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Trustee Induction Policy |
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Who May be a Trustee |
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Every person capable of holding property may be inducted as a Trustee, but where the Trust involves the exercise of discretion, he can not execute it unless he is competent to control. |
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No One is Bound to Accept Trust |
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It is not obligatory for anyone to accept the Trust. |
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Acceptance of Trust |
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A Trust is accepted by any words or acts of the Trustee indicating with reasonable certainly such acceptance. |
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Disclaimer of Trust |
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Instead of accepting a Trust, the intended Trustee may, within a reasonable period, disclaim it. |
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Types of Board Members |
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There are three types of Board of Trust Members: |
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Founder Board Members
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Honorary Board Members
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Technocrats or Professional Board Members
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All the members Board of Trust should have the awareness about the vision and mission of the institution. The Founder Members are life time members of the Board. Honorary Board Members will be appointed for two years and after completion of this tenure they will become the permanent members of the Board with the approval of the Board. Technocrats or Professional Board members will be elected by the Board and they will be the Permanent members of the Board. The Board is responsible for creating the seats for all the two categories. The Board also has the right to appoint the patterns for the Board.
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Eligibility Criteria for the Selection of Member Board of Trust |
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Honorary Board Members are selected on the basis of their extra ordinary services or value ability to Roshni Homes.
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Technocrats or Professional Board Members will be selected as per needs of the Institute by the Founder Members through a procedure set out under the Trust Act of 1882.
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Technocrats or Professional Board Members and Honorary Board Members will be inducted with the 2/3rd majority of the Founder Members of the Board.
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Founder Members have every right to induct Honorary Board Members and Technocrats or Professional Board Members as required by the institution.
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Duties of Trustees |
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Protect title to Trust property.
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Inform himself of state of Trust property.
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Not to set up title adverse to beneficiary.
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Take care of property as a man of ordinary prudence would deal with such property as own property.
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Conversion of perishable property to permanent and immediately profitable character.
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To be impartial.
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To prevent waste.
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Keep proper accounts and information.
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Invest Trust money in prescribed securities and not others.
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Trustee is liable for breach of Trust. (Breach of Trust means a breach of duty imposed on a Trustee, as such, by any law for the time being in force.)
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