Rule – 99, Establishment of fund and trust
March 28, 2018
Rule – 101, Investment of fund moneys
March 28, 2018

Rule – 100, Conditions regarding trustees

100. (1) The trust shall have at least two trustees provided that a company33 [as defined in clause (i) of sub-section (1) of section 3 of the Companies Act, 1956 (1 of 1956)] shall not be appointed as a trustee without the prior approval of the 34[Chief Commissioner or Commissioner].

(2) The trustees of the fund shall be resident in India and any trustee who leaves India permanently shall vacate his office.

Reference: www.incometaxindia.gov.in

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