https://indianpedia.org/index.php?action=history&feed=atom&title=Indian_Trusts_Act_1882Indian Trusts Act 1882 - Revision history2026-07-31T21:31:22ZRevision history for this page on the wikiMediaWiki 1.45.4https://indianpedia.org/index.php?title=Indian_Trusts_Act_1882&diff=122879&oldid=prev>Harshaaah23 at 17:12, 17 June 20212021-06-17T17:12:00Z<p></p>
<p><b>New page</b></p><div>{{Short description|Indian law regulating Trusts}}{{use dmy dates|date=June 2016}}<br />
{{use Indian English|date=June 2016}}<br />
{{Infobox legislation<br />
|short title = THE INDIAN TRUSTS ACT, 1882<br />
| citation = ACT NO. 2 OF 1882 <br />
| enacted_by = [[Imperial Legislative Council]]<br />
|date_commenced = March 1,1882<br />
| status = in force<br />
}}<br />
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'''Indian Trusts Act, 1882''' is a law in India relating to private trusts and trustees. The Act defines what would lawfully be called as a trust and who can legally be its trustees and provides a definition for them. The Indian Trusts Amendment Bill of 2015 amended the Act and removed some restrictions on investment of the monetary assets by the trust in certain investments. But at the same time, it enabled the government to scrutinise the trusts' investments at will<ref name="auto">{{cite web |title=The Indian Trusts (Amendment) Bill, 2015 |url=https://www.prsindia.org/uploads/media/Indian%20Trust/Indian%20Trusts%20Bill,%202015.pdf}}</ref><ref>{{cite web |title=The Indian Trusts Act, 1882 |url=http://www.bu.edu/bucflp/files/2012/01/Indian-Trusts-Act-No.-2.pdf |archive-url=https://web.archive.org/web/20150213044123/http://www.bu.edu/bucflp/files/2012/01/Indian-Trusts-Act-No.-2.pdf |url-status=dead |archive-date=2015-02-13 |website=bu.edu}}</ref><br />
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==Content==<br />
The Act defines how the author of the trust could create a trust and assign trustees and assign his monetary assets to be controlled by the trust. This trust should have a clear definition of the following:<ref>{{cite web |title=Trust: An effective vehicle for succession and estate planning |url=http://articles.economictimes.indiatimes.com/2011-07-18/news/29787429_1_private-trusts-estate-planning-indian-trusts-act |archive-url=https://web.archive.org/web/20131127041743/http://articles.economictimes.indiatimes.com/2011-07-18/news/29787429_1_private-trusts-estate-planning-indian-trusts-act |url-status=dead |archive-date=27 November 2013 |website=The Economic Times |date=July 18, 2011}}</ref><ref name="auto"/><br />
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* Intention by the author to create the trust<br />
* Purpose of the trust<br />
* The beneficiary of the monetary assets controlled by the trust<br />
* The monetary assets assigned to the trust for the purpose defined above<br />
* Grants control of the monetary assets to the trustee which can include the author of the trust<br />
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In addition the act also explains trustees <ref name="auto"/><br />
* have to be impartial<br />
* can not convert property and monetary assets to profitable property outside the limits of the purpose for which the trust was created<br />
* have to understand completely the statutes of the trust<br />
* can benefit from being the trustee by claiming expenses and salary from the trust for his work<br />
* can sometimes act singly if required<br />
* cannot breach the trust of the author or the purpose of the trust<br />
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In addition investments of a trust if found to be against the law of the land can be the cause of dissolution of the trust and action can be taken against the trust<ref>{{Cite web|url=https://indiankanoon.org/doc/470004/|title=The Indian Trusts Act, 1882|website=indiankanoon.org}}</ref><br />
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==See also==<br />
*[[English trusts law]]<br />
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==References==<br />
{{reflist}}<br />
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{{Indian legislations}}<br />
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[[Category:Wills and trusts]]<br />
[[Category:1882 in India]]<br />
[[Category:1882 in law]]<br />
{{Financial services in India}}<br />
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