(1) The Governing Council shall meet as often as necessary but at least once every quarter. The date of Meeting of the Governing Council shall be fixed as per the convenience of the members of parliament who are members of the Governing Council.
(2) The Meeting of Governing Council shall be convened as directed by the Chairman.
(3) The Quorum for such meeting shall be one third of the total members of the Governing Council.
6 3Third Amendment Dated 29.09.2025 meeting of the managing committee
8. The meeting of the Managing Committee shall be held at least six times in a financial year and it shall be convened as decided by the Chairman of the Managing Committee.
Powers and Functions of the Managing Committee-
39. The Managing Committee shall, -
(i) exercise due diligence in carrying out its duties for protecting the interests of the Trust;
(ii) Ensure timely collection of contribution fund from the concern Mining Lease Holders in accordance with the provisions of the Act, Rules made thereunder and the guidelines of the Central Government and State Government issued from time to time;
(iii) prepare the Master Plan / Vision Document for the activities of the Trust;
(iv) assist in the preparation of the Annual Plan, Five Year Perspective Pla and the Annual Budget of the Trust along with the proposed Schemes and Projects;
(v) supervise and ensure the execution of the Annual Plan, Five Year Perspective Plan and the approved Schemes and Projects;
(vi) accord sanction to the projects release and disburse the Trust Fund for the purpose;
(vii) operate the Trust Fund and to invest the same in a diligent manner and to open Bank Accounts in the name of the Trust and operate such Accounts and investments;
(viii) monitor the progress of the utilization of Trust Fund;
(ix) place the audited accounts along with an Annual Report before the Governing Council for its approval within 90 days of close of financial year;
(x) do all other things which are necessary for smooth functioning and management of the Trust;
(xi) regulate the procedures for the functioning of the Trust.
contribution to the trust fund
10. (1) In case of major minerals-
(a) the holder of a mining lease granted before the date of commencement of the Mines and Minerals (Development and Regulation) Amendment Act, 2015, shall in addition to the royalty, pay to the Trust of the district in which the mining operations are carried on, an amount not exceeding the royalty paid in terms of the Second Schedule in such manner and subject to the categorization of mining leases and the amounts payable by the various categories of lease holders, as may be prescribed by the Central Government;
(b) the holder of a mining lease or a prospecting license-cum-mining lease granted on or after the date of commencement of the Mines and Minerals (Development and Regulation) Amendment Act, 2015 shall in addition to the royalty, pay to the Trust of the district in which the mining operations are carried on, an amount which is equivalent to such percentage of the royalty paid in terms of the Second Schedule, not exceeding one- third of such royalty, as may be prescribed by the Central Government.
(2) In case of minor minerals - The holder of every mineral concession/permit shall in addition to 7 3Third Amendment Dated 29.09.2025 the royalty, pay to the Trust of the district in which the mining operations are carried on, an amount which is equivalent to 10% of royalty or as may be prescribed by the State Government from time to time.
(3) Concern Mining Officer/Mining Inspector shall be responsible for collection of Trust Fund and shall deposit the same in Trust account opened in any scheduled bank as decided by the Trust.
Expenditure from the Trust Fund
311. The funds available with the Trust Fund can be used for all or any of the following purposes: -
(i) expenditure on the approved works mentioned in Rules 17;
(ii) upto 5% of the annual receipt of the trust may be utilized for the Administrative, supervisory and overhead costs of the foundation.
Accounts and Audit of the Trust