Trust deed
This deed of trust executed at Hyderabad on this day of , between Dr. Aitharaju Pandu Ranga Rao s/o Ramarao, aged 63 yrs, resident of G3, Amritha Ville, Somajiguda, Hyderabad, 500080, the ONE part;
And
1. Dr. Aitharaju Venu Manohar Rao, s/o Ramarao, aged 61 years, resident of, Arihanth apartments, Ashoknagar, Hyderabad
2. Dr. Aitharaju Bharath Babu s/o Dr. A. P. Ranga Rao, resident of G3, Amrithaville, Rajbhavan Rd, Somajiguda, Hyderabad-500080
AND herein after called the Trustees; which expression shall include the trustee or trustees for the time being, at any time, on the OTHER part;
WHERE AS late Aitharaju Appiaha, r/o Vallabhi and F/O of late Aitharaju Narasiaha, grandfather of late Aitharaju Seetharamiaha, and great grandfather of late Aitharaju Mangapathi Rao and great, great grandfather of Aitharaju Ramarao and son of Aitharaju Rama Rao, Dr. Aitharaju Pandu Ranga Rao (the author of the Aitharaju trust), is remembered by the present surviving descendents as the most remotest and ancient person in their ancestors, in their memory.
AND whereas Dr. Aitharaju Pandu Ranga Rao, now 67 years and being one of the senior surviving descendents of the great lineage of Aitharaju Appiaha is desirous to promote continued bondage and kinship amongst the descendents of Aitharaju Appiaha, and assist the descendent members and enable them to effectively help in all round development and welfare of Vallabhi village and its residents, through formation of a public charitable trust by name Aitharaju Foundation.
AND whereas the trustees above mentioned signified their assent to act as Board of Trustees in accordance with the terms of the trust hereinafter stated;
NOW, therefore, this deed of trust declares and witnesseth as follows:
1. The name of the trust shall be Aitharaju Foundation,
2. The office of the trust shall be situated at G3, Amritha Ville, Opposite Yashoda Hospital, Rajbhavan road, Somajiguda, Hyderabad-500080.
3. Dr. Aitharaju Pandu Ranga Rao, in pursuance of these presents, hereby convey unto and settles upon the trust an amount of Rs.1116/-(Rupees one thousand one hundred and sixteen only) which is delivered to the trustees today to be held in trust subject to the provisions herein stated in this Trust Deed.
4. The aims and objects of the trust shall be as follows:
(1) To establish continued and sustained contacts amongst all the descendents of Aitharaju Appiaha and promote kinship
(2) To develop and establish enabling mechanisms of mutual help, fraternity, and contact amongst the descendents of Aitharaju Appiaha
(3) To assist, and render help and support in the ways required, the needy amongst the descendents of Aitharaju Appiaha
(4) To enthuse, encourage, promote, organize and enable the descendents of Aitharaju Appiaha to contribute for the development of Vallabhi village and for welfare of its residents
(5) To do all such other things necessary and conducive to the attainment of the above objects.
(6) To raise donations, contributions, to receive funds, grants, sanctions, from individuals, companies, Governments, National and International voluntary non-government organizations, Societies, and Non-resident Indians and to spend for the activities of the foundation
5. A Board of Trustees shall manage the affairs of the trust. The first such board shall consist of three trustees mentioned above, who shall be life trustees.
6. In addition to the above three life trustees, the Board of trustees if they find it necessary may co-opt a maximum of another eight life trustees from the descendents of Aitharaju Appiaha, totaling to a maximum of 11 Life trustees.
7. In addition to life trustees the board if found necessary can co-opt another three trustees whose term shall be for three years. They shall be eligible for re nomination.
8. A life trustee can nominate in his place any member of Aitharaju family above the age of 25 years to serve during his lifetime or after his death in his place, and such person shall continue to be a life trustee for his lifetime. In case of death of a trustee who has not made any nomination, the remaining life trustees can co-opt any other member aged above 25 yrs from Aitharaju family and fill the vacancy of life trustee, and the tenure of co-opted life trustee would be for his life time and he shall enjoy same privileges like any other life trustee.
9. The funds and incomes of the trust shall be solely utilized towards the achievement of aims and objects of the trust and for no other purpose. There shall be no payment to the trustees by way of allowances, profit or dividends from out of income of the trust. Actual expenses incurred may be reimbursed.
10. The board of trustees shall have the power to invest the funds of the trust in such manner as will, secure the maximum benefit to the trust. However such investments shall be made in conformity with provisions and requirements of the income tax.
11. Subject to the foregoing, the board of trustees shall, inter alias have the following powers:
i). To appoint special committees or sub committees for specific purposes to attend to various activities and programmes of the trust.
ii). To have a team of specialists as a steering committee to assist the trust board in its activities.
iii). To have an advisory council to advice the board on specific or general matters connected with the board.
iv). To appoint necessary staff for the management of the trust and to dispense with them when not required. .
v). To open bank accounts in one or more scheduled banks in the name of the trust.
vi). To receive donations, contributions, either in cash or in kind from the Aitharaju family members, their relations, public, private or public institutions, and state, central and local Governments.
vii). To acquire and maintain such permanent assets for the trust and to create charge thereon as may be necessary in the interest of proper maintenance of the trust.
viii). To incur necessary expenditure for the purpose of carrying out the objects of the trust.
ix). To elect chairman, secretary and treasurer from among themselves. The chairman shall preside over all the meetings of the trust. The secretary shall be the administrative head and shall implement the decisions of the board and administer the day-to-day affairs of the trust. The treasurer shall maintain the accounts of the trust.
x). To appoint a chartered accountant to audit the accounts of the trust every year.
xi). To frame such rules and regulations and procedures as may be necessary for effective and efficient implementation of the objects of the trust and also modify such rules, regulations, and procedures as and when expedient.
12. The books of account shall be maintained under the direct supervision of the treasurer for all the income and expenditure of the trust. The accounting year shall be from beginning of April to end of March. Chartered accountant appointed by trust shall audit the accounts of each year and audited statement shall be placed before the board of trustees on or before the 30th of June every year, and approved by them.
13. The board of trustees shall meet at least twice a year and more often if required and take all appropriate action and decisions in the matter of management of the trust. The meeting shall be convened by the by the secretary. The quorum for the meeting shall be a minimum of three.
14. No changes will be made in the terms of this trust deed except with the approval of commissioner of income tax of Andhra Pradesh, if income tax exemption is obtained.
15. If for any reason the trust here by constituted fails or has to be wound up, the assets of the trust shall be made over to any other charitable trust or institutions having similar objectives to those of the trust and which has been approved by the appropriate authorities of income tax.
INWITNESS WHEREOF, the parties have set their hands to this Trust deed on the day of and year mentioned.
For the author of the trust
Aitharaju Foundation, Vallabhi
Trustees
Sl. NO Name Age Address Signature
Witnesses:
Sl. NO Name Age Address Signature
