Ans:- A trust can be formed as per Section 4 of Indian Trust Act 1882 for a lawful purpose; A trust should have a document written and signed by trustees or a sole trustee;
A trust can be formed through a will also;
There is no definite form to create a trust. Objectives of the trust should be clear and unambiguous.
Ans:- Trust cannot be formed for the following purposes under Sec.4 of the Act: Unlawful purposes; Against provisions of Indian Trusts Act 1882 and rules made thereunder;
If there are provisions for cheating etc. in the trust;
If the trust is intended to cause loss or damage to one's property.
Ans:- The following can form a trust under Sec.7 of the Indian Trusts Act 1882: A person capable of making contract can form a trust; Trust can be formed on behalf of minor with permission of Civil Court.
Ans:- Rs. 250/-
Ans:- A trust can be cancelled on the following grounds as per Sec. 78 of the Indian Trust Act 1882: Trust can be cancelled at the will of the trustees; Trust can be cancelled if there is provision for cancellation in the deed. If author of a trust creates trust for the purpose of repayment of his debt and if this neither is nor informed to the creditor author can cancel the trust.
Ans:- Yes, amendment can be made by means of a rectification or supplementary deed.