Professional Documents
Culture Documents
partly
private.
charitable
trust
is
created for
relief,
2.
3.
Fraudulent purpose.
4.
5.
Creation of Trust:
A trust may be created only by a non-testamentary document that is
a Trust Deed. The Trust Deed is compulsorily registerable under
section 17(b) of Indian Registration Act 1908. The stamp duty
payable on Trust Deed is governed by the Indian Stamp Act 1899,
and falls under the powers of the States hence the stamp duty
varies from State to State. It is created by a deed, it is to be
registered if the value-exceeds Rs. 100. The trust act does not apply
to public or private religions endowments. Section 18 of Transfer of
Property Act 1882 relaxes all restrictions, in case of properties
transferred for benefit of public like advancement of knowledge,
religion, commerce, health and other allied objectives. A trustee
cannot delegate his duties to another, except clerical duties and
must have the final control over such delegation.
Bailment and Trust:
Often bailment and trust are confused. In bailment, there is delivery
of goods from one person to another person for some purpose and
on completion of such purpose; the goods have to be returned. In