Duties Of Trustees

¨ The Trustees shall from time to time realize, collect and get in dividends,  interest, income and/or profits of the said Trust Fund and/or rent or rents on any immovable property or properties that may hereafter form part of the Trust Fund and out of the said income, etc.

¨ The Trustees shall invest and keep invested all the Trust Fund in their hands as also the interest or income thereof, if any, for the time being in their hands or immediately required for the purposes, as the Trustees may think fit and also with the liberty and power to the Trustees from time to time vary or transfer such investment or any of them in any other manner and sell any investment at such price and subject at such terms and conditions in such manner as the said Trustees may think fit and execute any deeds, documents, deed of transfer agreement, as they may think fit for the aforesaid purpose or any of them.

¨ Each of the said Trustees for the time being of these presents hereby binds himself and his heirs, executors and administrators in the event of his retiring from or ceasing to be a Trustee to be or in the event of his death to do all necessary acts, deeds and things for duly vesting and transferring over into the name or names of the new Trustee or Trustees as may be required by the Trust Fund and/or securities and deposits, etc, belonging to the said Trust as may be standing in his individual name or in his name jointly with that of the other Trustees by virtue of these presents and all costs attending the same shall be borne out of the income of the Trust Fund.

¨ The Trustees shall be respectively chargeable only for such moneys and securities or other property as they shall respectively actually receive not withstanding their respectively signing any receipt for the sake of conformity and shall be answerable and accountable only for their own acts, neglects or defaults and not for those of other or of any banker or other persons with whom or into whose hands any Trust moneys or funds or securities may be deposited or come of any other loss unless the same shall HAPPEN THROUGH THEIR OWN WILFUL DEFAULT.

¨ It shall be lawful for the said Trustees to compromise or compound any action, suit or proceedings, differences or demands relating to the Trust and/or Trust Fund upon such terms as they shall think proper and/or refer any such difference or demand to arbitration, execute and do all instruments and things expedient legally for such purposes or any of them.

 

Meeting of Trustees

The Board of Trustees shall meet from time to time for dispatch of the business of the Trust as and when necessary. A resolution signed by majority of the number of Trustees after circulation amongst all the Trustees shall have the same force as one passed at a meeting of the Board of Trustees