, 1882 and provide as follows:
The person who reposes or declares the confidence is called the “author of the trust”; the person who accepts thee confidence is called the “trustee”; the person for whose benefit the confidence is accepted is called the “beneficiary”; the person for whose benefit the confidence is accepted is called the “beneficiary”; the subject-matter of the trust is called “trust-property” or “trust-money”; the “beneficial interest” or “interest” of the beneficiary is his right against the trustee as owner of the trust-property; and the instrument, if any, by which the trust is declared is called the “instrument of trust”. A breach of any duty imposed on a trustee, as such, by any law for the time being in force, is called a “breach of trust”.
It is well settled that no formal document is necesary for formation of a Trust, but in many cases, to satisfy basic legal requirements of various statutes, it may be necessary to have a Trust Deed in writing. For any public charitable trust, trust deed is the most important document, which includes the main aim and objectives, powers and other issues as to the management of the company.