The Trust Deed under section 3 provides for the formation of a Governing Body. The section reads:
“3. GOVERNING BODY
For smooth and proper functioning of the Trust and/or in order to carry out its objectives he (i.e. Chief Trustee) may nominate any experienced or qualified person as Member of the Governing Body subject to a maximum of five members but they together with the trustee(s) shall not form Board of Trustees, rather a Governing Body of the Trust in order to carry out its aims and objectives.”
The Chief Trustee SUFDI, in exercise of the powers vested in him through the Trust Deed of SUFDI, has decided to form a Governing Body with effect from 1st of July 2020. The Terms and Condition of the Governing Body will be the following:
- The Governing Body will consist of 5 (Five) members including the Chairperson, who will be the Chief Trustee.
- The Chief Trustee will be the Chairman of the Governing Body.
- The meeting(s) of the Governing Body will be Chaired by the Chief Trustee or his/her nominee.
- There will be 04 (Four) nominated members of the Governing Body
- The term of a member will be of 2 (two) years and no member will be nominated for consecutive terms. However, a member can be re-nominated after a gap of one year.
- One member will be nominated every 06 (Six) months for the initial 2 (two) years and subsequently one member will expire the term every six months. This will result into vacancy of a member every six months.
- In case a Member is incapacitated for any reason including demise the Chief Trustee may nominate a member for the residual period of the term of the member.
- The residual period will not be counted towards the membership and he/she can be nominated for a fresh term of two years.
- The meeting of the Governing Body will be requisitioned by the Chairperson as and when he/she desires to consult the Members on any issue(s).There will not be any mandatory requirement of a meeting.
- Opinion of the Members can be obtained through circulation on email or webinar.
- Non-participation in 3 (three) consecutive meetings (physical or virtual) will result in termination of membership of the Governing Body.
- In case of a dispute or difference of opinion on any issue the verdict of the Chairman will be firm and final and binding on all members.
- Members may be paid sitting fee for attending the meetings however the Chairman will not be entitled to any sitting fee.