Rule 302 — Conditions regarding trust and trustees

Parent Act Section(s): Section 2

Full Text

Conditions regarding trust and trustees.– (1) The fund and the trust shall be established in India. (2) The trust shall have at least two trustees, provided that a company as defined in section 2(20) of the Companies Act, 2013 (18 of 2013) shall not be appointed as a trustee without the prior approval of the approving authority. (3) The trustees of the fund shall be a resident in India and any trustee who leaves India permanently shall vacate his office.

[To be populated — interpretive notes, circular references, case law pointers]