. . 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 :