Operation Of Bank Account :

¨ Dr Mahesh ‘Sai-Prem’, Chairman of the Trust, shall operate bank accounts in the name of the Trust with such bank or banks as the Trustee(s) may think fit, provided, however, that operation of the bank accounts will be by Chairman or two or more Trustees or their authorized person(s), if authorized by the Chairman. The Chairman may authorize at least two Trustees to open and operate the bank account in the name of the Trust in other affairs of the Trust in India or abroad to achieve the objects of the Trust. The signatories may be changed as and when required by the Chairman after his due attestation/authorization of the signature.

¨ A joint account would be formed at every working zone where one of the local full timer (LFT) shall be the financial secretary as well as the signatory authority. As a rule, Swamiji (President/Chairman) would be the main operator of the bank accounts.

¨ No transfer of money and other assets would take place from one working zone to another zone without the joint consensus of the Trust members.

¨ Every peripheral working zone will send the surplus money to the center which would be used in emergencies of the struggling and/or new working zones. For this purpose, a special account will be opened in the Central Office.

 

Delegation Of Power

The Board of Trustees shall be authorized to delegate their powers to one or more Trustees or any other authorized persons as they may think fit.

 

Account

The Trustees shall maintain regular accounts of all receipts and expenditure of the Trust and the Annual Accounts, which shall be prepared at the end of the financial year on 31st March and shall be got audited by a Chartered Accountant.

 

Investments

The Trustees shall be authorized to invest funds of the Trust not immediately required in all or any of the following:

1. Securities and investments specified in Section 20 of the Indian Trust Act.

2. Such Securities and investments as are specified in the Indian Income Tax Act for trusts and institutions eligible for exemption under section 11 of the Act.

3. Deposits in any scheduled bank or banks.

 

Changes

The Board of Trustees may in a special meeting convened for that purpose, after, extend or abridge any purpose or purposes of the Trust or may amend, alter or modify any of the rules or regulations of the Trust. Provided that the    objects clause shall not be altered so as to interfere with the character of the Trust as one established solely for public charitable purposes.

 

Administration Of Funds

¨ The income, property, donations, etc., when so ever derived, shall be applied solely towards the promotion of the objects of the trust and no portion thereof shall be paid or transferred directly or indirectly by way of bonus or otherwise to the persons who at any time have been trustees of the trust or to any of them or any person related to or claiming through any of them, provided that nothing herein contained shall prevent the payment in good faith of remuneration to any officers or employees of the Trust.

¨ The surplus funds of the trust, which has not been sent in any year, shall be invested in the modes prescribed under relevant sections of the Income Tax Act, 1961, as amended from time to time.

¨ The Trustees shall at their discretion, acquire, purchase or sell immovable properties or moveable properties in the course of managing of Trust. However, any sale of immovable properties shall require prior consent of at least 3/4th majority of the trustees.

¨ In the event of dissolution or winding up of the trust, the assets remaining as on the date of dissolution shall under no circumstances be distributed among the trustees but the same shall be transferred to another charitable trust, society, association or institutions whose objects are similar to those of this trust and which enjoys recognition under the relevant section of the Income Tax Act, 1961.

¨ No amendment to the term of this Deed shall be made without obtaining the prior written permission of the Commissioner of Income Tax. However, the amendments to be carried out shall not infringe with the provisions of the Income Tax Act.