Deed of Appointment of New Trustees (with Transfer of Property) (India)

Deed of Appointment of New Trustees (with Transfer of Property)

THIS DEED is made at............................... this........day of.................between 1)...............................................of......................hereinafter referred to as "the Continuing Trustee" of the One Part, (2).................of................ hereinafter referred to as `the Retiring Trustee" of the Second Part, and (3)...................... of.................................. hereinafter referred to as the `New Trustee' of the Third Part;

WHEREAS --

1.     By a Deed of Trust (or Settlement) made on the..... day of.... between..... there in referred to as the Settlor of the One Part and.................&.........................herein referred to as the Trustees of the Other Part and registered at the office of the Sub-Registrar at..... under Serial No...... of Book-I, the said Settlor, granted and conveyed unto the Trustees the land and premises situate at..... and more particularly described in the First Schedule there underwritten (being the same as described in the First Schedule hereunder written) To Have And To Hold the same unto the said Trustees to the use and upon the Trusts and with and subject to powers, provisions, obligations and declarations therein contained.

2.     By the said Deed, the Settlor also assigned to the said Trustees certain securities and investments described in the Second Schedule there under written To Hold the same upon the trusts and with powers, provisions, obligations and declarations therein mentioned,

3.     The said Deed, inter alia, provides as follows --

"In case and so often as the Trustees hereby constituted or any of them or any future trustees or trustee 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 trusts hereof or is adjudged insolvent, then and in every such case it shall be lawful for the surviving or continuing trustees or trustee for the time being of these presents (and for this purpose the retiring or refusing trustee shall, if willing to act in the exercise of this power be considered as a continuing Trustee) to appoint a new trustee and upon every such appointment of the new Trustee, the Trust property shall be so transferred as to become vested in the new trustee along with the continuing trustee or trustees and every such new trustee as well as before or after the trust property shall have become vested in him shall have all the powers and authorities and subject to the obligations of the Trustees under these presents as if he was originally appointed by these presents."

4.     The Retiring Trustee desires to retire and has resigned as trustee of these presents.

5.     The Continuing Trustee under the power given to him by the Deed of Trust as hereinbefore recited has appointed.......... as New Trustee in place of the said Retiring Trustee and the New Trustee has accepted the appointment.

6.     It is proposed to execute this Deed so as to confirm...... appointment and to transfer the Trust property to the New Trustee along with the Continuing Trustee so as to vest the same in him.

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