ABOUT TRUST/ SOCIETY
A trust is a convenient method whereby a limited number of persons may hold property on behalf of other persons, who may be a large or fluctuating body or who may include persons not yet born. Once the property has been vested in the trustees, they own the property, but they are compelled by law to exercise their ownership for the benefits of the beneficiaries and for them only. It means that legal ownership vests in the trustee or trustees but beneficiaries have de facto ownership. Minimum of seven people is required to form a society. And these societies are governed by the ‘Societies Act, 1860’. The rules and regulations for these may slightly differ from State to State.
Documents Required for the in India:
- PAN Card of all the members of the proposed society has to be submitted along with the application.
- The Residence Proof of all the members of the society also has to be submitted. The following can be used as a valid residence proof:
- Bank Statement
- Aadhaar Card
- Utility Bill
- Driving License
- Memorandum of Association has to be prepared which will contain the following clauses and information:
- The work and the objectives of the society for which it is being established
- The details of the members forming the society
- It will contain the address of the registered office of the society
- Articles of Association also have to be prepared which will contain the following information:
- Rules and regulations by which the working of the society will be governed and the maintenance of day to day activities
- It will contain the rules for taking the membership of the society
- The details about the meetings of the society and the frequency with which they are going to be held also to be mentioned
- Information about the Auditors
- Forms of Arbitration in case of any dispute between the members of the society
- Ways for the dissolution of the society will also be mentioned
- A covering letter mentioning the objective or the purpose for which the society is being formed will be annexed to the beginning of the application. It will be signed by all the founding members of the society.
- A copy of the proof of address where the registered office of the society will be located along with an NOC from the landlord if any has to be attached.
- A list of all the members of the governing body has to be given along with their signatures.
- A declaration has to be given by the president of the proposed society that he is willing and competent to hold the said post.
These societies are mostly formed for the promotion of the following charitable causes:
- Performing fine Arts
- Maintenance of Libraries
- Military orphan funds
- Maintenance of Museums and galleries
- Grant for charitable assistance
- Any other cause as may be approved by the Government
- Once the rules have been formed, they can be changed but the new set of rules will be signed by the President, Chairman, Vice President and the Secretary of the Society.
- All the above documents have to be submitted to the Registrar of Societies along with the requisite fees in 2 copies. On receiving the application, the registrar will sign the first copy as acknowledgment and return it while keeping the second copy for approval. On proper vetting of the documents, the registrar will issue an Incorporation Certificate by allotting a registration number to it.