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(1) The deed did not operate to create a valid trust; (2) it was not operative to transfer any property, and none was transferred to the trustees: (3) the settlor did not divest himself of any property by the deed; (4) the deed was never acted upon, and the trust was never perfected; (5) the deed is not registered, and therefore cannot be enforced. Reference to the relevant rules of the Provident Fund can now conveniently be made:
5 (1) Every member shall subscribe a sum of 5 per centum per mensem on the amount of his salary. 5 (2) Any member may subscribe a further sum not exceeding 7 1/2 per centum per mensem on the amount of his salary, which voluntary contribution can be reduced or can cease upon notice given to the Managers; 7. The subscriptions of any member absent on sick leave or furlough shall be assessed on the salary allowed during such absence if desired by the member. 8. In respect of each year in which the profits of the company exceed the sum required to pay interest at the rate of 5 per centum upon the issued Share Capital there shall he contributed by the company to the Provident Fund out of the excess net profits, but not otherwise a sum equal to the aggregate amount of compulsory and voluntary subscriptions of members for such year, such contribution shall not exceed an amount equivalent to 5 per centum of the net profits for the year, and the company shall be at liberty, without any obligation to do so, to make up the deficiency of any of its yearly contribution out of the profits in any subsequent year. 9. All sums contributed by the company under Rule 8 shall be appropriated among the members (i) in the event of the contribution not exceeding the aggregate amount of the compulsory subscriptions the amount should be divided among the members in proportion to the amount of their compulsory subscription; (ii) in the event of the contribution exceeding the aggregate amount of the compulsory subscriptions there shall first be a division amongst the members to the amount of their respective compulsory subscriptions and out of the surplus a second division amongst the members who elected to increase their subscriptions for that particular year beyond the compulsory amount in proportion to the amount of the voluntary subscriptions, and the managers shall credit the account of each member with his share of the contribution; (iii) for purposes of such appropriations the contributions shall be deemed to have been paid by the company on 31st December in each year, and for purposes lot the rules the account of each member, shall be deemed to have been credited with his respective share of the contributions as on 31st December.