INCORPORATED TRUSTEES

Question 1

What are the documents needed to register an incorporated trustee?

Answer 1

-Application form (CAC/IT 01) Application to Register Incorporated Trustee
 Form for availability and reservation of name
 Constitution: Two printed copies of the constitution of the association
 Signed copies of the minutes of meeting appointing the trustees and authorizing the application, showing
people present and votes scores
 Impression or drawing of the proposed common seal of the body (if any)
 A copy of the resolution adopting the special clause
 Sworn affidavit by each trustee that they are not disqualified as acting as trustee
 Evidence of land ownership or affidavit in lieu
 Payment of prescribed filling fees
 Passport: Two passport photos of each trustee (not in cama but you can add it)
 Evidence of advertisement in two national daily newspapers (not in cama but you can add it)

Question 2

Similarities between companies limited by guarantee and registered trustees?

Answer 2

1. Both are exempted from paying taxes
2. Both are not profit oriented
3. Both are administered by the CAC
4. Both are juristic entities

Question 3

What is the draft specimen for public notice? NTAOS!

Answer 3

NOTIFICATION
TRUSTEE
AIM
OBJECTIVES
SIGNATURES

Question 4

Purpose of a special clause in IT?

Answer 4

IT must have a special clause to show application of its income and property and transfer of its assets on dissolution.

Question 5

Differences between GTE & IT?(company limited by guarantee & Incorporated trustees)?

Answer 5

1. GTE can carry on businesses, IT cannot.
2. Consent of the AG is needed for GTE, IT needs no consent
3. GTE is regulated by its MEMART while IT is regulated by its constitution
4. Presence of directors in GTE, presence of trustees in IT
5. An infant can join in the formation of a GTE with 2 other individuals(S 20), not applicable to IT.
6. GTE must hold AGM as provided for, IT is not mandated to hold meetings

Question 6

Features of Incorporated Trustees?

Answer 6

a. Have perpetual succession
b. Have a common seal if they so wish
c. Have power to sue and be sued in its corporate name
d. Power to hold, acquire, transfer, dispose of any property or interests.