write a note on trusts and societies
Answers
Explanation:
The purpose for which a trust is created is that a person will hold the property of another person for the benefit of a third person while society is set up to promote any scientific, literary, charitable and similar another objective. The purpose of the two differentiates them.
Answer:
Explanation:
Trust and society are two such organizations. Trust is a legal arrangement in which a person holds property for the sake of some other person. Society is an association of person, who come together to fulfill any particular purpose, described under the act.
To create a trust, there must be at least two persons required, whereas a minimum of seven members are required to set up a society. In this article excerpt, you will find all the substantial differences between trust and society, take a read. Unlike trusts, a society has a more democratic set up with membership and an elected body to manage the society. The original members of a society can continue to remain in control as long as they are elected to the managing committee, but at the same time can opt out of the society if they wish, which trustees cannot