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TOPIC- TRUST COOPERATIVES GENERAL BODY EXECUTIVE COMMITTEE

Trust

Trust is a special form of organization which emerges out of a will. The will maker exclusively transfer the ownership of a property to be used for a particular purpose.

If the purpose is to benefits particular individuals ,it become private trust and if it is concerns with common public or community at large it called a public trust

Private trusts are governed by the Indian Trusts Act (1882) and are used for private purposes, such as running a private estate or institution. Privates trusts are not given any tax benefits.

If you want to do some charitable work for public –you can set up a public charitable trust. India does not have a national level law to govern charitable trusts. However, some of the states have enacted Public Charitable Trusts Act (Like Bombay Public Trusts Act, 1950)

Legislation : Different states in India have different Trusts Acts in force, which govern the trusts in the state; in the absence of a Trusts Act in any particular state or territory the general principles of the Indian Trusts Act 1882 are applied.

Main Instrument : The main instrument of any public charitable trust is the trust deed, wherein the aims and objects and mode of management (of the trust) should be enshrined. In every trust deed, the minimum and maximum number of trustees has to be specified.

The trust deed should clearly spell out the aims and objects of the trust, how the trust should be managed, how other trustees may be appointed or removed, etc. The trust deed should be signed by both the settlor/s and trustee/s in the presence of two witnesses. The trust deed should be executed on non-judicial stamp paper, the value of which would depend on the valuation of the trust property.

HOW TO REGISTER A TRUST Trusts are registered using a document

called TRUST DEED. This document contains all the information about the trust and is printed/written/typed on plain papers. With these papers you would need to attach Rs. 100 Non-Judicial stamp paper. All the trustees and witnesses will have to give thumb impressions and signatures on these papers. All in all, you will need help of a notary to prepare the papers.

You may also need a no-objection certificate from the owner of the property where the registered office of the trust is to be situated

For registering a trust you need minimum two trustees (i.e. one settler and another person). You can decide maximum number of trustees and it must be mentioned in the trust deed. All the trustees together are called Board of Trustees. This board collectively governs the trust

In case of trusts, all or some of the trustees can be related persons (i.e. belonging to the same family)

All the trusts are allowed to work on all India level

1. Trusts are irrevocable –unless it is mentioned in the trust deed. This means that the trust cannot be wound up

Trust deed can be amended through a supplementary trust deed

Trustees are usually life-long members or their tenure is specified in the deed. Electoral process is not involved in the appointment of trustees

Board of Trustees can also have various designations for trustees. Common designations are Chairperson and Managing Trustee

Trustees cannot draw any remuneration from the trust fund.

Profits cannot be distributed among the trustees

At the time of registration, only the Settlor and two witnesses are required to be present in front of the Sub-registrar under whose jurisdiction the registered office address comes. Sub-registrar will check IDs of these people. After that the trust deed will go to the counter where data entry takes place. In the end the Settlor and two witnesses will be photographed. You will need to pay 1100 rupees fee. Of this, Rs. 100 will be the registration fee and Rs. 1000 will be the charges of keeping a copy of the trust deed with the sub-registrar. This will end the process.

After the registration of trust, you shall get the copy of the registration from the Registrar and you shall apply for PAN card, and you have to apply for proper Income tax registration with Income tax department

After you have properly got the Income tax certificate for the Trust (12A), you can also apply for tax exemption certificates

Trust should be registered with a "Registered office address of the trust” with proper landmarks

COOPERATIVES

A cooperatives is an autonomous association of person united voluntarily to meet their common economic social and cultural needs ad aspirations through a jointly owned and democratically controlled enterprise

Cooperatives as business enterprise posses some basic interest such as ownership and control but these interest are directly vested in the hands of the user. Therefore they follow certain values

The values universally recognized as cornerstones of cooperative behavior are self help ,democracy, equality and solidarity

Voluntary and open membership ,democratic control ,economic participation, autonomy ,training, information and concern for community are the ordinary features by which the cooperation put their values in to practice

The first law on cooperatives came to force in India in 1904 entitled the cooperative credit societies act 1904

The cooperative credit societies act 1904 was followed by a number of supporting legislation including the cooperatives societies act 1912,which provided for the information of non credit societies and federal cooperative organizations.

All societies must be formed under the Cooperative Societies Act, 1912 or under the relevant state cooperative laws.

For formation of a cooperative society at least 10 persons are required. They must have the common objective to serve each other by forming a society. They have to contribute capital in form of share capital and decide to take up any one or more activities. They form a managing committee from and among the

members who looks after the management of the society and implements the decisions of the members. As our Constitution is wedded to a socialistic pattern of society, it is a part of the Government policy to promote and encourage establishment of cooperative societies.

Therefore, cooperative societies enjoy several benefits provided by the Government from time to time . But in order to get those benefits the society must have to register under the Cooperative Societies Act.

The procedure for registration

Apply for registration of the association as cooperative society in a prescribed proforma available with the Registrar of Cooperative Societies with requisite information like

1) List of members, their individual addresses,

(2) Name and objectives of the society for which it has been formed,

(3) Collection of funds - share capital or loan fund with their utilization process,

(4) Office bearers as managing committee and their powers,

(5) Admission and retirement of members, and

(6) Bye-law of the society. On fulfillment of all the above

requirements the Registrar may issue a certificate of Registration in favor of that society, which elevates the status as Registered cooperative society or corporate body.

EXECUTIVE COMMITTEE An executive committee is defined as

group of directors appointed to act on behalf of and within the power granted to them by the board of directors

It consist of a chairperson, vice chairperson ,secretary and treasurer. It also include three representative from the board

The executive committee may with board approval invite the chairperson and vice chairperson to attend executive committee meeting without a vote

Authority of executive committee

The executive committee members have a vital role to play if a club is to be sucessful .The most important attribute for an executive member to have enthusiasm and a dedication to the club or society

President/Chairperson The president is the principal leader of

the club and has a overall responsibility for the clubs administration. The president is elected by club members and there for representing a view of members

The president sets the overall annual committee agenda, help the committee to prioritize its goal and then keep the committee on track by working within that overall frame work

At operational level major function of president is to facsilitate executive committee meetings

Secretary The secretary is the chief

administration officer of the club or society. The secretary should organize the meeting ,times, dates and book meeting rooms. Secretary should prepare and issues agendas, supporting papers and minutes of the previous meeting. This secretary keep all club record and maintain register of members, named addresses and contact details.

Treasurer The treasurer is the chief financial

manager of the club or society. The treasurer bears the weighty responsibility for all club monetary transactions and financial records. The treasurer should prepare the budget demonstrating income and expenditure .The treasurer authorize all cash transactions and be accountable for its safe keeping

General Body

The general body will include all the members of the society. It include functional advisory committee, executive committee and think tank. The vice president shall be elected by the general body meeting.

The secretary,treasuree and the other executive members will be elected by a meeting of the general body for a period of three years.

The election will be by secret ballot as per condition and procedure laid down in by laws

There shall be annual general body meeting held once a year.

An extra ordinary general body meeting shall be convened by the secretary, on a decision of the councilor on the requisition of at least 15 members ,preferably to coincide with one of the conferences

How ever under exceptional circumstances such a meeting can be convened at any time with fortnight's notice to all members. In the case of requisitioned meeting, if the number of members present does not exceed the join strength of the council and the requisition the meeting shall stand dissolved.

Every general body meeting weather annual, ordinary or extra ordinary shall be called by at least 14 days notice in writing The notice shall specify the date ,place and time of the meeting

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