Sunday, March 13, 2016

எமது கிராம ஆலயத்தின் இன்றைய நிலை






























































DEED OF TRUST DRAFT -2 DATED 11/03/2016

NO:

THIS INSTRUMENT OF TRUST is made at on this ..........................day of .................. Two Thousand and Sixteen (......./......./2016) by, Professor Dr. Velauthapillai Manivasagar of Veemankamam, North Tellippalai, on behalf and with the consent and concurrence of the shareholders who are current or former residents of Veemankamam North, Tellippalai or their spouses or descendants, hereinafter called and referred to as "the Settlors" which term or expression as herein used shall where the context so requires or admits mean and include their successors ON ONE PART 

And
       NOW THIS INSTRUMENT WITNESSETH that the Settlors do hereby (with the consent of the Trustees- the First Trustees) nominates, constitute and appoint the following AS THE OTHER PART:

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15.                                                     of

The other part is hereinafter called and referred to as "the Trustees" which term or expression as herein used shall where the text so requires or admits mean and include the said Trustees and survivors of them and each of their successors in office as Trustees and the Trustees for the time being and from time to time of the Trust hereby created to be the Trustees of the Trust.

PREAMBLE

WHEREAS the ethnic conflict in Sri Lanka and the political instability caused the inhabitants of Veemankamam North alike the rest of their compatriots to migrate from their home village to other parts of Sri Lanka or abroad.

And WHEREAS the ex-patriots of Veemankamam North have felt the responsibility towards their home village and have gathered together in Paris on the 19th of May 2002 to form an Association for the purpose of providing assistance to the people of North Veemankamam and their institutions and to bring together their kith and kin who are scattered all over the globe under one forum in the name of International Association For People of Veemankamam North Tellippalai, Sri Lanka (IAPOV).

And WHEREAS the residents of Veemankamam, North Tellippalai have now started to come back to settle down in their home village that was destroyed due to the ethnic conflict which lasted for more than four decades on the island.

And WHEREAS the current and former residents and their spouses and descendants of Veemankamam North Tellippalai (hereinafter referred as “the Settlors”) have felt their responsibility to rebuild their village religiously, culturally, educationally, economically,socially and physically and have decided to establish a development Trust to achieve the same in the name of “Veemankamam North Kurunthady Sri Raja Rajeswary Ampaal Development Trust”.

And WHEREAS the said Settlors being absolutely entitled to the property, cash and other movable property described in the Schedule hereto have paid or transferred the same to the Trustees for the purpose of establishing a trust to be known as “Veemankamam North Kurunthady Sri Raja Rajeswary Ampaal Development Trust”.


And WHEREAS the Settlors are desirous of utilizing and managing all the donations, whether movable or immovable, that are received for the above purpose. The Settlors also contemplate that any property (whether real or personal) may from time to time be paid or transferred to the Trust.

CREATION OF TRUST DEED

The Settlors
do hereby convey, transfer and grant unto the Trustees the cash and property described in the Schedule hereto and declare that the Trustees shall hold and stand possessed of such cash and property and of all the other cash, assets and all movable and immovable property of every description now or at any time hereafter to be vested in them by the Settlors or by any other person or otherwise howsoever acquired by the Trustees qua Trustees or for and on behalf of the Trust hereby created [all of which cash assets and movable and immovable property are hereinafter collectively called and referred to as "the Trust Property" which term or expression shall where the context so requires or admits mean and include such of the aforesaid cash, assets and all movable and immovable property as shall (whether in its original state of investment or as reinvested or transposed) for the time being and from time to time be vested in the Trustees] upon such Trust in such manner and subject to such powers and provisions as are hereinafter expressed and contained concerning the same:

1. NAME OF THE TRUST

The Trust herein created shall be called and known as the “Veemankamam North Kurunthady Sri Raja Rajeswary Ampaal Development Trust”. Hereinafter abbreviated as – “the VENOKSAD TRUST”.

2. PRIMARY OBJECTIVES OF THE TRUST

1. To Rebuild Veemankamam North Kurunthady Sri Rajarajeswary Ampaal Temple and to bring the same to its former glory.


2. To continue to support and maintain the Temple above-mentioned.

3. To provide, support and foster the well beings of the residents of Veemankamam, North Tellippalai Religiously, Culturally, Educationally, Economically, Socially and Physically.

4. To Receive and maintain land and other movable and immovable properties from donors, to lease out or maintain the same in order to promote the above mentioned objectives.

5. To do other necessary things that the Trustees may deem fit in order to achieve the above mentioned objectives.


3. THE SHAREHOLDERS, SETTLORS AND TRUSTEES

1) ANY PERSON WHO IS A CURRENT OR FORMER RESIDENT, HIS/HER SPOUSE OR THE DESCENDENT CAN BECOME A SHAREHOLDER OF THE VENOKSAD TRUST BY PAYING TEN THOUSAND SRI LANKAN RUPEES (10,000/= PER SHARE). FURTHER, HE /SHE MAY PURCHASE ANY NUMBER OF SHARES BY WAY OF CONTRIBUTING TO THE TRUST TO ACHIEVE ITS OBJECTIVES. HOWEVER HE/SHE CAN ONLY HAVE ONE VOTE AT THE MEETINGS.

2) ALL THE SHAREHOLDERS ARE TO BE CONSIDERED AS SETTLORS AND ARE ENTITLED VOTE TO ELECT THE BOARD OF TRUSTEES AT THE GENERAL MEETING.

3) A PERSON MUST BE A SHAREHOLDER IN ORDER TO BE QUALIFIED TO BE ELECTED AS A TRUSTEE

4) The Trustees shall stand possessed of the Trust Property upon trust, to apply the receipts, income or the profits thereof for and towards all or any of the objects of the Trust in such proportions and in such manner as the Trustees shall in their  absolute and uncontrolled discretion think fit or expedient and thereafter to accumulate any income not required for the aforesaid purposes or any of them with power in the absolute and uncontrolled discretion of the Trustees to place such accumulations in temporary or fixed deposits with any bank or banks.

4. DUTIES & FUNCTIONS OF “Veemankamam North Kurunthady Sri Raja Rajeswary
Ampaal Development Trust”. (VENOKSAD TRUST)


1. To take all the necessary steps to achieve the objectives enshrined in Paragraph 2 of this instrument.

2. Endeavor to increase the number of shareholders and the number of shares that they purchase.

3. To provide reports and feedback to the Settlors and donors at least once every three months.

4. To provide appropriate certified annual accounts to the Settlors and donors.


5. To take responsibility to supervise, liaise and conduct any projects such as erecting Buildings, Education, Scholarships, Sports, Economical or Cultural Activities for the benefit of the People of Veemankamam, North Tellippalai.

6. To maintain funds in a secure Bank Account for the benefit of the VENOKSAD TRUST.

7. To encourage those individuals who want to contribute to the VENOKSAD TRUST by way of donations such as earmarked projects, which promote the above- mentioned objectives and to administer the same.

8. If necessary, then to employ persons on a part-time/full-time basis with reasonable remuneration to manage the activities of the VENOKSAD TRUST.

9. To function as a forum to maintain the brotherhood, comradeship and cordial relationship amongst the current and former residents of Veemankamam, North Tellippalai.

10. To do any other necessary functions that are required in order to achieve the objectives.

5. POWERS OF THE TRUSTEES OF THE TRUST


In addition to the powers conferred to the Trustees by law and the powers hereby expressly conferred upon them and without detracting from the generality of their powers and discretion the Trustees shall have the following powers;

1. To raise funds in whatever legal manner that the Trustees in their absolute and uncontrolled discretion deem fit and proper for the purpose of the Trust.

2. To open, keep, operate and maintain banking accounts in the name of or for the purposes of the Trust in any bank or banks in any part of the world as the Trustees in their absolute and uncontrolled discretion may deem expedient, with power given to any one of the Trustees to pay in monies or cheques or alike documents to the credit of such accounts and with power given to any two of the signatories to withdraw monies from and sign and draw cheques or otherwise operate on such accounts or any of them

3. Generally to do all things necessary or expedient for the due conduct of theaffairs of the Trust.

4. To acquire any property whether movable or immovable for the purposes of the Trust and also to let or dispose of any property of any kind for the benefit of the said Trust.

5. To deposit or invest the funds of the Trust in a lawful manner as any form of investment;

6. To insure any property belonging to the Trust against any foreseeable risks and to take out other insurance policies in order to protect the Trust when required;

7. The administration of the Trust hereby constituted and the entire control, regulation, management and application of the Trust Property and the rents, income, profits and benefits thereof and all other, if any, the property for the time being subject to the Trust of these Presents whether capital or income shall subject however to the provisions herein contained be in the absolute and uncontrolled discretion of the Trustees and for the benefit of the Trust only; 


8. Provided that when exercising any power (whether given to them by this instrument or by any law or regulation) in administering or managing the Trust, each of the Trustees must use the level of care and skill that is reasonable in the circumstances, taking into account any special knowledge or expertise that he or she has or claims to have (“the duty of care”). No Trustee and no-one exercising powers or responsibilities that have been delegated by the Trustees shall be liable for any act or failure to act unless, in acting or in failing to act, he or she has failed to discharge the duty of care.

6. THE TRUSTEES, SHAREHOLDERS &SETTLORS


1. There shall be Fifteen (15) Members in the Board of Trustees of the VENOKSAD TRUST.

2. In order to qualify to become a member of the Board of Trustees as stated in paragraph 6(i), the person must be a resident in Sri Lanka and he/she should also be either a current or former resident or his/ her spouse or descendant of Veemankamam, North Tellippalai. In addition to that he/she should be a shareholder of the VENOKSAD TRUST.

3. The Board of Trustees shall function for the period of three years and until a the new Trustees take over their positions.

4. The Election/Nomination of the Board of Trustees shall take place between the months of April and August for every three years. The new Board of Trustees will assume office one month after the election of the new Trustees.

5. The Trustees are responsible for the management and administration of the Trust, and its property and funds in accordance with this Trust Deed.

6. A Trustee ceases to be a Trustee if he or she:

a) is or becomes disqualified under applicable law

b) if incapable, whether mentally or physically of managing the affairs of the Trust;

c) resigns by written notice to the Board of Trustees addressed to the secretary of the Trust ; or

d) is removed for a good and sufficient reason by a resolution passed by two- thirds of the Trustees after providing an opportunity for the Trustee concerned to explain his/her case.

e) A retiring Trustee is entitled to an indemnity from the continuing Trustees at the expense of the Trust in respect of any liabilities properly incurred during his or her Trusteeship.

f) A technical defect in the appointment of a Trustee of which the Trustees are unaware of at the time does not invalidate the decisions taken by the Trustees.

g) A Trustee can be re-elected or nominated for any number of times to be on the Board of Trustees.

7. BOARD OF TRUSTEES

1. 
There shall be eight (8) office bearers in the Board of Trustees, namely the President, Vice-President, General Secretary, Secretary for Temple administrations, Secretary for Asset maintenance, Secretary for public relations and communication, Treasurer, and Assistant-Treasurer. There shall be seven (7) other ordinary members.

2. Members who are nominated to the Board of Trustees as per paragraph 6 above shall choose the office bearers amongst themselves.

3. The Board of Trustees is hereby created to administer the functions of the VENOKSAD TRUST. and its meetings should take place as and when required.

However, its meetings should be held at least once in every two months.

4. The Quorum for the meeting shall be 4 (Four) members of the Board of Trustees.


8. PROCEEDINGS OF MEETINGS OF TRUSTEES

1. A meeting may be held either in person or by suitable electronic means agreed by the Trustees in which all the participants may communicate with all other
participants.

2. The Chairperson or (if the Chairperson is unable or unwilling to do so) some other Trustee chosen by them presides at each meeting.

3. Except where otherwise provided in this Deed, every issue may be determined by a simple majority of the votes casted at a meeting of the Trustees. A resolution, which is in writing and signed by all the Trustees, is as valid as a resolution passed at a meeting and for this purpose the resolution may be contained in more than 
one document and will be treated as passed on the date of the last signature.

4. Except for the chair of the meeting, who, in the case of an equality of votes, has a second or casting vote, every Trustee has one vote on each issue.

5. The Trustees have the following powers in the administration of the Trust:

a) To create committees to do the special functions;

b) To appoint two or more Members to such Committees;

c) To delegate any of their functions to the committees appointed by them provided that all proceedings of committees must be reported promptly to the Trustees.

9. REGULATIONS

In order to carry out its functions, the Board of Trustees of the VENOKSAD TRUST shall from time to time enact regulations subject to the general provisions of this instrument.

10. RECORDS AND ACCOUNTS

1. The Trustees must comply with the requirements of law relating to the keeping of financial records, the audit or independent examination of the accounts and the preparation and transmission to the Commission of:

a) annual reports;

b) annual returns;

c) annual statements of account.

2. The Trustees must maintain proper records of:

a) all proceedings at meetings of the Trustees;

b) all reports of committees.

3. Financial records, annual reports and statements of account relating to the Trust certified by a charted accountant for at least the previous six years must be available for inspection by any Trustee.

4. A copy of the latest available annual statement of accounts must be supplied to any member who makes a written request and pays the Trustees' reasonable costs.

5. Withdrawal of Funds (INTEREST ONLY)

a) Funds can only be withdrawn after the approval by the Board of Trustees by a majority decision.

b) The President, Secretary and Treasurer are the signatories of the accounts. 
Withdrawal of the funds can only be made by not less than two of the signatories signing the cheque/mandate.

c) Withdrawal of funds from the bank can only be made to achieve the objectives stated herein.

11. BANK ACCOUNTS

1. In order to carry out its functions the Board of Trustees of the VENOKSAD TRUST
shall operate suitable bank accounts.

12. ACCOUNTING AND REPORTING

(i) The Board of Trustees shall provide to the Settlors, any other relevant
members and donors with audited accounts of the Trust within four months after the end of each financial year.

(ii) The Board of Trustees shall produce quarterly reports to review at their meetings and should send it to the Settlors as well.

(iii) The board of Trustees may publish the reports in the website of VENOKSAD TRUST to meet the requirements mentioned in par 12(i) & (ii) above.


13. AMENDMENTS

Any amendments to this Deed should be agreed by both parties of this deed (the Settlors or their successors and the Trustees or their successors) and should be in writing.

14. DISSOLUTION

The following steps shall be adopted in the event that the Board of Trustees considers that it is necessary to dissolve the VENOKSAD TRUST.

STEP 1: The Executive Committee of the VENOKSAD TRUST.

1. STEP 2: The said decision should be conveyed to the Settlors for their

a. STEP 3: On receipt of the approval, the VENOKSAD TRUST should

2. STEP 4: A final report and statement of accounts relating to the Trust shall adopt a resolution to dissolve them, approval at the General meeting. transfer the funds, remaining in their accounts after satisfying any liability, to a suitable organisation that has similar objectives and serves to the benefit of the People of Veemankamam, North Tellippalai. must be prepared and sent to the Settlors.

15. APPLICABLE LAW

These presents and the Trust hereby created shall be construed according to and is to be governed by the law for the time being in force in Sri-Lanka and the principles of equity for the time being administered by the Courts of Sri-Lanka.

THE SCHEDULE ABOVE REFERRED TO

(1) CASH – RUPEEES _____________________________________________Million
(Deposited in the Fixed Deposit Account No _________ at _________ Bank_________ Branch) 

IN WITNESS WHEREOF the Trusties have set their respective hands hereunto at Veemankamam, North Tellippalai in the Democratic Socialist Republic of Sri Lanka respectively in the presence of two witnesses and Notary Public.

IN WITNESS WHEREOF THE FIRST TRUSTEES here to have set their hands on the _________day _________ of and ___________(Two thousand sixteen) 


SIGNATURE OF THE TRUSTEES IN THE SRI LANKA

Name                                                                                      Signature

1. Trustee
    Address

2. Trustee

    Address

3. Trustee
    Address


4. Trustee
    Address


5. Trustee
    Address

6. Trustee
    Address


7. Trustee
    Address

Witnesses
We do hereby declare that we
)
are well acquainted with the
)
executants and know their
)
proper names occupations and)
residences
)

01.



02



Solicitor/Attorney at law/NOTARY PUBLIC