Specimen of a Private Specific Trust

This Indenture made at Bombay this ———————— day of ————————— 1994 between ————————————————— of Bombay Inhabitant, hereinafter called “The Settlor” (which expression shall include his heirs, executors and administrators wherever the context so requires or admits) of the One Part and ————————————————— and —————————————— all of Bombay, Indian Inhabitants, hereinafter called “the Trustees” (which term so far as the context will admit, will mean and include the survivors or survivor of them and the heirs, executors and administrators of such survivors or survivor and the Trustees or Trustee for the time being of these presents) of the Other Part.
Whereas:
1.	The Settlor being absolutely seized and possessed of or otherwise well and sufficiently entitled to a sum of Rs. ————— (Rupees ——————————— only) is desirous of settling the said sum of Rs. ———— (Rupees ———————————— only) for the benefit of A and B.
2.	At the request of the Settlor, the Trustees have agreed to act as the First Trustees of these presents, as is testified to by their joining in and executing these presents.
3.	In order to effectuate the said desire the Settlor has, prior to the execution of these presents handed over to the Trustees the said sum of Rs. ——— (Rupees ———————————————— only) to be held by the Trustees upon the Trusts and with and subject to the powers, provisions, declarations and agreements hereinafter contained of and concerning the same.
Now This Indenture Witnesseth As Follows:
1.	Interpretation
	In this Deed wherever the context permits the following terms shall mean:—
(a)	"Beneficiaries" means —
(i)	in relation to the income, A and B or their legal heirs
(ii)	in relation to the corpus, C and D or their legal heirs
(b)	"Trustees" means the trustees for the time being hereof
(c)	"Trust Fund" means:
(i)	the sum of Rs.————— (Rupees ——————————————————)
(ii)	all moneys investments on other property hereafter paid or transfered by any person or persons as may be accepted by the Trustees and additions to the Trust Fund
(iii)	the moneys, investments and property from time to time representing the said money, property and additions.
(d)	"Vesting date" means the ———— day of ————— 20 —— or such other earlier date as may be determined by the trustees for the time being.
2.	In consideration of the natural love and affection the Settlor bears towards the said A and B and in consideration of the premises and diverse other good causes and consideration herein hereunto moving, he, the Settlor, Doth Hereby Declares that he has paid, handed over and transferred and Both Hereby confirms such payment, handing over and transfer to the Trustees of the said sum of Rs. ————— (Rupees ————————————— only) and the full benefits and advantages thereof And All the right, title, interest, property, claim and demand whatsoever of the Settlor unto and upon the said sum of Rs. ————— To Have And To Hold the same unto the Trustees and the investments for the time being and from time to time representing the same upon the trusts and for the use, purposes and benefits and with and subject to the powers and provisions hereinafter declared and contained of and concerning the same.
3.	The name of the Trust shall be “———————————————— Trust”.
4.	The Trustees shall hold and stand possessed of the Trust Fund —————— upon the following trusts subject to the power provisions herein continued.
a)	To collect, receive and recover the income and interest on the Trust Fund and the investments for the time being and from time to time representing the same and pay thereout all rents, rates, taxes, assessments and charges for the collection thereof and  the insurance premium in respect of any immovable property for the time being forming part of the Trust Fund for securing the same against any loss or damage as the Trustees may deem proper and shall pay out the said rents, dividends, interest and other income, such amounts as the Trustees may in their discretion deem necessary for keeping the said immovable property in a proper state of repair and all other expenses of and incidental to the preservation of the Trust Fund and for the administration of the Trust hereby created as the Trustees may deem proper;
(b)	Until the vesting date, Trustees shall apply and expend the net income of the Trust Fund for the benefit of the said A and B in equal shares.
(c)	In the event of the death of A or B prior to the vesting date one-half of the net income of the Trust Fund shall be applied and expended for the benefit of the surviving beneficiary and the other half of the net income shall be applied and expended for the benefit of the legal heirs of the deceased beneficiary; if there be no surviving beneficiary, one-half share of the net income shall be applied and expended for the benefit of the legal heirs of A and B the other half share for the benefit of the legal heirs of B.
(d)	On the vesting date, the Trustees shall pay, distribute, transfer, convey and assign the Trust Fund to C and D in equal shares; provided that if the said C and /or D shall not be in existence on the vesting date, the Trustees shall pay and transfer the Trust Fund in equal shares between the surviving beneficiary and the legal heirs/children of the deceased beneficiary and if neither C nor D are living on  the date of distribution, the Trust Fund shall be divided one-half each between the legal heirs/children of C and the legal heirs/children of D.
5.	The Trustees shall have the power to receive and accept gifts, donations of any moveable or immoveable properties and such amounts as and when received shall form part of the Trust Fund.
6.	The Trustees will be entitled to invest all moneys liable and authorised in any one or more of the following:—
(a)	in any of the modes of investments authorised by the Indian Trust Act;
(b)	in moveable properties including shares, debentures, bonds, or securities of any joint stock company, corporation, Unit Trust of India or Mutual Funds or other Institutions;
(c)	as deposits (current, saving, fixed or any other) with banks, joint stock companies or partnership firm on such terms and conditions as the Trustees may in their discretion think fit;
(d)	in the purchase of any immovable property, whether freehold or leasehold;
(e)	in granting of loans to individuals, firms, association of persons, joint stock companies or otherwise whatsoever;
(f)	in carrying on business either by themselves or in partnership or otherwise as they may in their discretion think fit and close and restart any business and utilise the profits derived therefrom for the objects aforesaid.
	The Trustees shall have power to vary from time to time the investments for others of the same or of a like or different nature.
7.	Without affecting the generality of the powers, provisions and authorities vested in the Trustees under these presents, the Trustees shall have, in addition thereto and not in substitution thereof, the following powers and shall be entitled to execute all acts, documents and things necessary ancillary or incidental thereto that is to say:
(a)	To open and operate a Banking account/accounts of the Trust in any Bank or Banks of repute, in the name of the Trust or in the name of all of them. All amounts received by way of dividends, interest, rent, profits or other income shall be credited to the said amounts. Such accounts shall be operated by any one of the Trustees.
(b)	To borrow moneys or raise loans and funds required for any purpose, power or provisions either directly or indirectly connected with the objects of this Trust or for any object incidental  these presents.
(c)	To draw, make, accept, endorse, discount, execute and issue promissory notes, bills of exchange and other negotiable instruments.
(d)	To purchase, take on lease or sub-lease, leave and licence basis co-operative schemes or any other arrangements of in exchange hire or otherwise acquire or deal with or own any immovable or movable property and any rights, benefits or privileges which the Trustees may think necessary or convenient.
(e)	To purchase on ownership basis or take on rent or compensation residential flats, business premises, industrial sheds or factory premises, godown or open plot of land and let out the same or give on leave and licence basis or for compensation or warehousing charges or storage charges.
(f)	To construct, develop, maintain and alter any buildings, structures, industrial estates, factories or works of any nature whatsoever unnecessary or convenient or which the Trustees may in their absolute discretion think fit.
(g)	To sell, improve manage, develop, exchange, lease, mortgage, charge, pledge, hypothecate, dispose of or deal with all or any part of the Trust Fund and premises hereby settled or any part or parts thereof.
(h)	To organise agencies or offices or to make any other arrangements necessary for conducting and managing the Trust and to appoint such Agents and Representatives in that behalf as the Trustees may in their absolute discretion think fit.
(i)	To enter into partnership or joint ventures or other arrangements with any other person, firm, body corporate society, federation, association of individuals or otherwise, howsoever, for carrying on any business or businesses, industries or commercial activities for and on behalf of the Trust and to appoint any one or more of Trustees to be partners, representatives or nominees or nominee for and on behalf of the Trust to carry out or implement any such arrangements, as the case may be.
(j)	The Trustees may deposit any documents of title or any other papers or documents or certificates held by them relating to any movable or immovable property or relating to the Trust under these presents with any Bank or Bankers or any other persons, firms or company whatsoever for safe custody and may pay any such charges payable in respect of such deposits.
(k)	The Trustees, at their uncontrolled discretion instead of acting personally may employ and pay any agent, person or representative including any Bank or Insurance Company to transact any business or to do any act whatsoever in relating to the Trustees of these presents including the receipt and payment of moneys without being liable for loss and shall  be entitled to be allowed and paid all charges and expenses incurred thereby.
(l)	The Trustees shall be entitled from time to time to appoint on such terms as they may determine any manager or managers, officers, clerks or care-takers for any immovable or movable property subject to the provisions of this Trust and to pay them salary, wages, emoluments, fees, remuneration etc. as they in their absolute discretion think fit.
(m)	The Trustees shall have power to delegate any Power of Attorney to any Trustee or other person whomsoever any powers implied by law or conferred by stature or vested in the Trustees by these presents but the Trustees shall not be held liable or responsible for the acts or defaults of any such person or persons but only for their own respective acts or defaults.
8.	In the event of the Trustees purchasing an immovable property or properties out of money belonging to the Trust, it shall be lawful for the Trustees to repair, demolish or rebuild them as well as any other buildings or structures, out of the Corpus of the Trust Fund and to give lease of such properties on such term/terms of year or any monthly tenancy at such rent or rents and upon such conditions as the Trustees may in their absolute discretion think fit and to make allowance with tenants and other including power to condone breaches of covenants and to accept surrender of lease or tenancies and generally to have all powers of management of such immovable property or properties as absolute owners without being responsible for loss or damages that may happen thereby It Shall Also Be Lawful for the Trustees at any time in their discretion to sell such immovable property or properties or part or parts thereof or easements, rights, or privileges exercised or enjoyed in over for or upon or under such immovable property or properties and upon any such exchange to give or receive moneys for equality or exchange.
9.	The Trustees may make any such sale as aforesaid either by public auction or private contract and may make or agree to any stipulations or provisions as to title to evidence or commencement of title or otherwise to any conditions of sale or contract for sale or exchange and may buy in at any sale by auction and rescind or vary any contract and enter into any new contract for any of the purpose aforesaid without being responsible for any loss. The Trustees may execute assurance give effectual receipts for effectuating any such sale or exchange which they may think proper.
10.	The Trustees shall frame rules and regulations for the administration of the Trust and to conduct the affairs thereof, as they deem fit.
11.	In the event of any difference between the Trustees concerning the affairs of the Trust, the decisions of the majority of the Trustees shall prevail. The Chairman of the meeting shall have a casting vote.
12.	There shall not be at any time less than 2 or more than five Trustees of these presents. The Trustees shall have power t                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                cating the office of the Trustees, he or she shall do all necessary acts, deeds and things for duly transferring over the Trust Fund to the name or names of the new and/or additional Trustees or Trustee. All costs attending such transfer shall be borne out of income of the Trust Fund.
15.	If the Trustees hereby appointed or any of them or any future Trustees or Trustee hereof shall die or go to reside abroad for more than two consecutive years or shall desire to retire from or refuse or become unfit or incapable to act in the Trusts or these present or become insolvent or the Trustees shall be desirous of appointing an additional Trustee or additional Trustees which he/she or they are hereby authorised to do, then it shall be lawful for the surviving or continuing Trustees or Trustee of these presents and if thereby no surviving or continuing  Trustees then for the retiring or refusing Trustees or Trustee and failing them for the heirs, executors or administrators of the last surviving Trustee to appoint any other person or persons to be a Trustee or Trustees in place of Trustees or Trustee so dying or going to reside abroad for more than two consecutive years or desiring to be discharged or refusing or becoming unfit or incapable to act or being adjusted insolvent or as additional Trustee or Trustees as aforesaid with liberty upon such appointment to increase or diminish the number of Trustees for the time being but so that the number of Trustees of these presents shall at no time be less than two or more than five And Upon every such appointment the Trust Fund hereby settled and the investments for the time being representing the same shall be so transferred to become vested in the Trustee or Trustees so appointed and every Trustee or appointed may as well before as after such transfer act as fully and effectually as if he/she/they had been originally appointed a Trustee Provided Always that without prejudice to any other provisions of the law a Trustee of these present shall stand discharged from his/her office of Trustee or on his/her tending resignation of his/her office and on the same being accepted by the remaining Trustees of these presents Provided Further that notwithstanding anything herein contained to the contrary it shall be for the Trustees if they all unanimously agree in that behalf to appoint a Bank or a Company or the official Trustee of Bombay as a Trustee of these presents either solely or jointly with other Trustees and in such event the fees payable to such Bank or Company or the Official Trustee as a Trustee shall be paid out of the Corpus of the Trust Fund and the annual fees or other charges payable to such Bank or Company or Official Trustee shall be paid out of the income of the Trust Fund, Provided Further that in the  event of any Bank or Company being appointed a Trustee of these presents, the Trustee shall have power to adopt and add to the provisions of this Trust Deed such new clauses and powers relating to the administration of the Trust and the custody of the Trust Fund as such Bank or Company reasonably require and as are usually included in Trusts in which such Bank or Company may have been appointed a Trustee.
16.	It shall be lawful for the Trustees to borrow moneys either on the security of the Trust Fund or otherwise, for the purpose of making any payment in respect of any estate duty or gift tax or any other tax or duty in connection with the corpus of the Trust Fund or any part thereof so that the moneys may be borrowed at such rate of interest and on such terms as the Trustees may in their absolute discretion think proper Provided That any estate duty gift tax or any other tax or duty payable in respect of the Trust Fund shall be payable out of such fund respectively and the Trustees shall be entitled to be reimbursed in respect thereof from such fund liable for the same and to keep such fund with themselves until any such duty or tax in connection therewith shall have been paid or satisfied or until the statutory period in respect of the payment thereof shall have expired.
17.	These Trusts shall be and remain irrevocable for all times and the Settlor does hereby also release, relinguish, disclaim, surrender and determine all rights or powers, if any, which may have been reserved to him or which may be regarded as having been reserved to him either by these presents or otherwise howsoever to restore to him to reclaim any interest in the  Trust Fund and the investments for the time being representing the same or the income thereof to the Intent that the Trust Fund may be held by the Trustees upon the Trusts and with and subject to the powers, provisions, agreements and declarations contained in these presents to the entire exclusion of the Settlor and of any benefit to the Settlor.
18.	And it Is Hereby Further Agreed and Declared that the Trustees for the time being of these presents shall be respectively chargeable only for such Trust Funds and the income including moneys, stocks, funds, shares and securities as they shall respectively actually receive notwithstanding their respectively signing any receipt for the sake of conformity and shall be answerable and accountable only for their own acts, receipts, neglects or defaults and not for those of the others or other of them nor for any Bankers, Broker, Auctioneer or Agent of any other person or persons into whose hands any Trust Fund or Trust income may be deposited or come nor for lending on any security with less than marketable title nor for the insufficiency or deficiency of any stocks, funds, shares, securities nor any other loss unless the same shall happen through their own wilful default or dishonestly respectively And Also that the Trustees or Trustee for the time being of these presents may reimburse themselves or himself/herself and pay or discharge out of the Trust property or Fund all expenses incurred in or about the execution of the Trust or powers of these presents.
In Witness Whereof the parties hereto have hereunto set and subscribed their respective hands and seals the day and year first hereinabove written.

Signed, Sealed and Delivered
by the withinnamed “Settlor”
—————————————————
in the presence of —————————
Signed, Sealed and Delivered
by the withinnamed “Trustees”
—————————————————
in the presence of ———————