The Trust Deed has the following:
- Name of the Trust
- Name and address of the person who is setting the Trust
- Name and address of all the members
- The Aims and Objectives of the Trust
- The Rules and Regulations of the Trust
Forming a Society for Starting a New School
To start a new school in India the members have to form a Society.
Minimum seven people together can form a Society. After a name for the Society is selected by the group, a Memorandum of Association (MOA) is drawn. After this, they can register the Society. Along with the MOA, Bye-Laws should also be submitted for registration. The society is registered under the Societies Registration Act, 1860 by the Registrar of Societies.
The Memorandum clearly defines the Aims and Objectives of the Society and lists the names of the members, their addresses and other relevant details. It also describes when the first General Body will be held after the society is registered.
The Members, who accept the rules, may be enrolled in the Society as Members, on the invitation. A certain amount as subscription may also be charged for the membership. There is no maximum limit to the number of members but the minimum number required is seven.
The members also draw the Bye-Laws of the society which must include, among other things, the enrollment and removal of members, the process of the General Body Meeting, the election of the Executive members, etc.
Forming a Section 8 Company for Starting a New School
New schools may be registered as a Section 8 Company. A group of individuals who wish to open the school in India may form a Section 8 Company. To form a Section 25 company, firstly, an application is made in the INC 12 form. This attracts a fixed fee too. The next step in this process is to draw the Memorandum of Association in form no.-INC 13.
The documents required to be submitted with the INC 13 form are:
- The memorandum of association
- The articles of the association
- A certificate from a Chartered Accountant, Cost Accountant or an Advocate, stating that the memorandum has provided for all the provisions in Section 8
- A projection of the income and expenditure for the following 3 years
- Sources of income and the different heads under which expenditure is expected and
- Declaration by each member of the company.
A notice is published in the newspaper within a week from the date of application and a copy of the notice and the application is submitted to the Registrar.