Societies Regisration Act, 1860 (Act XXI of 1860)
Momorandum of Association
Bangladesh Krishi gobeshona endowment trust
i. Name of the Trust: Bangladesh Krishi Gobeshona Endowment Trust.
ii. The Registered office of the Trust:
Bangladesh Agricultural Research Council (BARC) Complex,
Farmgate, Dhaka-1215, Bangladesh.
This is may be changed by the Board of Trustees (BOT), if the need so arises.
II. (a) Operation area: All over Bangladesh and abroad.
II. (b) Author of the Trust
Government of Bangladesh represented by the Ministry of Agriculture in consultation with the Finance Division, Ministry of Finance.
II (c) Type of Trust
It is a not for profit, non-political, and voluntary Trust.
II (d) Definitions
The person who reposes or declares confidence is called the “Author” of the Trust; the person who accepts the confidence is called the “Trustee”; the person whose benefit the confidence is accepted is called the “Beneficiary”; the subject-matter of the trust is called “Trust Property” or “Trust Money”; the “beneficial interest” or “Interest” of the beneficiary is his right against the trustee as the owner of the trust property; and the instrument, if any, by which the trust is declared is called the “Instrument of Trust”; a breach of any duty imposed on a trustee as such by any law for the time being in force, is called a “Breach of Trust”.
“Competitive Grants Program (CGP)” is a mechanism to finance time-bound research proposals derived through open competition from institutions and individuals. “Agricultural research” means any scientific, technical, agronomic, economic, social, organizational, institutional or similar other processes, their outcomes or applications towards the development of agriculture broadly defined (crop, fisheries, livestock, forestry manifested in amours forms such as hunting, gathering, widen agriculture etc.) .
II (e) Legal Framework
The Trust will be created under Societies Registration Act, 1860 as an independent legal entity. It will be governed by the provision of the Trust Act and the “Instrument of the Trust” signed between the Author (Ministry of Agriculture) and the Trustees. It may be registered under the Foreign Donations (Voluntary Activities) Regulations Ordinance, 1978 to enable access to foreign donations. It will be not for profit Trust and should have its own seal and can sue and be sued.
II (f) Beneficiaries
Krishi Gobeshona Foundation (KGF) and the participants to the CGP constitute the immediate beneficiaries. The ultimate beneficiaries of the Trust are expected tube the farmers and the people of Bangladesh.
III. Objectives of the Trust
The Objectives for which the Trust is established are any or all of the following. All the objectives mentioned hereunder will be implemented upon necessary permission, if needed, from the government and/concerned/competent authority and the objectives contrary to the provision of Section 20 of the Societies Registration Act, 1860 shall be treated as ineffective.
- To professionally manage the Trust and its funds including the initial Endowment Fund received from the Government and also other funds subsequently received.
- To arrange for additional funds to augment the initial Endowment Fund for investment as well as other grants and donations for direct utilization for providing grates for research and research facilitation (including knowledge management) for agricultural development in Bangladesh)
- To utilize the income received through investment of the initial Endowment Fund to provide stable funding for agricultural research through Competitive Grants Program (CGP) managed and operated by the KGF established in 2006 under the Companies Act 1994.
- To arrange national and international trainings, meetings, seminar, workshops and other similar events to publicize the role of the Trust and facilitate an enabling environment for research for agricultural development and receive funds for such purposes.
- To publish information related to the roles and functions of the Trust, its annual and other reports as well as research results in print and digital forms and/or facilitate such publications and receive funding for such purposes.
- To initiate, develop and maintain professional links with organizations and individuals with aims and objectives of similar nature to the Trust both nationally and internationally.
- To undertake any other activity for fulfilling any or all of the above objectives as deemed fit by the BOT.
- A fund of the Trust shall be created, This may consist of an initial endowment from the GOB, other endowments, and grants, donations and other resources available from various legitimate sources from time to time.
- The Trust property, to begin with, shall consist of an initial Endowment Fund amounting to BD Taka 350 core or its equivalent in foreign currencies. The Fund of the Trust may be augmented by other funds from the Gob, external assistance from bilateral and multilateral donors, and private donations, domestic and foreign.
The income of the Trust shall consist of the returns from the investment made of the Endowment Fund from time to time, any donation or grant received for the sole purpose of research or facilitating research towards the development of agriculture in Bangladesh and any income for any other sources for achieving the objectives of the BKGET as determined by the BOT.
VI. Dissolution or Winding Up
The Board of Trustees may, by unanimous decision of the Board in a meeting specifically called for the purpose, dissolve the Trust, if it appears in the best judgment of the Trustees that the Trust, if it appears in the best judgment of the Trustees that the Trust Fund(s) and income are not being used for the purposes that they were created, to the purpose (s) for which they were established have become irrelevant. In such event the assets and property of the Trust, if any remaining after satisfying any claims or liabilitie3s etc, may be riveted to the Government exchequer or be transferred to or given over to such other organizations which have objectives similar to the one of the BKGET.