Trusts

Trusts–
Trusts can be of two types – private trusts where beneficiaries are certain specified individuals or groups and public trusts where beneficiary is public at large.–
Private trusts are governed by Indian Trust Act, 1882, public trusts are governed by Public Trusts Act of the concerned state.–
The docuinent creating a trust is called ‘trust deed’. Public Trusts are registered with the Charity Commissioner.–
The operation and other aspects of the bank account are to be conducted as per the Trust Deed. If trust deed is silent about operational authority, all trustees have to operate the account jointly.–
Stop- payment will be as per operational authority. Revocation of stop payment as per operational authority.–
Trustees can’t delegate their powers to an outsider even by mutual consent.–
Loan to a trust Loan can be allowed provided it is permitted by Trust Deed and it is for the purposes of Trust.–
On the death of a trustee, the trust property is passed on to the next trustee while in the event of death of sole trustee or last surviving trustee, the court can appoint a trustee.–
Death or insolvency of a trustee does not affect the trust property and the bank can pay cheques issued by the deceased trustee prior to his death.

Accounting & Finance for Banking

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