Except that they are not mummies or fossils or samples of pottery dug out from the depths of history, but curious laws that have no relevance in modern India.Kicking off efforts to implement PM Modi's ambitious plan to do away with these obstructionist and archaic specimens, the Cabinet Secretariat has sent letters to all ministries to draw up a list of Acts that were getting in the way of smooth administration, and a better business climate, so that they can be repealed.Fine Arts, Science, Museums, Libraries, educational endeavors, think tanks etc may all be registered under these.Voluntary Social Welfare Organizations Ordinance 1961 covers the welfare of the disadvantaged members of society women, children, oppressed religious and ethnic minorities and other backward classes of people , delinquents, handicapped people, beggars, destitute and poor, senior citizens, socially handicapped people or for parents education, social welfare in general etc.The Rules and Regulations, certified by not less than 3 members of the Managing Committee, must contain obligatory clauses relating to: A trust is a ‘gift’ of property to a person or institution providing benefit to both parties.In order to create a trust it is necessary that there should be a creator or author of the trust, a person in whom confidence is reposed, i.e.the names and addresses of the promoters, directors, trustees, president, secretary, treasurer, manager and other office bearers, as the case may be, of the organisation, and indicating clearly their family relationships, if any, with each other; an evaluated and certified report with regard to the performance of the organisation for achieving its aims and objects during the preceding financial year preceding the date on which application is welfare organisations other than Trusts for the quorum of a meeting of the members of the body to be not less than four or one-third of the total number of the members of such body, whichever is greater;where the organisation is a Trust as defined in the Trust Act, 1882, for the quorum of a meeting of the members to be not less than three or one-third of the total number of the members of such a body, whichever is greater;for the transfer of its assets, in the event of its dissolution, after meeting all liabilities, if any, to another organisation which is an approved non-profit organisation, within three months of the dissolution under intimation to the Commissioner;for prohibiting any portion of its money, property or income being paid or transferred directly by way of dividend, bonus or profit to any of its members or the relative or relatives of a member or members;for prohibiting the making of any changes in the constitution, memorandum and articles of association, trust deed, rules and regulations or bye-laws, as the case may be, without the prior approval of the Commissioner; and Provided that such surpluses or monies set apart are invested in Government securities, NIT units, a collective investment scheme authorized or registered under the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003, mutual fund, a real estate investment trust approved and authorized under the Real Estate Investment Trust Rules, 2006, On receipt of the application, the Commissioner may make such inquiries or call for such further information as the Commissioner may deem necessary and after completion of formalities may approve the organization for the purpose of clause (36) of section 2 of the Ordinance.Like those ancient specimens in a museum, they have been around for decades and centuries.
However, if the objectives are not clear, unlike the private trusts, these trusts would be sustained as long as there is an intention of charity.b) which is registered under any law as a nonprofit organization and in respect of which the Commissioner has issued a ruling certifying that the person is a nonprofit organization for the purposes of this Ordinance; and The following heads of income are exempt from tax for any trust or charitable organisation established under any legal obligation (e.g.
Muslim Waqf, Societies Registration Act 1860, Charitable Endowments Act 1890, the Social Welfare Agencies (Registration and Control) Ordinance 1961 or the Companies Ordinance 1984).
In order to get approval from the Commissioner of Income Tax pursuant to the Ordinance an application must be made in the prescribed form (detailed in Rule 211) and the application form must be signed by the President or Secretary of the organisation.
of each beneficiary.explanation.-for the purposes of this section, a beneficiary means the settler, his family, children and descendants.since section 9 refers to muslim trusts 'referred to in section 3 of the musalman wakf validating act, 1913', it would be proper to set out the provisions of section 3 of the musalman wakf validating act, 1913. power of mussalmans to create certain wakfs.-it shall be lawful for any person professing the ..... definitions.- in this act, unless there is anything repugnant in the subject or context,-(1) 'wakf' means the permanent dedication by a person professing the mussalman faith of any property for any purpose recognized by the mussalman law as religious, pious or charitable.3.
the provisions of musalman law, for the following among other purposes :-(a) for the maintenance and support wholly or partially of his family, children or descendants, and(b) where the person creating a wakf ..... power of mussalmans to create certain wakfs.- it shall .....