Section 11 of SDMP Act, 1893 : Section 11: Addition Of Stocks, Funds Or Securities To Settled Property

Explanation using Example

Imagine a wealthy philanthropist, Mr. Mehta, who is a descendant of Sir Dinshaw Manockjee Petit and is passionate about contributing to the charitable trusts established by his ancestor. Mr. Mehta decides to donate additional resources to the trust to support its charitable activities. To do this, he plans to transfer a significant amount of government-guaranteed bonds to the Corporation managing the trust funds.

Before proceeding, Mr. Mehta consults with his legal advisor to ensure that his contribution follows the stipulations of The Sir Dinshaw Manockjee Petit Act, 1893. The legal advisor reminds him that any such transfer of assets must first receive the consent of the Governor of Bombay in Council. They prepare the necessary paperwork and submit a request for consent.

Once the Governor's approval is obtained, Mr. Mehta transfers the bonds to the Corporation. The Corporation, in turn, accepts the bonds and integrates them into the trust's portfolio, ensuring that they are managed in accordance with the same trusts declared by the Act. However, Mr. Mehta and the Corporation are both careful to ensure that the total value of the trust's assets does not exceed fifty lakhs of rupees, as mandated by the Act.