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. . 1 . :
' o f f i c e Of the , , ., Commf s s i o n e r of income-t a,x;: . .
Boulbay C i t y , A a y a k a r , '' Bhavan, . 3rQ. f l o o r , M.-K..R~'; , Bombay-4uu u%u . . i . .
Uateu the 1 5 t h A p r i l , 1997.1 . . . . :
=: OWCR- ;- . 1 , . I ;.,A ',: . . j ' , .. I
'..* , ., : . . . 8
, . . . . .
-L .. Unaes Hule 2(1) or p a r t o f t h e F o u r t h S c h e d u l e I . . .
t o t h e Income-tax Act , 1961 (48 of l~tl: , I a c c o r d . a p p r ~ ? v a l .. , . . . . t " - - -~nTUr i3ar.k o f I n d i a (Employees ) P e n s i o n Fund. - , --------------...---------.1-"--------.----------.-.-----
. . . . ----------.-.--------------------.I--- ----.n-----l----------.-.----- . .
. . . . w i t h e f f e c t from the-91*11.1993* . . . .
. . sd/- . . . .
(H c PARE^^ ' ~ornmiss'iairu.r o ncome- '
t a x , BonbayClty- I IL Bomb
The T r u s t e e s , Un ion Bank o f ( I n d i a ( ~ r n ~ l o ~ e e s y ' ~ e n s i o n Fund, To---------------------------------------.----------
239, V i d h a n Bhavan lviarg, Mumbal-400 021 . -----------.-------------- '-------t----------------.--...,-~---
~ ~ i t h r e f e r e n c e t o t h e i r l e i t e r d a t e d 19.03.97. . . .
-----I-----.-----^-_------- ,. . 2 A c e r t i f i c a t e t o t h e e f f e c t t h a t t h e monies o f t h e fund h a v e i r r e c o v a b l y t r a n s f e r r e d i n t h e names o f t h e T r u s t s e s and i n v e s t e d by them i n a c c o r d a n c e w i t b t h o T r u s t Deed s h o u l d be s e n t t o t h i s o f f i c e .
3 . A t t e n t i o n i s i n v i t e d t o t h e p r o v i s i o n s o f Ru les 58 6 o f p a r t 6 of t h e F o u r t h S c h e d u l e t o t i le Income-tax Act , 1961.
4. The a l l o w a n c e o f i n i t i a l c o h t r i b u t k o n and t h e 0r'd:LriarY' . .
a n n u a l c o n t r i b u t i o n w i l l be governed by t h o r e l e v a n t ' p r o v i . ~ ; i o n s ' '
:
o f t h e Income-tax ~ c t , 1961, and t h e lncome-.ta,x Rule, 1962, and by s u c h f u r t h e r d i r e c t i o n a s t h e Commissioner of Incarno-.tax m a y . : , .
g i v e n i n r e s p e c t o f t h e i n i t i a l c o n t r i b u t i o n s i n p a r t i c u l a ' r , : . ,
, . . ,
. .
5. The a p p r o v a l s h a l l b e s u b j e c t t o any f u r t h e r c o n d i t i o n s . . . .;
a s may be s p e c i f i e d by t h e Commiosioner 'of Income-tax i n t k k , l i g h t . .: '
of t h e changes i n t h e Income-tax Act and t h e Rules mede. t h ~ ! ~ e u n d e i . ' - ". , . , . .
n o d e d u c t i o n i n Company's a s s e s s m e n t , . ,, :. . ..>
. .
3. The Charge Income-tax O f f i c e r , - . . . t o f o r w a r d t h e same t o t h e I.T.O. hav ing j u r i s d i c t i o n o v e r t h e : . . . ,
F u n d ' s c a s e u n d e r i n t i m a t i o n t o t h i s o f f i c e . *. ($. J. PAWAR)
For Comu~iss ione r o f I
, Income-tax,
TRUST DEED --
/
THIS DEED I S made t h i s 25& day of ~ - m b 1 QQ5
between Union Bank of I nd ia , a Bank mentioned under Column .2
o f the F i r s t Schedule o f the Banking Companies (Acqu is i t i on . .
and Transfer o f Undertakings) Act, 1970 J 5 o f 1970) .and < . ,
having i t s Head Of f i ce a t Union Bank Bhavan, 238.. V.idhan . . .
Bhavan Mara, Bombay 400 021 (hereinunder r e fe r red t o as " the
Employer", which expression s h a l l include i t s successors and
assigns whenever.the context o r meaning s h a l l so requ i re -or . .
pe rmi t ) o f the one p e r t
: 2 :
A N D
( 1 ) SHRI 0 . SAMAL
( 2 ) SHRI M.P. KRISHANAPPA
( 3 ) SHRI J.S. KAMDAR
( 4 ) SHRI D.A. MASDEKAR
hereinafter called "the Trustees" (which expression shall
where the context so admits or requires, include the survivor
or survivors of the Trustees) of the other part.
AND WHEREAS
(a) In exercise of powers conferred by Clause (f) of Sub
Section ( 2 ) of Section 19 of the Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1970 (5
of 19701, the Employer, has adopted the Pension
Regulations notified by the Central Government on 29th
September, 1995 and published in the Official Gazette
in the name and style of Union Bank of India
(Employees') Pension Regulations, 1995 (hereinafter
referred to as "the Notified Regulations") annexed
hereto as Schedule I, thereby introducing a Pension
Scheme in lieu of Employer's contributions to the
Contributory Provident Fund as set out in the Notified
Regulations (uhich shell also mean and include the
amendments made therein from time to time by
notifications issued by employer); which shall be
deemed to form part of this Deed;
(b) The N o t i f i e d Regulations provide f o r the Const i tu t ion
under a Trust, o f a fund known as Union Bank o f I nd ia
<Employees') Pension Fund (here inaf ter re fe r red t o as
"the Fund") the sole object of which sha l l be prov is ion
o f Pension t o the Employees on the i r retirement a t or
a f t e r a speci f ied age or / on the i r becoming
incapacitated p r i o r t o such retirement or f o r t h e i r
spouses, ch i ld ren or dependants i n the event of . the i r
death i n accordance w i th the N o t i f i e d Regulations.
under an irrevocable t r u s t , i t i s proposed t o
cons t i tu te and establ ish such a Trust and pay w i th the
Trust such contr ibut ions as are spec i f ied i n the
N o t i f i e d Regulations;
(c) The No t i f i ed Regulations i n t e r a l i a provide fo r payment
o f commuted value and fo r payment o f pension or fami ly
ensi ion i n accordance w i th t l ie N o t i f i e d Regu:ations;
( d ) The Trustees have, at the request o f the Employer,
agreed t o act as Trustees o f the Fund i n accordance
w i th the terms o f these presents and the Fund Rules.
NOW I T I S HEREBY AGREED AND DECLARED as fo l lows
1 . FUND :
The Fund s l i a l l be known as Union Bank of I n d i a
(Employees') Pension Fund.
2. RULES :
The Fund sha l l also be y0verned.b~ the Union Benk o f
I n d i a (Employees') Pension Fund Rules annexed herewith as
Schedule I1 (hereinafter re fe r red t o es Fund Rules) and any
reference t o the Fund Rules i n those presents s h a l l mean the
Fund Rules f o r the time being i n force which sha l l be binding
on the Members, Benef ic iar ies and the Employer and which
sha l l bs deemed t o ,form part of t h i s Deed.
3. DEFINITIONS :
A l l words and expressions t o which special meanlngs
have been given i n the No t i f i ed Regulations and I n the Fund
Rules sha l l have the same meaning wherever they appear i n
these presents.
4 . TRUST IRREVOCABLE :
These presents sha l l cons t i tu te a Trust i n connection
wi th a Trade or Undertaking car r ied on I n I n d i a and not less
than n ine ty percent of the Employees are employed i n I n d i a
which Trust sha l l be i rrevocable and no moneys belonging t o
the Fund i n the hands of the Trustees sha l l be recoverable by
the Employer nor sha l l the Employer have any l i e n or charge
of any descr ipt ion on the Fund.
. . . .
TRUST FUND : 5.
The sums i n cash and other assets re ta ined by . t h e
Trustees i n the Funds's Account as more p a r t i c u l a r l y provided
for i n Regulation 7 o f the N o t i f i e d Regulations s h a l l
c o n s t i t u t e the funds of t l ie Trust and the Trustees s h a l l ho ld
and employ the sa id funds i n accordance w i t h the N o t i f i e d
Regulations. The funds s h a l l be vested i n the Trustees. The
Trustees s h a l l have the e n t i r e custody, management 'and
c o n t r o l o f the Fund. The Trustees s h a l l decide a l l
d i f fe rences and disputes which may a r i s e under these presents . .
or under the Fund Rules e i t h e r as t o the i n t e r p r e t a t i o n
thereof or as t o the r i g h t s and ob l i ga t i ons o f the Members or
t h e i r Benef i c ia r ies and the decfs ion o f the Trustees s h a l l i a
a l l cases be f i n a l and b ind ing on a l l p a r t i e s concerned :
PROVIDED THAT i f the dec is ion has any bear ing on the
p rov is ions o f the Income-tax Act , 1861 or the Income-tax
Rules, 1962 i t s h a l l be f o r t hw i t h repor ted t o the
Commissioner o f Income-tax and, i f so requi red by him, the
Trustees sha l l review the dec is ion.
t he re in and/or for payment o f co~nmuted value and fo r payment
o f pension or fami ly pension t o the Member or h i s ,
Benef i c ia ry .
6 . EMPLOYER TO MAKE CONTRIBUTIONS :
The Employer agrees t o make con t r i bu t i ons t o the
Trustees as provided i n the N o t i f i e d Regulations and the
Trustees s h a l l u t i l i s e the same f o r investment a8 prescr ibed I
7 . EMPLOYER TO FIJRNISH ALL INFORMATION AND TO PAY ALL THE EXPENSES OF ADMINISTRATION OF THE FUND :
The Employer f u r t he r agrees t o f u r n i s h t o the Trustees
a l l p a r t i c u l a r s regard ing the Members and such other
in fo rmat ion as may be i n the possession o f the Employer as
t h e Trustees may requ i re f o r the purpose o f rant o f
pensionary b e n e f i t s t o the Member o r h i s Bene f i c ia ry . A l l
expenses incur red by the Trustees i n connection w i t h the
adm in i s t r a t i on o f the Fund inc lud ing the rsmuneration o f a
Secretary, if any, or o f persons t o be employed by the
Trustees and the aud i t fees s h a l l be borne by the Employer.
a . EMPLOYER'S RIGHT TO AMEND THE FUND RULES :
(a) ( i ) The Employer may a l so a t any t ime by g i v i n g
three months' no t i ce i n w r i t i n g t o the
Trustoes amend the Fund Rules :
Provided t ha t no such a1 t e r a t ions o r
va r ia t io r i s s h a l l be incons is tent w i t h t he
p rov is ions o f the N o t i f i e d Regulat ions :
Provided fu r ther t ha t no such a l t e r a t i o n s or
v a r i a t i o n s s h a l l be made except w i t h the
previous approval o f the Commissioner o f
PROVIDED a l so tha t no such n o t i c e s h a l l be
requ i red t o be given t o the Trustees i f the
Commissioner o f Income-tax requ i res as a
cond i t i on f o r approval o f the Fund or a t any
t ime l a t e r any a l t e r a t i o n or v a r i a t i o n t o be
made.
( i i ) Any such alterations or variations shall not
affect the benefits already secured for the
Mefibers under the Fund Rules.
(b) Tho Trustees shall comply with and carry out all
the directions as may be given to them by the - I ' Enlployer from time to time in relation to any I. matter with respect to which the Employer has 1: power under this Deed or under the Fund Rules .or
the Notified Regulations to determine or decide.
Every such direction shall be notified to the
Trustees in writing signed by any person . . .
authoriaed in this behalf by the Employer and such
notification as aforesaid shall be a complete I. ~rotectisn to the Trustees in respect of any I matter therein referred to, notwithstanding any
error cr lack of authenticity in such
notification. A certificate from the Employer as
to the admission of a Member or as to the deeth of
a Member or his retirement or cessation from the
service. of the Employer shall constitute a good
and sufficient authority for the Trustees and the
same shall be conclusive as to all facts stated
therein.
PAYMENT OF COMMUTED VALUE AND PROVISION OF PENSION :
In accordance with the Notified Regulations, on behalf
of the Employer,.t,he Trustees shall pay the commuted value,
.wherever applicable and also pension/family pension to the
Members/Bcnoficiaries. The Trustees shall be responsible for
deduction of Income-tax chargeable on any payment made by
them to any Member or Beneficiary and shall deduct the
relevant tax therefrom and account for the same to the
Government of India. i .-. .8. . .
10. MEMBER TO HAVE NO RIGHT TO COMPEL TRUSTEES TO TAKE LEGAL PROCEEDINGS :
The Trustees sha l l not be bound a t the request o f a
Member or Benefic iary or otherwise t o take any proceedings
against the Employer for money which such Member or
Benefic iary may consider should have been pa id by the
Employer t o the Trustees on his/her account. No Membar or
Benefic iary shal7 have any r i g h t t o compel a Trustee t o take
any legal proceedings against n Co-Trustee for any act of
omission or commission which i s a l legedly committed by him.
1 ACCOUNTS :
The maintenance o f accounts o f the Fund, audi t o f
accounts, e tc . s h a l l be i n accordance wi th Regulatlcn 3 0 o f
the N o t i f i e d Regulations.
12. PAYMENT ON MEMBER'S INFIRMXTY :
I f any Member or h i s Benefic iary sha l l , i n the opinion
o f the Trustees, be unable by reason of mental incapacity or
other causes t o manage h i s a f f a i r s , the Trustees may, a t
t h e i r d isc re t ion , arrange that the pension or family pension
payable t o such Membar or Benefic iary sha l l be paid t o the
Person i n whose custody or charge such Member or Benefic iary
s h a l l be as long as the i n f i r m i t y las ts , and such payme,nt
s h a l l be a good, s u f f i c i e n t and complete discharge t o the
Trustees.
13. NUMBER OF TRUSTEES :
The number of Trustees cons i tu t ing the Board o f
Trustees sha l l not be less than three and not more than nine
and a Company as defined i n clause ( i ) o f sub-section ( 1 ) of
Section 3 of the Companies Act, 1956 sha l l not be appointed
as a Trustee without the p r i o r approval of the Commiseioner
APPOINTMENT OF TRUSTEES TO BE MADE BY THE EMPLOYER :
The power o f appoint ing the Trustees s h a l l be vested. i n
the Employer who s h a l l make such appointment i n w ~ i t i n g . The
Employer s h a l l a l so have power t o f i l l up a t any time any
vacancy i n the nur,.ber o f Trustees and t o remove a Trustee by
g i v i n g seven days' n o t i c e i n w r i t i n g t o the Trustee a t h i s
l a s t known address and t o the cont inu ing Trustees. Ths
Employer s h a l l be under no o b l i g a t i o n t o f i l l the vacancy
occasioned i n respect o f any Trustee so removed or any other
vacancy i n the number o f Trustees u n t i l i t s h a l l t h i nk f i t
and so long as the number o f Trustees s h a l l not be less than
three and pending the f i l l i n g i n o f any vacancy, the
con t inu ing Trustees s h a l l have power t o ac t . A Member of the
Fund can be appointed a T r ~ s t e e o f the Fund. The Employer
s h a l l nominate one of the Trustees t o be the Chairman ~f the
Board of Trustees. The Employer s h a l l a i so nominate a
Trustee t o be an a l t e r n a t e Chairman who s h a l l act i n the
absence o f tha Chairman and s h a l l exercise a l l the powers o f
the Chairman.
15. (a) RETIREMENT OF TRUSTEES :
A Trustee may r e t i r e a t any time a f t e r g i v i n g
seven days' not i c e i n w r i t i n g t o the Employer and
t o the Chairman o f the Board o f Trustees o f h i s
des i re t o do so.
(bl VACATION OF OFFICE OF TRUSTEES :
The Trustees s h a l l be res iden t i n I nd ia . The
o f f i c e of t he Trustee s h a l l be vacated i f he s h a l l
perrnanent-ly leave I n d i a o r i f f o r reason o f
~ l l n e s s or i n f i r m i t y or mental incapaci ty he, i n
the op in ion o f the Employer, become incompetent or
incapable t o a c t .
16. MEETING OF THE TRUSTEES AND QUORUM :
(a) The Trustees may meet together f o r despatch o f
business and adjourn and otherwise regu la te t h e i r
meetings and proceedings as they may t h i nk f i t .
Three Trustees present a t the meeting s h a l l
cons i tu te a quorum.
(b) Not less than seven days' no t i ce s h a l l be g iven i n
w r i t i n g t o a Trustee o f every meeting o f the
Trustees :
PROVIDED THAT a moeting o f the Trustees may be
c e l l e d on shorter no t i ce i f consent i s accorded
there to i n w r i t i n g by a l l the Trustees. Such
n o t i c e may be given by any Trustee o r by any ,
person author ised by t he Trustees f o r t he purpose
and need nei ther conta in a statement nor ind ica te
the nature o f business t o be transacted a t the
meeting.
(c ) Proper minutes of a l l meetings he ld s h a l l be kept
by the Secretary o f the fund as s h a l l have been
appointed by the Trustees.
17. VOTING AT THE MEETING :
The Chairman and i n h i s absence the a l t e r n a t e Chairman
s h a l l pres ide a t the meetings o f the Board o f Trustees. I n
the absence o f the Chairman and the a l t e rna te Chairman, the
Trustees may e l e c t one o f t h e i r members present a t the
meeting t o be the Chairman o f the meeting. Each Trustee
present a t the meeting s h a l l be e n t i t l e d t o one vote on any
matter a r i s i n g therat and i n case o f equa l i t y o f votes, the
Chairman s h a l l have a second or cas t i ng vote.
18. DECISION BY MAJORITY :
The. decision of the majority of the Trustees at the
meeting shall be a decision of the Board of Trustees and
shsll be final and binding accordingly. The Trustees shall
be at liberty to pass a resolution without any meeting of the
Trustees provided that such resolution shall be evidenced in
writing and passed by majority after being circulated.
19. TRUSTEES' POiiER TO APPOINT A SECRETARY :
The Trustees shall have power to appoint any Trustee to I act as the Secretary of the Trust and the said Secretary may
be invested with such powers of management of the Trust as
the Trustees may from time to time in their absolute
discretion deter~nina. With the consent of the Employer the
Trustees shall have power to employ any person or persons to
do any legal, accountancy or other work which they may
consider necessary or expedient in connection with the
management of the Trust or of the assets thereof. It is,
however, provided that no person of the Employer shall be
paid any remuneration for such services.
20. SIGNING OF RECEIPTS, CHEQUES, ETC. AND CORRESPONDENCE :
All correspondence in relation to the operation of the
Trust may be conducted by the Secretary of the Trust or an
official of the Employer duly authorised by the Board of
Trustees. All correspondence in relation to the operation of
the Trust, including the signing of receipts for money
received, operation of bank accounts, etc., shall be
conducted by the Secretary of the Trust or such officials of
the Employer who aro duly authorised.
21. ABSENCE OF A'TRUSTEE AND POWERS OF REMAINING TRUSTEES :
I f any T r ~ a t e e o r Trustees s h a l l be temporar i ly absent
from I n d i a , the Trustees who s h a l l remain i n I n d i a s h a l l I dur ing such absence have f u l l powers t o act under the T rus t I' I
n s i f they were the on ly Trustees o f these presents.
22 . INVESTMENT OF FUND MONEYS AND PAYMENTS OUT OF THE FUND :
The investment o f Fund moneys and payments out o f
the Fund s h a l l be i n accordance w i t h Regulat ion 12 and 1 Regulat ion 13 o f the N o t i f i e d Regulat ions. 1. 23. TRUSTEES' OPTION TO REGISTER SECURITIES I N THE NAME OF
THE NOMINEE :
I t s h a l l not be ob l i ga to r y f o r the Trustees t o cause
themselves t o be reg is te red as the ho lders o f any s e c u r i t i e s
c o n s t i t u t i n g Investments belonging t o the Trust and such
s e c u r i t i e s may be subscribed or purchased or he ld i n the name
or names o f a Scheduled Bank or Scheduled Banks. I 24. LIABIL.ITY OF TRUSTEES :
The Trustees s h ~ l l be l i a b l e on ly t o the ex ten t o f the
morley a c t u a l l y coming i n t o t h e i r hands. The Trustees s h a l l I not be l i a b l e f o r any f a u l t on the p a r t o f any other person l o r p a r t y i n respect o f the Fund save and except t ha t a
Trustee s h a l l be l i a b l e f o r h i s own immediate and w i l f u l
ac ts , deeds, or a breach o f t r u s t knowingly and w i l f u l l y
committed by h imse l f .
25. Th is Deed and any v a r i a t i o n t he re to s h a l l be governed 1; by the laws of I n d i a and the Trust s h a l l always be located i n I/
I N WITNESS WHEREOF THE PARTIES have h e r e t o set t h e i r
hands a n d s e a l s on t h e 2sth d a y o f ~ecernber 1995
f i r s t a b o v e m e n t i o n e d .
The Common See1 o f the U n i o n Rank
o f I n d i a h a v e b e e n h e r e u n t o a f f i x e d
i n t h e p r e s e n c e of
u n d e r t h e a u t h o r i t y of t h e
R e s o l u t i o n o f t h e Bank p a s s o d 1 . i n t h a t b e h a l f o n 28 .12 .1985 . 1;
4 . SHRI D.A. MASDEKAR
T r u s t e e s .
WITNESS: a ( S h r i S.N. I y e r )
S i g n e d s e a l e d a n d d e l i v e r e d
b y t h e a b o v e named
1. SHRI 8 . EAMAL 1 1 . 1 1
2 . SHRI M.P. KRISHANAPPA ) 2. 1 1
3. SHRI J . S . KAMDAR > 3. 1 1
1 4.
SCHEDULE I1
UNION BANK OF INDIA (EMPLOYEES') PENSION FUND RULES
1. DEFINITIONS' :
In these Rules, where the context so admits, the
masculine shall include the feminine, the eingular shall
include t.he plural and the following words and expressions
shall, unless repungnant to the context, have the following
meanings :
i) "Approved Fund': shall mean a Superannuation Fund which.
has been approved by the Cammissioner of Income-tax
under Part ' B ' of the Fourth Schedule of Income-tax
Act, 1961;
i i ) "Beneficiary" shall mean the member of a family as
defined in sub-regulation (0) of Regulation 2 of the
Notified Regulations;
i ~ i ) "Bank" means Union Bank of India mentioned under column
2 of THE FIRST SCHEDULE OF THE ACT;
iv) "Employee" shall have the same meaning as in sub-
regulation (n) of Regulation 2 of the Notified
Regulations;
v 1 "Employer" shall mean the Bank;
vi) "Fund" shall mean Union Bank of India (Employees')
Pension Fund, constituted under Regulation 5 of the
Notified Regulations, and established by these Fund
Rules.
vii) "Fu~rd Rules" shall mean the Rules of the Fund as herein
set out and any amendments made thereto from time to
. . t ime;
viii) "Member" shall mean an employee who has been admitted
to the membership of the Fund and who is governed by
the Notified Regulations and shall include any such
person only so long as he continues to be entitled to
the benefits hereinunder;
: 2 : -
i x ) " N o t i f i e d Regulations" s h a l l mean Union Rank o f I n d i a :
(Employees') Pension ~ e g u l a t i d n s , 1995;
x) "Trustees" s h a l l mean the Trustees f o r the t ime being
o f the Union Bank o f I n d i a (Employeee') Pension Fund;
x i ) A l l other words and expressions used i n these Rules but
not def ined, and def ined i n the N o t i f i e d Regulations
s h a l l have the meanings respec t i ve ly assigned t o them
i n the N o t i f i e d Regulations.
2. THE TRUSTEES TO ACT FOR MEMBERS AND THE EMPLOYER :
The Trusteos w i l l ac t f o r and on behalf o f the Mep-tbers
and the Employer i n any matter r e l a t i n g t o the Fund and every
ac t done and agreement made by the Trustees s h a l l be b ind ing
on the Members ana the Employer.
3. MEMBERSHIP OF THE FUND
Membership o f the Fund s h a l l be subject t o the
p rov is ions o f the N o t i f i e d Regulations.
4 . EMPLOYER'S DECISION REGARDING ELIGIBILITY FINAL :
The Employer's dec is ion regarding the e l i g i b i l i t y o f an
Employee f o r thz bene f i t s o f the Fund s h a l l be f i n a l and
b ind ing on a l l the p a r t i e s concerned.
5. CONTRIBUTIONS :
a) I n i t i a l c o n t r i b u t i o n :
The i n i t i a l con t r i bu t i on for the paet serv ice s h a l l be
. . as provided under the N o t i f i e d Regulaions.
b ) Ordinary Cont r ibu t ion :
The Employor s h a l l pay t o the Trustees by way 'of
o rd inary con t r i bu t i on i n respect o f each Member the
amount spec i f i ed i n sub-regulat ion (a) o f Regulation 7
o f the N o t i f i e d Regulations.
$q,@'
C ) Add i t iona l Cont r ibu t ion :
The Employer s h a l l pay t o the Trustees, by way o f
add i t i ona l con t r i bu t i on the amount r e fe r red t o i n
Regulat ion 11 o f the N o t i f i e d Regulations :
Providsd tha t the i n i t i a l con t r i bu t i on by the
Employer i n respect of a Membsr under clause (a)
together w i t h the Contr ibut ion p a i d by the
Employer t o any Provident Fund i n respect o f the
same member f o r h i s past serv ice s h a l l not exceed
twenty f i v e per cent o f h i s pay f o r each year 0.f
such past se rv ice :
Provided fu r ther t ha t the con t r i bu t i on p a i d by the
Employer i n any year i n respect o f a Member under
Clause (b) and !c) above together w i t h the
con t r i bu t i on i f any, pa id by the Employer t o any
Provident Fund i n respect o f the same Member f o r
the same year s h a l l not a t any t ime exceed twenty
f i v e per cent o f the pay pa id by the Employer t o
the Member i n t ha t year.
6. INVESTMENT OF FUNDS :
(1) The Investment o f Fund moneys and payments out o f
the Fund s h a l l be i n accordance w i t h Regulat ion 12
and Regulation 13 o f the N o t i f i e d Regulations.
( 2 ) No money belonging t o the Fund s h a l l be rece ivable
by the Employer under any circumstances; nor shell
the Employer have any l i e n or charge on the Fund.
: 4 : . .
1 . BENEFITS :
a) .The bene f i t s ava i lab le t o a Member/Beneficiary ,
s h a l l be those s t i pu la ted .by the N o t i f i e d . .
Regulations.
b ) The pensions and other bene f i t s granted from the
Fund s h a l l be payable 'only i n I n d i a
c ) A Member may make a nomination as provided under
Regulation 5 1 o f the N o t i f i e d Regulations.
8. EXPENSES OF THE FUND TO BE PAID BY THE EMPLOYER :
The expenses o f adp in i s t r a t i on o f the Fund by t he Trust
s h a l l be payable by the Employer and s h a l l be pa id i n
add i t i on t o the con t r i bc t i on herein mectionea. The Emp!oyer
s h a l l not c la im such expenses as deduct ib le expenasa i n
computing i t s business p r o f i t s or losses f o r the purpose o f
i t s Income-tax assessment.
Q . PAYMENT OF COMMUTED VALUE BY THE TRUSTEES AND PROVIDING PENSIONS :
a) The Trustees s h a l l e f f e c t payment o f the commuted
value t o a Member/family o f Member r e l a t i n g t o the
f r a c t i o n o f pension commuted by h im/ fami ly i n
accordar~ce w i t h Regulat ion 41 o f N o t i f i e d
Regulations.
b) Af te r tak ing i n t o account the f r a c t i o n o f pension
comuted as i n (a) ahove, wherever appl icab le, the
Trustees sha l l e f f e c t payment o f balance o f
pension and/or other b e n e f i t s i n respect o f a
member/family.
10. RESTRICTION OF BENEFITS :
I1 the con t r i bu t i on determined t o be payable by the
Employer t o the Trustees i n accordance w i t h sub-regulation
(a ) o f Regulation 7 o f the N o t i f i e d Regulations i a
discont inued or i s not pa id i n f u l l or i f the add i t i ona l
con t r i bu t i on determined t o be payable i n accordance w i t h
Regulation 11 o f the N o t i f i e d Regulations i s not paid by the
Employer t o the Trustees i n f u l l , then h a v ~ n g regard t o the
d e f i c i t of the Fund a r r i v e d a t on the bas is of an ac tua r i a l
va luat ion, the Trustees s h a l l r e s t r i c t the fu tu re bene f i t s t o
be provided i n respect o f the Members and/or Benef ic ia r ies
and the Employer s h a l l make i t s own arrangement f o r payment
o f the benef i t s so r e s t r i c t e d .
11. MEMBER TO HAVE NO LEGAL RIGHT :
A Member or h i s Benef ic iary s h a l l have no i n t e r e s t i n
any investment otherwise made by the Trustees i n accordance
w i t h the Rules o f the Fund but s h a l l be e n t i t l e d t o receive a
pension o r ottrer benef i t s i n accordance w i t h the N o t i f i e d
Regulations.
Provided always tha t the Trustees s h a l l administer the
Fund f o r the bene f i t o f the Members and t h e i r Benef ic ia r ies
i n accordance w i t h the prov is ions of these Rules and the
N o t i f i e d Regulations.
12. RESTRAINT ON ALIENATION OR ENCUMBRANCE :
The bene f i t s payable under the Fund are s t r i c t l y
personal arrd cannot be assigned, charged or a l ienated i n any
way. I f the Member or the Benef ic iary s h a l l become bankrupt
or s h a l l attempt t o assign, charge or i n any way encumber the
pension or any benef i t thereunder, he sha l l f o r f e i t a l l
r i g h t s and c la im there to and the same s h a l l lapse t o the
Trustees but without p re jud ice t o the powers of the Trustees
a t t h e i r d i s c r e t i o n t o mainta in or continue the same, i f they
t h i n k f i t , e i t h e r immediately or a f t e r an i n te rva l . o r
otherwise t o make payments f o r the support o f the Member or I
: 6 :
13. TRUST DEED TO PREVAIL :
Should anything contained i n these Rules o r i n any
a l t e r a t i o n or amandment thereof be incons is tent w i t h the
ob jec ts or p rov is ions o f the Trust Deed, subject t o . t h e
p rov is ions o f the N o t i f i e d Regulations, t he p rov is ions o f the
Trust Deed s h a l l p r e v a i l . On any such discrepancy coming t o
the no t i ce o f the Trustees, the Trustees s h a l l , w i t h the
p r i o r approval o f the Commissioner o f Income-tax take steps
t o amend these Rules t o b r i n g them i n con f i rm i t y w i t h the
p rov is ions o f the Trbst Deed and the N o t i f i e d Regulations.
14. JURISDICTION : 1.: Should anything contained i n these Rules, op i n any
amendment made thereof be rspugnant t o any p rov is ions o f t he
Income-tax Act, 1 S 6 1 , or the Income-tax Rules, 1962 o r the 1.1 N o t i f i e d Regulations, i t s h a l l be i n e f f e c t i v e t o the extent
o f such repugnance. Any such repugnance s h a l l be removed by
the Trustees i f so d i rec ted by the Commissioner o f Income-
tax.
15. DEDUCTION OF SUMS DUE TO INCOME-TAX AUTHORITIES :
a) I n any case where the Trustees are l i a b l e t o accoont t o
the Income-tax Au tho r i t i es f o r Income-tax on any
payments due under the fund, the Trustees s h a l l deduct
a sum equal t o the tax from such payment and they s h a l l t not be 1 i a b l e t o the' Members f o r the sum so deducted. f '
. .
b ) I f the Fund f o r any reason ceases t o be approved by the , , c.:.,,i..
i. Ii; 2s
Commissioner o f Income-tax , the Trustees shal I,:,:: -.- I nevertheless remain l i a b l e t o tax the bene f i t s pa id 'out 1 o f the Fund i n so f a r as such bene f i t s are secured by I the con t r i bu t i ons made before the Fund ceased t o be
approved by the Comn~issioner o f 1"drne-tax under the
p rov is ions o f Part ' 0 ' of the Fourth Schedule t o the 11 I
Income-tax Act, 1961. 4, i
(?& I
..----.-uu-IIYI.II"I~~.WYU .
interest thereon, if any are repaid to the Bank, the
amount so repaid shall be deemed for the purpose of
Income-tax to be the income of the Employer of the
previous year in which they are so repaid.
16. INTERPRETATION OF FUND RULES :
It shall be a condition of the namebrship of the Fund
that on any questian arising on any point of interpretation
of these Rules or any point relating to cessation of
membership, the decision of the Trustees shall be final. If
the decision has any bearing on the provisions of Part '8' of
the Fourth Schedule to the Income-tax Act, 1991 or the
Income-tex R~~les, 1952, it shall be forthrrith reported to the
Commissioner of Income-tax and i f the Commissioner of Income-.
tax so requires, the Trustees shall review the decision.
17. WINDING UP OH AMALGAMATION OF THE FUND : 11
Any arrangement for the winding up of the Fund or . for
its amalgamation with any other fund shall be subjeckto the
prior approval of, and subject to such conditions as may be
imposed by, the Commissioner of Income-tax.
. . ,20 RS.
F I R S T DEED OF VAHIAT.ION
T H I S DEED i s made t h i s loth d a y o f A U Y U S ~ One
T h c u s a n d N i n e H u n d r e d a n d N i n e t y S i x b e t w e e n UNION.BANK O F I N D I A ,
a B a n k m e n t i o n e d u n d e r C o l u m n 2 o f t h e F i r s t S c h e d u l e o f t h e
B a n k i n q C o m p a n i e s ( A c q u i s i t iun and T r a n s f e r o f U n d e r t a k i n g s ) A c t ,
1970 (5 o f 1970) a n d h a v i n g i t s H e a d O f f i c e a t U n i o n B a n k Bhavan, .
239, ' J i d h a n B h a v a n M a r q , MUllBFII 4 0 0 021 ( h e r e i n a f t e r r e f e r r e d t o
a s ' t h e E m p l o y e r ' ) a f t h e ONE PART, a n d
1. S H R I B. SAMAL
2. SHR I M . P . KR I SHh!APPA
3. S H R I J.S. KAMDAR, a n d
4 . S H R I D .A . MASDEKAR
h e r e i n a f t e r c a l l e d " t h e T r u s t e e s " ( w h i c h e x p r e s s i o n s h a l l w h e r e
h e c o n t e x t s o a d n i i t s o r r e q u i r e s , i n c l u d e t h e s u r v i v o r o r 11 I
s u r v i v o r s o f t h e T r u s t e e s ) o f t h e OTHER PART a n d i s s u p p l e m e n t a l
t o t h e T r u s t D e e d d a t e d t h e 28th d a y of D e c e m b e r 1 9 9 5 ( w h i c h
a n n e x e s t h e F u n d R u l e s a n d t h e N o t i f i e d R e g u l a t i o n s ) j o i n t l y
e x e c u t e d b y t h e E m p l o y e r a n d t h e T r u s t e e s w h e r e b y UNION BANK OF.
I N D I A (EMPLOYEES') PENSION FUND w a s c o n s t i t u t e d .
WHEREAS t h e F u n d w a s c o n s t i t u t e d w i t h e f f e c t f r o m 1 s t N o v e m b e r ,
1993 ( h e r e i n a f t e r r e f e r r e d t o a s " t h e E f f e c t i v e D a t e " ) ;
AND WHEREAS t h e C o m m i s s i o n e r o f I n c o m e - t a x , M u m b a i C i t y - 1 1 1 , by
h i s l e t t e r r e f . BC.No. T / I I I / 2 6 1 / 1 4 / 9 5 - 9 6 d a t e d 2 n d A p r i l , 1 9 9 6 , . .
h a s r e q u i r e d c e r t a i n a m e n d m e n t s t o b e made t o t h e T r u s t D e e d a n d
t h e F u n d R ~ ~ l e s to f a c i l i t a t e t h e g r a n t o f a p p r o v a l o f t h e F u n d
u n d e r P a r t ' B ' o f t h e F o u r t h S c h e d u l e o f t h e I n c o m e - L a # A c t , 1961;
AND WHEHEQS t h e E m p l o y e r h a s a g r e e d t o make s u c h a m e n d m e n t s ;
AND WHEREAS b y C i a u s e 8 ( a ) ( i ) o f t h e T r u s t D e e d p o w e r i s v e s t e d
i n t h e E m p l o y e r t o amend t h e F u n d R u l e s s u b j e c t t o t h e p r i o r
a p p r o v a l o f t h e C o m m i s s i o n e r nf I n c o m e - t a x .
NOW THEREFORE T K I S DEED WITNESSETH AND I T I S HEREBY DECLARED AND
AGREED b y a n d b e t w e e n t h e E m p l o y e r a n d t h e T r u s t e e s t h a t t h e
f o l l o w i n g a m e n d m e n t s t o t h e T r u s t D e e d a n d ' t h e F u n d R u l e s , s h a l l ,
s u b j e c t t o t h e a p p r o v a l o f t h e C o m m i s s i o n e r o f I n c o m e - t a x h a v i n g
j u r i s d i c t i o n o v e r t h e F u n d , t a k e e f f e c t f r o m t h e E f f e c t i v e D a t e
i . e . 1st N o v e m b e r 1 9 9 3 i n t h e m a n n e r a n d t o t h e e x t e n t h e r e i n a f t e r
s e t f o r t h t o t h e i n t e n t t h a t t h e T r u s t D e e d a n d t h e F u n d R u l e s
s h a l l b e r e a d a n d c o n s t r u e d a s i f t h e same a s n o w amended s h a l l b e
d e e m e d a l w a y s t o h a v e c o n s t i t u t e d t h e Fund .
. . . 3 . . .
I N THE TRUST DEED : -----
1. In Clause 23, the word "NOMINEE" appearing in the heading
shall be deleted and the words "FUND/TRUSTM substituted in place -
thereof.
IN THE FUND RULES : -----
2. In Rule I, the follow in^ definitions %.a) and x . b ) - shall.': ,,:
be added immediately after definition x ) :
"x. a) "Contrlbutlon" means any sum credited by the.
Employer out of hls own monies to the individual
account of employee but does not include any sum
credited as interest.
x.b) "Salary" includes dearness allowance, if the terms
of emFloyment so provide but excludes all other .
allowances and perquisites."
3. In Rule 4, the words "The Employer's decision" shall be :
deleted and the worcis "In case of disputes, the Employer's
declslon" substituted in place thereof.
SGVE AND EXCEPT the variations herein effected the Trust Deed and
the Fund Rules shall remain unaffected and continue to b e in full
I N WITNESS WHEREOF t h e p a r t i e s h e r e t o h a v e h e r e u n t o s e t . t h e i r .
h a n d s a n d s e a l s o n t h e d a t e , m o n t h a n d y e a r f i r s t h e r e i n a b o v e
mentioned. _I
The Common S e a l o f t h e UNION - . . .-..
BANK OF I N D I A h a v e b e e n h e r e u n t o 7
a f f i x e d i n t h e p r e s e n c e o f
1. S h r i S . K . mitts\ i , 3 5 -
D I R E C T O R
. .
D i r e c t o r s o f t h e B a n k
u n d e r t h e a u t h o r i t y o f t h e
R e s o l u t i o n o f t h e B a n k p a s s e d
i n t h a t b e h a i : o n 20 .08 .1996 .
SIGNED, SEALED AND DELIVERED
by t h e abovenamed
1. S H R I B. SAMQL
2. S H R I M.P. KRISHNAPPa 2
3. SHRI J .S. KflIIDAR 3
4. S H R I D.A. FlASDEKFlR 4
T r u s t e e s o f UNION B W K O F I N D I A
(EMPLOYEES ' ) PENSION FUND A
W i t n e s s :