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Rule IV.—(1) The
Official Trustee shall once in every year, that is to say
on or before the 1st day of March, deliver to
Government a true schedule (Form No.19) showing the gross
amount of all sums of money and all bonds or other securities
received or paid or delivered by him on account of each
trust of which he is the trustee and the balance during the
year ending on the last day of December next before the day
of delivery of such schedule and a true schedule (From No.20)
of all trusts which shall have come to an end or of which
the Official Trustee shall have ceased to be the trustee
and the property subject to which shall have been paid or
made over to the person entitled to the same or to new trustees
during the same period specifying the nature and amount or
value of such property and the persons to whom the same has
been paid or made over.
(2) The Official Trustee shall
be entitled to the payment of a fee of fifty naye Paise per
centum subject to a minimum of Rs.50 per annum for the preparation
of the yearly schedule under the last preceding rule.
Rule V.—(1) The
accounts and schedules of the Official Trustee shall be audited
once every year by the Examiner of Local Fund Accounts.
(2) The Examiner
of Local Fund Accounts shall submit to the Government together
with the audit report a statement of the accounts in the
form specified below.
(a) Abstract of cash and Government
or other securities received and paid during the year (Statement
A)
(b) Official Trustee’s
balance for the year (Statement B)
(c) Abstract
of the Official Trustee’s Commission account for the year (Statement
C)
(d) Statement of
cash balances of Rs.100 and upwards on the last day of the
year, with reasons for non-investment (Statement D)
(3) The Examiner of Local Fund
Accounts shall be entitled to a fee of fifty naye Paise per
centum subject to a minimum of Rs.25 per annum for every
yearly audit.
(4) The cost
and expenses of preparing the said schedules and accounts,
and of every such audit and examination as aforesaid, shall
be defrayed by all the trust estates to which such schedules
or accounts shall relate. These costs and expenses and the
portion whereof to be contributed by each of the trust estates
shall be determined in proportion to the income derived from
each of the trust estate during the year in question by the
Examiner of Local Fund Accounts and shall be paid out of
the said estates accordingly by the Official Trustee. Trusts
whose income fall below Rs.100 per annum will, however be
exempted from bearing any portion of the above charges.
(5) When a
trust estate is about to be closed, the Official Trustee
may call upon the auditor or auditors to ascertain and fix
a definite sum to be retained by the Official Trustee to
defray the costs and expenses referred to in sub-rule (4)
supra in respect of the estate in question. The sum thus
fixed by the auditor or auditors shall be treated as the
proportion of the above charges to be contributed by the
trust estate in question. The sum so fixed shall be immediately
transferred to a separate account called “The closed estates
audit etc., charges account” and appropriated towards the
audit charges, fees for preparation of and the charges for
printing the schedules when they become payable.
Rule VI.—(1) No
person shall be entitled to inspect the accounts relating
to a trust and the reports and certificates of the auditor
relating thereto, without first satisfying the Official Trustee
that he is a beneficiary under the trust:
Provided that
nothing hereinbefore contained shall preclude the Official
Trustee from refusing inspection of documents and papers
of a confidential nature, and the decision of the Official
Trustee in this respect shall be final.
(2) Every beneficiary
desiring such inspection shall, at least one clear day before
the day on which he desires inspection, apply in writing
to the Official Trustee setting forth the following particulars:--
(a) His name and
address.
(b) The name of
the trust as to which inspection is desired.
(c) The nature of
his interest in such trust.
(d) The day on which
he desires inspection.
He shall also deposit with the
application a minimum fee of Re.1 which shall be refunded
to the applicant in case inspection is not granted.
(3) The Official
Trustee shall, after being satisfied as to the interest of
the applicant in the trust or matter in question and also
as to his bona fides, appoint an hour on the day named in
the application for inspection by the applicant under such
supervision as he thinks fit. If for any sufficient reason
inspection cannot be granted on the day named by the applicant,
the Official Trustee shall appoint some other hour and day
convenient to the applicant.
(4) A fee calculated
at the rate of Re.1 for every half hour or fraction thereof
shall be paid by the applicant in respect of every such inspection
as relates to trust estates which have not been closed in
the hands of the Official Trustee. The fee for such inspection
in respect of closed trust estates shall be calculated at
the rate of Rs.2 for every half-hour or fraction thereof.
(5) No person
shall be entitled to obtain copies of or extracts from the
said accounts, certificates and reports of the auditor unless
he is a person entitled to inspection thereof:
Provided that
nothing hereinbefore contained shall preclude the Official
Trustee from refusing grant of copies of documents and papers
of a confidential nature, and the decision of the Official
Trustee in this respect shall be final.
(6) A fee calculated
at the rate of twenty-five naye Paise per folio of 72 words
subject to a minimum of Re.1 shall be levied in respect of
every copy of extract granted, and if any such copy or extract
is required to be certified by the Official Trustee as a
true copy, an additional fee of Re.1 shall be levied.
Rule VII.—(1) Whenever,
owing to doubts or disputes as to the person or persons beneficially
entitled or for any other cause there shall remain in the
hands of the Official Trustee a cash balance exceeding Rs.100
belonging to any trust or estate, he shall without delay,
in the absence of any directions in this respect in the deed
or other declaration of trust, invest the same in Government
securities or in the Government Savings Bank, save and except
that no investment on mortgage of immovable property shall
be made by the Official Trustee without the previous sanction
of the High Court.
(2) The Official
Trustee shall procure that all Government and other securities
which may be issued, delivered, or transferred to him on
account of any trust estate, whether by endorsement or otherwise,
shall be issued, delivered or transferred in his name of
office.
(3) The Official
Trustee shall not at any time retain in his keeping a larger
sum than Rs.200. All sums received by him shall from time
to time be lodged in the nearest District Treasury to the
credit of a Personal Deposit Account to be kept in the name
of the Official Trustee and shall be drawn against when necessary
in his name of office.
(4) All Government
securities and Bank or Railway or other shares coming into
the Official Tustee's charge shall forthwith be lodged by
him in his name of office as Official Trustee with the District
Treasury Officer for safe custody, except when it may be
necessary for the Official Trustee to retain such securities
or shares for a temporary purpose.
Rule VIII.--(1) Remittances
to the Office of the High Commissioner for India in the United
Kingdom, London of sums of money payable or beloning to persons
resident in Europe or in other cases when such remittances
are required, shall be made by purchasing bills of exchange
payable in London on demand drawn by some one of such Banks
as the Government from time to time approve. Every approval
of a Bank or Bank for the purpose of this rule shall be given
by an order in writing, signed by the Chief Secretary to
Government and shall continue in force until revoked by a
like order.
(2) In other
cases, remittances shall be made in accordance with the directions
of the payee, and in the absence of such directions by Postal
money order, at payee's expense.
Rule IX.--(1) When
the administration of a trust in completed as far as it is
possible and the accounts of the trust have been closed and
audited, and no claim thereto has been put forward, the fact
of such completion and closre shall be notified in the Government
Gazette with the particulars of the amounts remaining unclaimed
and if ascertainable, the names of the person or persons
prima facie entitled to the same. The notice shall further
state that the amounts will be transferred to Government
if they are not claimed within a period of twelve years from
the date of the notification. The period of twelve years
prescribed under Section 23 of the Official Trustee's Act,
1913, shall be reckoned from the date of such notification:
Provided that
where the administration of a trust estate is not possible
from the commencement of the vesting and the assets therein
remain unclaimed, the Official Trustee may,on the expiry
of a period of twelve years from the date of vesting, close
the accounts and after scrutiny thereof by the Examiner of
Local Fund Accounts, remit the funds to the credit of Government:
Provided further
that if the balance remaining unclaimed in a trust estate
is ascertained and found not to exceed Rs.25 (Rupees twenty-five)
no notification in the Government Gazette need be made and
the period of twelve years in respect of such a trust estate
shall be reckoned from the date of approval of the closing
of the account by the Official Trustee.
(2) All moneys
transferable to the account and credit of Government under
section 23 of the Act shall be paid to the account and credit
of Government in Government Treasury by the Official Trustere
under Head "XXI Administration of Justice (d) Miscellaneous
Receipts (ii) other items- Receipts under Official Trustee's
Act".
(3) Any person
caliming payment of the same under the provisions of Section
24, clause (i) of the Act shall establish his claim to the
satisfaction of Government.
Rule X.--The
Official Trustee may accept any trust intended for the safeguarding
and investment of the property of a religious institution
or of a commercial undertaking or for the protection of the
interests of the creditors of such institution or undertaking
provided that he shall not be liable to see to the proper
performance or carrying out of the objects of such religious
or charitable instituion or to see to the proper management
or carrying on of the business of such commercial undertaking.
Rule XI.--Notification
of the contents of a will under Section 9 of the Act shall
be made by forwarding to the Official Trustee either the
original will or the probate copy of the same.
Rule XII.--Without
the sanction of Government the Official Trustee shall not
enter upon any litigation in connection with an estate in
his charge the expenses of which are likely to exceed the
assets of the estate alredy in his hands, unless he is properly
and sufficiently indemnified against such expenses.
Explanation.--
By 'proper and sufficient indemnity' is meant idemnity sufficient
to cover all probable costs and consisting in the deposit
of Government securities, cash or jewels to an amount to
be determined by the Official Trustee.
Rule XIII.--The
Official Trustee may advance such amounts as he thinks fit
to the estate clerks and agents employed by him for incurring
contingent expenditure. The amount of the advance shall
be regulated with reference to the amount of security furnished
by the clerk or agent concerned and accounted for so as to
conform to the principles contained in Travancore Financial
and Account Code, Volume I.
Rule XIV.--The
Official Trustee may recoup from out of the contingent grant
made to his office, sums below Rs.10 at debit of any trust,
the recovery of which is doubtful or impossible.
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