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Section 5: Fees payable by the trust estates

The Official Trustees (Maharashtra) Rules, 1971State Rules of Maharashtra · 1913

The fees mentioned in Appendix I to these rules shall be the fees prescribed under section 17, and shall ordinarily be payable on acceptance of the trust by the Official Trustee :

4

Provided that.—

(a) if at any time during the continuance of a trust in course of administration by the Official Trustee, any property (not arising from accumulation of income of the trust property) shall become subject to the trust in addition to the property comprised therein at the date of acceptance thereof, there shall be paid, in respect of such additional property, a further fee of such amount as would have been payable upon the acceptance of a trust comprising such additional property only;

(b) Where it appears to the Official Trustee, upon accepting a trust, that the trust property consists wholly or partially of reversionary interests or other property not in possession and not readily realisable (all of which interests and property are hereinafter referred to as the “reversionary property”), he may charge an additional fee, not exceeding rupees fifteen, upon acceptance of the trust. When such additional fee is charged, then—

(i) upon acceptance of the trust, the reversionary property shall be excluded from the trust property for the purpose of ascertaining the amount of the fee payable in pursuance of these rules upon such acceptance and the said fee shall be calculated and paid as if the trust property, if any, other than the reversionary property were alone comprised in the trust; and

(ii) so far as regards the reversionary property or any part thereof, the date on which the same falls into possession or is realised shall, for the purpose of ascertaining any capital fee payable in pursuance of these rules, be deemed to be the date of the acceptance of the trust, and the fee payable upon, acceptance shall be payable at the first mentioned date.

Where this provision sits

ActThe Official Trustees (Maharashtra) Rules, 1971
Section5
Marginal noteFees payable by the trust estates
JurisdictionState of Maharashtra
StatusIn force as published by the source

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