denial of exemption merely on account of extraordinary powers of
Managing Trustees to appoint or remove other trustees. The
relevant part of which is reproduced ... powers of the Managing
Trustees to appoint remove or nominate other trustee.
5.1 Doubt has been expressed whether
extraordinary powers to the Managing Trustees
trustees
was extremely powerful, since once the settler was vested with
absolute power to appoint or remove any trustee and even to dissolve
the trust ... board has all the
powers in day to day working. The settlor has the power to
appoint and remove trustees and secretaries so that
trustees; that the board of trustees
has been bestowed with unfettered power to convert the trust
property; that the powers of removal of a trustee ... Board of Trustees may remove any Trustee/Trustees
other than the three founder trustees without prior
intimation/Notice to the said Trustee and without citing
case, no doubt the assessee is vested with the power to appoint or remove
the trustees, does not change the status of the trust ... case, no doubt the assesses is vested with the power to appoint or remove the
trustees, does not change the status of the trust
both Settlor and
Contributor of SMAIT has the power to appoint remove the Trustees to the Trust and
accordingly holds considerable influence over the individual ... Trustee. As per Clause 2.2
the Settlor hereby appoints the Trustee as the Trustee of the Fund hereby created and
the Trustee hereby agrees
both Settlor and
Contributor of SMAIT has the power to appoint remove the Trustees to the Trust and
accordingly holds considerable influence over the individual ... Trustee. As per Clause 2.2
the Settlor hereby appoints the Trustee as the Trustee of the Fund hereby created and
the Trustee hereby agrees
power of Managing Trustee to remove a trustee is not
absolute and he has to follow certain principles viz., (i) trustee ... happens to be the settler is vested
with absolute discretionary power for removing a trustee and
appointing a treasurer. It appears that
Holiness. He has
also the power to appoint, transfer, or remove any of
the trustees or office bearers of the assessee trust.
The absolute power
CBDT has clarified the impact of extra-ordinary power of
Managing Trustee to appoint, remove or nominate other trustees. CBDT has
clarified that there ... CCIT in this
regard.
The matter relating to powers entrusted to the trustees and its relevance at
the time of grant of approval has been
Debenture
Holders required to vote on, or give
instructions to the Debenture Trustee on, any
matter provided for under this Deed:
(ii) an extension ... exercisable by an Extraordinary
Resolution:
(a) to remove the existing Debenture Trustee and to
appoint new Debenture Trustee in respect of the
Debentures
