Trust n cooperatives general body n exicutie committee
WELCOMEPresented by Fathima Nasheeda.PK
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 level1. 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 ofthe society and implements the decisions ofthe members. As our Constitution is weddedto a socialistic pattern of society, it is a part ofthe Government policy to promote andencourage establishment of cooperativesocieties.Therefore, cooperative societies enjoyseveral benefits provided by the Governmentfrom time to time . But in order to get thosebenefits the society must have to registerunder 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 sucha meeting can be convened at any time withfortnights notice to all members. In the case ofrequisitioned meeting, if the number ofmembers present does not exceed the joinstrength of the council and the requisition themeeting shall stand dissolved. Every general body meeting weatherannual, ordinary or extra ordinary shall be calledby at least 14 days notice in writing The noticeshall specify the date ,place and time of themeeting