Section 350
Not To Affect Other Trust
(1) Nothing contained in this Chapter
shall affect any trust in operation upon being incorporated in
accordance with law in force for the time being prior to the
commencement of this Act, and such a trust may be operated in
accordance with the Donative inscription (Danpatra), Shilapatra,
memorandum of incorporation or other deed establishing such a
trust or with the ritual, custom or practice.
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Provided that such a trust shall be registered under this Act or
information of its operation shall be given to the registrar within
three years of the commencement of this Act, and records thereof
shall be maintained.
(2) The trust referred to in sub-section (1) shall be
managed and operated as previously for the object and purpose for
which it was established, and the property or income that remains
upon the accomplishment of that object and purpose may be
possessed, used, pledged or mortgaged.
(3) The property of a trust established pursuant to subsection
(1) may be purchased or sold in a manner without prejudice
the object and purpose of the trust.
(4) The purchaser under sub-section (3) shall use the
property for the object and purpose for which the trust was
established.
(5) If a trust under sub-section (1) has been established or
operated for any specific purpose by obtaining a government land,
such a land shall be used for the accomplishment of the object and
purpose for which the trust was established, and such a land shall
not be used by the trustor or his or her offspring or successor.
(6) If the person referred to in sub-section (5) does not
accomplish the object and purpose of such a trust, the person who
accomplishes such object and purpose shall be entitled to possess
and use such a land.
(7) Notwithstanding anything contained elsewhere in this
Section, if any person has continuously operated a trust referred to
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in sub-section (1) since last sixteen years or more than sixteen years
ago without any deed to that effect, that person may possess and use
such property upon the accomplishment of the object and purpose
of such a trust.
(8) Matters other than those set forth in this Section shall
be as set forth in the memorandum of incorporation of a trust,
Sheelapatra, Donative Inscription or as per the custom and practice
in relation to the operation of such a trust.