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Deed of Trust

THIS DEED OF TRUST made at Mumbai this ____ day of April, 2015 made Between Dr. Manohar G Nariani, Aged 69 years of Mumbai Indian Inhabitant having his address at D1, Sea Face Park, B. Desai Road, Mumbai 400026 hereinafter referred to as the `Settlor' (which expression shall unless repugnant to the context or meaning thereof shall be deemed to mean and include his heirs executors administrators and assigns) of the One Part AND (1) Dr. Manohar G Nariani, Aged 69 years of Mumbai Indian Inhabitant having his address at D1, Sea Face Park, B. Desai Road, Mumbai 400026 (2) Dr. Niranjan Agarwal, Aged 48 years  of Indian Inhabitant having his address at B/5, Salasar Clinic, Fatak Road, Near Nagar Bhavan Hall, Bhayander (West), Dist Thane 401101, (3) Dr Manmal Manikchand Begani, Aged 66 years of Mumbai Indian Inhabitant having his address at Konark Empress, 3rd Floor, Dr. E. Moses Road, Worli Naka, Mumbai 400018, (4) Dr Shekhar Onkarrao Suradkar, Aged 58 years of Mumbai Indian Inhabitant having his address at 1101/7, Wimbledon Park, Near Cadbury, Thane (West), Pin 400606, (5) Dr Kishore Ichilampady Adyanthaya, Aged 63 years of Mumbai Indian Inhabitant having his address at Pinnaroo, Plot No 15, 16th Road, TPS III, Bandra (West), Mumbai 400050 and (6) Dr Parvez Sheikh, Aged 54 years, also of Mumbai Indian Inhabitant having his address at Flat No 13, Laud Mansion, 21 M. Karve Road, Mumbai 400004 hereinafter referred to as the “Trustees” (which expression shall unless repugnant to the context or meaning thereof  shall be deemed to mean and include their respective heirs, executors, administrators and assigns) of the Other Part

WHEREAS
a     The Settlor is well and sufficiently entitled to a sum of Rs 5,000/- (Rupees Five Thousand Only) which he is desirous of creating a trust called "MUMBAI COLORECTAL FOUNDATION TRUST” (hereinafter referred to as the said Trust) for carrying out public charitable objects relating to (a) promote and encourage development and advancement of Colorectal Surgery, (b) conduct medical / surgical camps for diagnosis & Rx of colorectal disease, (c) support, organise and encourage clinical and research programs pertaining to colorectal surgery, (d) conduct program for awareness about colorectal disease amongst general public, (e) organise scientific meetings, seminars, symposia and educational, teaching / training program for doctors, (f) promote establishment of close co-ordination between the existing institutes / hospitals specialising in general & colorectal surgery and the teaching institutions and universities in Maharashtra, (g) establish closer contacts with the organisation promoting colorectal surgery in India and abroad, (h) publish brochures, periodicals and other material pertaining to colorectal surgery, (i) advise institutions, hospitals and government concerning teaching, training of medical students (under graduates and post graduates) research and such other matters pertaining to colorectal surgery and to suggest way and training of paramedical personnel required for development of surgery, (j) bring together in one corporate body all qualified surgeons actively practicing or interested in colorectal surgery, (k) organise programme for advancement of Colorectal Surgery, (l) advancement and propagation for medical education which shall include all sorts of aids to medical education like scholarships, loans, libraries, reading rooms, donations to establishments and educational institutions, (m) organise study tours of members for advancing their knowledge for colorectal diseases, (n) medical relief to the poor, (o) advancement of any other object of general public activity but not involving the carrying on of any activity of profit, (p)  opening and establishing hospital and medical educational institutions in India irrespective of caste, colour, class, community, creed, race and relief of poor and advancement of any object of general and/or public utility and so that such benefit may be given directly by the said Trust;

b     The Settlor being inter alia, is absolutely seized and possessed of the sum of Rs 5,000/- (Rupees Five Thousand Only) in cash set apart by him for charitable purposes hereinafter mentioned is desirous of setting the said sum of Rs 5,000/- (Rupees Five Thousand Only) UPON TRUST as nucleus of starting a fund for said Trust for public charitable purpose and subject to the powers and provisions hereinafter declared and concerning the same in the manner hereinafter appearing;
c     The Settlor has handed over prior to the execution of these presents the sum of Rs 5,000/- (Rupees Five Thousand Only) to the Trustees to be held as the corpus of the Trust;
d     It is the desire of the Settlor that the corpus of the Trust may be further augmented from time to time by the flow of funds and other assets by way of gifts and/or  subscriptions and/or donations; and
e     The Trustees have consented to act as Trustees of these presents and to hold the said sum of Rs 5,000/- (Rupees Five Thousand Only) upon the Trust and these presents;

NOW     THIS INDENTURE WITNESSETH that in pursuance of the aforesaid desire and for carrying out such desire into effect the Settlor do hereby grant transfer and assign unto the said Trustees the said sum of Rs 5,000/- (Rupees Five Thousand Only) by way of corpus AND NOW the parties hereto are desirous of recording the purposes, objects, uses as also the terms and conditions of the said Trust as follows:

1.    The Trustees shall stand possessed of the said sum of Rs 5,000/- (Rupees Five Thousand Only) and the profits and income thereof and the stock, fund, securities, donations, contributions, subscriptions, and amalgamations that may hereafter be collected by the Trustees under these presents and the properties movable and immovable for the time being representing the same respectively (hereinafter for the sake of brevity referred to as "The Trust Fund") upon the Trust and subject to the powers, provisions, agreements and declarations hereinafter declared and contained of and concerning the same that is to say:-

a     Upon Trust in the first instance to collect dividends, interest, rents, profits and other income of the Trust Funds (hereinafter for the sake of brevity referred  to as "The Income of the Trust Funds") and from and out of the same in the first place pay all the proper costs, charges and expenses of the Trust Funds and incidental to the collection thereof and all outgoing payable in respect of the Trust Funds and incidental to the collection thereof and all outgoing payable in respect of the Trust Funds and any immovable property or properties for the time being subject to the Trust hereof as also the costs, charges and expenses of and incidental to the execution, management and administration of the trust and powers herein contained.
b     Subjects to the provisions of sub-clause (a) of this clause, the Trustees shall hold the Trust Funds upon trust (so that as far as practicable the corpus shall always remain intact and only the income thereof shall be used, but with liberty to the Trustees at their discretion to use the corpus from time to time either wholly or in part or parts) for the public charitable purpose including:

(a) promote and encourage development and advancement of Colorectal Surgery;
(b) conduct medical / surgical camps for diagnosis & Rx of colorectal disease;
(c) support, organise and encourage clinical and research programs pertaining to colorectal surgery;
(d) conduct program for awareness about colorectal disease amongst general public;
(e) organise scientific meetings, seminars, symposia and educational, teaching / training program for doctors;
(f) promote establishment of close co-ordination between the existing institutes / hospitals specialising in general & colorectal surgery and the teaching institutions and universities in Maharashtra;
(g) establish closer contacts with the organisation promoting colorectal surgery in India and abroad;
(h) publish brochures, periodicals and other material pertaining to colorectal surgery;
(i) advise institutions, hospitals and government concerning teaching, training of medical students (under graduates and post graduates) research and such other matters pertaining to colorectal surgery and to suggest way and training of paramedical personnel required for development of surgery;
(j) bring together in one corporate body all qualified surgeons actively practicing or interested in colorectal surgery;
(k) organise programme for advancement of Colorectal Surgery;
(l) advancement and propagation for medical education which shall include all sorts of aids to medical education like scholarships, loans, libraries, reading rooms, donations to establishments and educational institutions;
(m) organise study tours of members for advancing their knowledge for colorectal diseases;
(n) medical relief to the poor;
(o) advancement of any other object of general public activity but not involving the carrying on of any activity of profit;
(p) opening and establishing hospital and medical educational institutions in India ;
(q) To open and run hospital and medical institutions in India;

c    That notwithstanding anything herein before or hereafter contained, the income as also the corpus of the Trust Funds shall be applied and be applicable only to or for such public charitable objects and subject to such conditions or limitations, if any, as may from time to time be laid down in the Income Tax Act, 1961, or any other Act governing the taxation of Income as well ensure or make the Trust hereby established and its income as eligible for exemption from taxation under the Income Tax Act, 1961 or any replacement or re-enactment thereof or modification thereof or under any other Government taxation for the time being in force in India.

d    And further so that the Trust hereby established shall be one to which the provisions of Section 80 G of the Income Tax Act, 1961 or any replacement or re-enactment or the modification thereof for the time being in force shall apply so that any donation thereto be recognised eligible for exemption or relied from tax in regard to the Donor.

2    Without prejudice to the generality of the foregoing objects or purposes but subject as aforesaid IT IS HEREBY DECLARED that the Trustees shall in each year apply the income of the Trust Funds and may at the discretion at any time and from time to time apply also the Trust Funds or any part or parts of the Trust Funds in or towards any one or more of the following objects or purposes (which according to the taxation laws be public charitable objects or purposes) to the exclusion of the other or others of them in such proportion and manner in all respects without distinction or irrespective of religion, caste or creed as the Trustees may in their absolute discretion think proper, that is to say :
(a) promote and encourage development and advancement of Colorectal Surgery;
(b) conduct medical / surgical camps for diagnosis & Rx of colorectal disease;
(c) support, organise and encourage clinical and research programs pertaining to colorectal surgery;
(d) conduct program for awareness about colorectal disease amongst general public;
(e) organise scientific meetings, seminars, symposia and educational, teaching / training program for doctors;
(f) promote establishment of close co-ordination between the existing institutes / hospitals specialising in general & colorectal surgery and the teaching institutions and universities in Maharashtra;
(g) establish closer contacts with the organisation promoting colorectal surgery in India and abroad;
(h) publish brochures, periodicals and other material pertaining to colorectal surgery;
(i) advise institutions, hospitals and government concerning teaching, training of medical students (under graduates and post graduates) research and such other matters pertaining to colorectal surgery and to suggest way and training of paramedical personnel required for development of surgery;
(j) bring together in one corporate body all qualified surgeons actively practicing or interested in colorectal surgery;
(k) organise programme for advancement of Colorectal Surgery;
(l) advancement and propagation for medical education which shall include all sorts of aids to medical education like scholarships, loans, libraries, reading rooms, donations to establishments and educational institutions;
(m) organise study tours of members for advancing their knowledge for colorectal diseases;
(n) medical relief to the poor;
(o) advancement of any other object of general public activity but not involving the carrying on of any activity of profit;
(p) opening and establishing hospital and medical educational institutions in India ;
(q) To open and run hospital and medical institutions in India;

3    The Public Charitable Trust hereby established shall be designated as MUMBAI COLORECTAL FOUNDATION TRUST and the said name shall never be changed. The Trust office shall be at Flat No 13, Laud Mansion, 21 M. Karve Road, Mumbai 400004 and/or at such other place or places as the Trustees may from time to time determine.

4    The said (1) Dr. Manohar G Nariani, (2) Dr. Niranjan Agarwal, (3) Dr Manmal Manikchand Begani, (4) Dr Shekhar Onkarrao Suradkar, (5) Dr Kishore Ichilampady Adyanthaya and (6) Dr Parvez Sheikh shall be the permanent trustees. The permanent trustees shall nominate a maximum of six (6) temporary trustees. The temporary trustees shall hold office for one year or earlier removed from office for misconduct or a cause sufficient to the satisfaction of the said permanent trustees.  

5    The Trustees shall be entitled from time to time as they think fit and at their absolute discretion to sell and convert the Trust Funds or any portion thereof.

6    All moneys forming part of the Trust Funds and requiring investment shall be invested in the name of the Trust in or upon any of the securities authorised by law for investment of Trust Funds or in the purchase of shares (Preference or Equity) of any Company or companies or in or upon the purchase of first legal mortgage or immovable properties. The Trustees shall also be entitled to keep and maintain the account or accounts of the Trust and the investments of the full or part of the Trust Funds with any person or persons, companies (whether public or private), firm or firms or any other firms or institutions as they may in their absolute discretion think fit subject nevertheless to the compliance of all legal formalities necessary and under the laws for the time being in force relating to the public charities.

7    Trustees shall have powers to appoint any two from amongst themselves by majority one as Chairman and other as Managing Trustee and to delegate to them such powers and authorities and subjects to such conditions as Trustees may from time to time decide.  Managing Trustee is responsible for day-to-day management and administration of trust affairs.  The Chairman and in his absence Managing Trustee shall preside at all meetings of the Trusts and in their absence the Trustees present shall be entitled to elect a Chairman for such meeting from those present at the meeting.  For the better management of the Trust if the Trustees desire to elect the President, Secretary and Treasurer among themselves they are empowered to do so and to allocate, grant or delegate such functions or powers as the trustees may deem fit.

8    The Trustees shall have power in their discretion so far as the income of the Trust Funds or any part thereof shall not be applied in and upon the Trusts under these presents, to invest and accumulate the same in the names of the Trustees in any investments permitted under these present with power to the Trustees at their discretion to vary and transpose any investment for other is hereby authorised.  The Trustees shall stand possessed of such accumulation upon the same trusts as are hereby declared of any concerning the Trust Funds PROVIDED ALWAYS that the Trustees shall be at liberty to apply the whole or any part or parts of such accumulations at any time in or towards the Trusts herein contained as if the same had been the income arising in the year in which the same shall be so applied.

9    The Trustees shall have power in their discretion to accept upon such terms as they may think fit any donations or contributions which any person may be desirous of making to the Trust Funds (whether such donations, contributions be of money, shares and securities, debentures, bonds, stocks, and / or other property, movable and or immovable) PROVIDED ALWAYS THAT the terms upon which such donations, or contributions shall be accepted shall not, in any way, be inconsistent with or repugnant to the objects of these presents and shall only be for the purpose of the Trusts created under these presents to be utilised only in furtherance of its objects PROVIDED ALWAYS IT IS HEREBY AGREED AND DECLARED that save as otherwise expressly provided by the terms of the donations or contribution aforesaid the Trustees shall, in their absolute discretion, be entitled to treat such donations or contributions of any part thereof as part of the corpus of the Trust Funds or to utilise such donations or contributions or any part thereof for the furtherance and fulfilment of the objects of the Trust.

10    The Trustees shall keep the movable and immovable properties from time to time forming part of the Trust Funds in good condition and duly insured.

11    The Trustees shall be entitled to open and maintain in the name of the Trust Bank Account or Accounts with any Bank or Banks as they shall from time to time decide and all moneys so far as possible, shall be paid in such account or accounts. The permanent trustees shall only be entitled to open and operate banks accounts.

12    The Trustees shall have full power to apportion the Trust Funds and to compromise or compound all actions suits and other proceedings and all differences or demands and refer any such differences or demands to arbitration and to adjust, settle and approve all accounts relating to the Trust Funds and to execute, release and to do all other things relating thereto respectively as full  as if they were absolutely entitled to the Trust Funds and without being answerable for the loss occasioned thereby.

13    The Trustees shall be empowered to carry on any trade, industry or exhibition which in the opinion of the trustee and subject to the provisions of Indian Income Tax Act and the Bombay Public Trust Act for the time being in force are permissible and are essential, incidental or conducive to the attainment or for the fulfilment of all or any of the objects of the trusts.

14    The number of Trustees of these presents shall not be less than 4 and not more than 12 in number and the Trustees shall be entitled to appoint additional Trustee or Trustees as and when the Trustees deem fit. The said Trustees of these presents shall act as Trustees for life or until they resign or otherwise vacate their office or are removed as hereinafter contained. However, any of the said Trustees may at any time resign his/her office of the Trustee by giving one month's notice to all his/her co-trustees and upon the expiry of such period, such Trustees shall be deemed to have vacated his/her office.
15    In case any of the said Trustees for the time being of these presents shall become bankrupt, mentally incompetent to work duly declared by a qualified doctor, or insolvent or shall be convicted of any criminal offences involving moral turpitude then and in every such case it shall be lawful for the other Trustees to give notice to such Trustee/s so becoming bankrupt or insolvent or mentally incompetent, or being convicted of any criminal offence involving moral turpitude by notice at his/her last known address intimating that he/she is removed as Trustee/s of these presents shall cease to be the Trustee/s of these presents and such Trustee/s shall after receipt of such notice and whenever called upon to do so, do all necessary acts on his/her part to vest in the said Trust Funds in the continuing Trustee or Trustees or any such continuing Trustee or Trustees jointly with the new Trustee/s to be appointed under the provisions on that behalf hereinafter contained.

16    In case and so often as the Trustees hereby constituted or any of them or any future Trustee or Trustees of these presents be removed or shall die or go to reside abroad or desire to retire or refuse or become incapable to act in the Trust hereof or take the benefit of the insolvency law for the time being in force then and in every such case it shall be lawful for the surviving or continuing Trustee/s for the time being of these presents (and for this purpose the retiring or refusing Trustees shall if willing to act in the exercise of this power be considered a continuing Trustee) to appoint a new Trustee.

17    Upon every such appointment of the Trustees as aforesaid the Trust Funds shall be so transferred as to become vested in the New Trustee or Trustees either jointly with the continuing Trustee/s or solely as the case may require and every newly appointed Trustee/s as well as before and after the said Trust Funds shall have become vested in him/them shall have all the powers and authorities of the Trustees under these presents.

18    The Trustees shall ordinarily transact their business in a duly invited and assembled meeting which should take place at least once during every 3 (three) months.  In case of urgency or whenever all the Trustees agree to the course of the business of the Trust under these presents as regards the matters about which they may have agreed to such business may be transacted by a written circular to be issued by or at the instance of a Trustee and circulated among the Trustees for recording their opinion, vote suggestion on matters under consideration.  The vote of the majority shall prevail at the meeting or on a voting by circular as aforesaid.  The Chairman of the Meeting shall have an additional or casting vote in case of equality of votes. The Trustees shall keep and maintain proper minute books in respect of all the meetings of the Trust and of all circular resolutions passed by them from time to time and other necessary books and records.

19    Minimum three Trustees shall form a quorum at all meetings of the Trust.  Two out of the Three Trustees shall be permanent Trustees for a valid quorum. On the circular all the Trustees for the time being of these presents must record their votes before any action can be taken on the subjects of the circular.

20    The Trustees may, as and when required, from amongst themselves appoint an honorary or paid secretary and such secretary shall carry out such work under the direction, supervision and guidance of the Chairman as the Trustees may from time to time assign or entrust to him. The trustees may also employ persons on wages, fee, salary or honorarium to conduct the business or part of the business relating to the objects of the trust or any other function necessary or appurtenant to the functioning or objects of the trust. The trustees may delegate their functions to such employee or to a third person as they deem fit.

21    The Trustees may, purchase or rent or hire a place for their office for holding meetings of the trustees and transacting the business of the Trust and furnish it with necessary furniture at the cost and expenses of the Trust Funds.

22    All records, minutes books, title deeds, securities, account books, vouchers, papers and documents relating to the Trust shall remain in the custody of such person or persons and at such place or places as the Trustees may from time to time determine. Records, minutes accounts and correspondence may be maintained on computer or other electronic storage device.

23    The Trustees shall keep proper books of account in which all receipts and expenditure relating to the Trust shall be entered and such books shall be kept at the office of the Trust.  The Accounting year of the said Trust shall be financial year beginning from 1st April and ending on 31st March of each calendar year.  The Trustees shall in each financial year have made and prepared all proper accounts of receipts and expenditure in connection with the management of the Trust for the preceding year showing separately several heads of receipts and expenditure and such accounts shall be audited by a Chartered Accountant appointed from time to time by the Trustees.

24    The Trustees shall be entitled to make rules and regulations for the management of the Trust and all matters relating to the Trust and Trust Funds and their management including the conduct of the meeting of the Trustees PROVIDED such rules and regulations shall not be repugnant to the provisions hereof or offend against the purposes of the Trust or be inconsistent herewith.

25    Any Trustee (other than the Settlor) being lawyer, accountant or other person engaged in any profession or business shall be entitled to be paid all the usual professional or proper charges for the time expended for business transacted and acts done by him or any partner of his in accordance with the Trust hereof. (including acts, which a Trustee not being in any profession or business could have done personally, inspire of the fact that he shall be trustee of these presents).

26    The Trustees shall be entitled at their discretion to engage services of any Solicitors, Attorneys and Legal Advisors and other persons and to appoint local committees at any place or places as they may think necessary for carrying out the Trust or the management thereof and if and when they shall think fit to employ and pay out of the Trust Funds charges and remuneration and/or salary to any person or persons so appointed to do any act or acts including the receipts of money although they or someone of them could have done that or those acts and any of the Trustees being a person engaged in any profession or business or any firm of which he shall be a member as if he or they shall in the performance of the Trust or the exercise of the powers hereby created do any act or acts which only a person engaged in that profession or business or any firm of which he shall be a member may if he or they shall in the performance of the Trust or the exercise of the powers hereby created do any act or acts  which only a person engaged in that profession or business can do make and be paid out of the Trust Fund such charge or charges for the act or acts done by him or his firm as aforesaid as he or they might make and recover if that act or those acts had been performed for or at the request of any person for whom that Trustees was not a Trustee.

27    The receipt in writing of any two Trustees for the time being of these presents for any interest, dividend or income of the Trust properties or for any deeds, papers, writings, documents or other moneys and effects payable or deliverable to the Trustees shall be a sufficient and effectual discharge for the same respectively or for so much thereof respectively as in such receipt or receipts shall be expressed or acknowledge to or to have been received and the person or persons to whom or in whose favour the same shall be given, his, her or their heirs, executors, or administrators shall not after wards be in anywise obliged or concerned to see to the Application of the moneys, property and effects therein mentioned and acknowledged to be received or be answerable or accountable for the loss, misapplication or non-Application thereof.

28    The Trustees for the time-being of these presents shall be respectively chargeable only for such moneys stocks, funds deposits and securities, as they shall actually receive notwithstanding their respectively signing any receipts for the sake of conformity and shall be jointly answerable or accountable only for their own acts, receipts, neglect and defaults and not for those of each other nor for any bankers, auctioneers or any other persons with whom or into whose hands any trust moneys or securities may be deposited or come in accordance with these presents nor for the insufficiency or deficiency or any stock, funds, deposits or securities not for any defects or insufficiency of title nor for any other losses unless the same shall happen through their own wilful default respectively.

29    The Trustees for the time being of these presents are entitled to reimburse themselves or pay and discharge out of the Trust Funds all expenses incurred in or about the execution of the Trusts and power of these presents.

30    In case of any difference of opinion among the said Trustees for the time being in any manner concerning the said Trust including interpretation of these presents, the power of appointment of the Trustees or any other matter of or relating to the Trust or its business, the opinion of the majority shall prevail and be binding and conclusive. In case of a tie, the Chairman will have a casting vote and his/her opinion or vote shall prevail and be binding.

31    The Trust Funds shall be administered and managed in accordance with provisions contained in these presents and the rules and regulations which may from time to time be framed by the Trustees hereunder PROVIDED ALWAYS AND IT IS HEREBY AGREED AND DECLARED that the Trustee or Trustees for the time being of these presents shall have power from time to time to alter or to add to the said rules and regulations which shall not offend against the objects and purposes of these presents or be inconsistent therewith.

32    The Trust Funds shall be administered and managed in accordance with provisions and IT IS HEREBY EXPRESSLY AGREED AND DECLARED THAT the Trustees shall have the power by an unanimous resolution in that behalf to modify enlarge or terminate any of the objects and purpose of these presents or any other power or provisions of these presents without however affecting in any way the general object and purpose of the Trust for utilising the Trust Funds for the charitable and cultural purpose only for the benefit of all without any discrimination of caste, creed and religion and to the intent that the Trust Fund and the income thereof shall at all times hereafter be utilised for such charitable purposes only and not otherwise and on the Trustees resolving to terminate any particular object or purpose of any particular power or provision as aforesaid the same shall thereafter cause to be applicable but without prejudice to the rights of the Trustees by similar unanimous resolution in restore any such object or purpose power or provisions either in the original form or with such modification thereto as the Trustees may consistently with the provision of this clause determine PROVIDED ALWAYS that notwithstanding anything hereinabove, or hereinafter contained the income as also corpus of the Trust Funds shall be applied and be applicable only to or for such charitable and educational purposes and objects only and within such territories only and subject to such condition or limitation if any as may from time to time be laid down in the Income Tax Act, 1961 or any other Act governing the taxation of income as well ensure or make the Trust hereby established and its income as eligible for exemption from taxation under the Income Tax Act, 1961 or any replacement or re-enactment or modification thereof or under any Act governing taxation for the time-being in force in India and further so that the Trust hereby established shall be to which the provisions of Sections 80G of the Income Tax Act, 1961 or any replacement, re-enactment or modification thereof for the time being in force shall apply so that any donation there to be recognised eligible for exemption or release from tax in regard to the owner.

33    IT IS HEREBY DECLARED that the Trust shall be and remain irrevocable for all times to come but in case the Trustees so decide unanimously, they may hand over the corpus of the Trust Fund to any other Trust or Institution or Society being a Society registered under the Societies Registration Act, 1960 having identical or similar objects and purposes on such terms and conditions as the Trustees may think to impose at the time of handing over the Trust Fund to the intent and purpose that thereafter the Trust Fund shall be owned and managed by such Trust, Institution for Society for the purpose of their objects.

IN WITNESS WHEREOF THE Settlers and the said Trustees have hereunto set and subscribed their respective hands the day and the year first hereinabove written:-
 
 _________                    __________
Dr. Manohar G Nariani            Dr. Manohar G Nariani
(Settlor)                    (Permanent Trustee)

                        _________
                        Dr Niranjan Dhanraj Agarwal
                        (Permanent Trustee)


_________
                        Dr. Manmal Manikchand Begani
                        (Permanent Trustee)


                        _________
                        Dr. Shekhar Onkarrao Suradkar
                        (Permanent Trustee)


                        _________
                    Dr. Kishore Ichilampady Adyanthaya
                        (Permanent Trustee)


                        _________
                        Dr. Parvez Sheikh
                        (Permanent Trustee)