DEED OF TRUST
……………. LIMITED EMPLOYEES’ PROVIDENT FUND
This Deed of trust is made on this the
First day of July Two Thousand Twenty
of the Christian era.
Between
..........................., a private limited company, having its office
at ............................, Bangladesh legally represented by
its Chairperson, .................(hereinafter referred to as the
Company) of the ONE PART.
AND
............................,
Director of the Company, having her present residential address at
……………..(address),
............................,
Appointed
Managing Director of the Company having his present residential address at
……………..(address),
............................,
Finance Manager of the Company, having his present residential address at
……………..(address).
(hereinafter referred to as “the Trustees” which expression shall
mean and include the aforesaid or other Trustees of the Fund for the time
being appointed as hereinafter provided) of the OTHER PART.
WHEREAS the Company is desirous of establishing a provident fund recognized
by the National Board of Revenue (NBR), Government of Bangladesh, to provide
benefit to its employees in Bangladesh in accordance with these presents,
and to constitute trust for the purpose of the management of the said
provident Fund, and the Trustees have agreed to become the Trustees of said
provident Fund.
NOW THIS DEED OF TRUST IS WITNESSETH AS FOLLOWS
1. A Provident fund called
“........................... EMPLOYEES’ PROVIDENT FUND”, hereinafter
referred to as “the Fund” is hereby constituted and established as on and
from First day of July of Two Thousand Nineteen of the Christian Era.
2. The Trust hereby
declares it shall be irrevocable with the consent of all the beneficiaries
and no money belonging to the fund in the hand of the Trustees shall be
recoverable by the Company under any circumstances whatsoever nor shall the
Company have any lien or charge or any description on the same and except as
provided by Section 3(f) of part B of First Schedule of the Income Tax
Ordinance, 1984 or any modification or substitution thereof.
3. The number of Trustees
shall be at least
3 (three)
but not more than
5 (five).
The Trustees shall be ex-officio members of the Board. The Trustees named
herein as parties hereto of the Other Part shall be the First Trustees.
4. The tenure of the first
Board of Trustees (BOT) will be
5 years from
the date of appointment as per this deed. They can all or in part be
reappointed for another term. Such reappointment may continue thereafter by
the company if so, resolved for further tenure.
5. The Trustees shall hold
and apply the fund according to the Rules and Regulations annexed hereto
which shall be binding both on the members as defined therein and on the
Company.
6. The power of appointing
Trustees and to fill up at any time any casual vacancy in the number of
Trustees and/or removing any incumbent Trustees by notice in writing shall
be vested in the Company.
7. Whenever any Trustee
shall die, resign, refuse to act or become, in the opinion of the Company,
disqualified, incompetent or incapable of acting or shall permanently leave
Bangladesh, the Company shall appoint any other person to be a new Trustee
in place of the Trustee so dying, resigning, refusing to act or becoming, in
the opinion of the Company, disqualified, incompetent, incapable of acting
or leaving Bangladesh permanently and on every such appointment the funds of
the fund shall ipso facto vest in the continuing and the new Trustee
or Trustees. PROVIDED that nothing herein contained shall disentitle a
member of the fund from becoming or continuing to be a Trustee.
8. The Trustees shall have full control of the
Fund and shall decide all differences or disputes which may arise under the
rules annexed hereto either as to the interpretation thereof or as to the
rights and obligations of the company and/or of the members and the decision
of the Trustees shall in all cases be final and binding on all parties
concerned PROVIDED that so long as the fund is a, recognized fund within the
meaning of
Part B of the First schedule of the Income Tax Ordinance 1984 such
decision shall be in conformity with the provisions of the said section and
in accordance with the conditions, if any, upon which recognition of the
Fund is granted by the Commissioner of Taxes concerned.
9. The Trustees shall not at any time be made
liable for any more money that shall have actually come into their own hands
and nor for the failure of any Bank, Broker, Company, nor for the dishonesty
of any Clerk or Servant or Attorney or other persons with whom all or any
part of the Fund’s property may be deposited or be placed in charge or be
liable for any acts or defaults other than their own immediate respective
and willful acts, deeds and defaults.
10. The Trustees shall be at liberty to reimburse
themselves in the first place from all or any part of the fund in respect of
sums of money, costs, and charges suffered or borne by them in connection
with their administration of the fund. The Trustees shall be entitled to be
indemnified by the fund against all proceeding, costs and expenses
occasioned by any claim in connection with the fund not arising from own
negligence or fraud.
11. It shall be lawful for the Trustees
to receive from the Trustees of any other fund such amounts as may be
certified by the Trustees of the said fund in respect of such members
thereof who shall have become members of the fund and on such receipt the
amounts certified by the Trustees of the said fund representing the
members’ subscription and accretion thereto shall be deemed to be the
members’ subscription and the balance of the amount so transferred shall
likewise be deemed to be the Company’s contribution in respect of such
member under the rules hereto annexed. It is hereby expressly declared that
the amounts so certified shall be deemed to have been accepted by each
member in lieu of any of the present or future claim to which he might
otherwise be entitled at any time under the rules of the said fund and the
receipt of the Trustees of the fund for and in respect of the amounts so
transferred shall be deemed to be a due discharge by such members in respect
of all claims, if any, of such members against the said fund or Trustees
thereof.
12. It shall also be lawful for the
Trustees with the consent of the members to transfer all or any part of the
money and/or other properties of the Fund to the Trustees of any new
Provident Fund the creation of which may be occasioned by any scheme of
acquisition, amalgamation, reconstruction, or reconstitution of the
company.
13. The fund shall be controlled and
managed from a place in Bangladesh and all expenses in connection with the
management of the fund shall be borne by and paid out of the assets of the
fund.
14. The Rules hereto annexed shall be
the rules covering the fund subject to such alteration therein or additions
thereto as may from time to time be made in accordance with the provisions
for that purpose contained in the clauses.
15. The Trustees shall maintain Bank
Account(s) in the name of the Fund with any scheduled Bank. All moneys to
the credit of such accounts shall be dealt with only in accordance with
these Rules & Regulations.
16. It shall be lawful for the Trustees
from time to time and at any time
with the consent in writing of the Company to alter, vary, modify,
remake, rescind, and to cancel or otherwise amend any of the provisions of
these presents or of the said rules PROVIDED that no such alteration,
variation, modification, remaking, revision, addition, cancellation or
amendment of or to these presents or the said rules shall affect the
liability or responsibility of the Trustees accruing any beneficial interest
whatsoever in the funds of the fund and PROVIDED FURTHER that so long as the
fund shall be a fund recognized under the provisions of the Income Tax
Ordinance 1984, no alteration, variation, modification, remaking,
rescission, addition, cancellation or amendment shall be made without the
consent of the Commissioner of Taxes having jurisdiction over the fund.
17. In the event of the Company going
into liquidation, the Fund shall automatically cease and terminated and the
Trustees shall thereupon wind-up the fund and distribute its assets in the
manner provided theretofore in the rules.
18. The Trust hereby created shall be
governed by and be subject to the laws of Bangladesh for the time being in
force.
IN WITNESSETH WHEREOF the parties hereto have duly executed these presents
the day and the year written above.
|
ONE PART
Company
........................... |
OTHER PART
Trustees
........................... EMPLOYEES’ PROVIDENT FUND |
|
(............................)
Chairperson |
(............................)
Trustee |
|
|
(............................)
Trustee |
|
|
(............................)
Trustee |
Enclosed:
Employee List of ............................
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