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WHAT IS TRUST?In a social context, Trust has several
connotations. The typical definition of trust follows the general
intuition about trust and contains such elements as:
the willingness of one party (trustor) to be vulnerable to the
actions of another party (trustee);reasonable expectation
(confidence) of the trustor that the trustee will behave in a way
beneficial to the trustor;risk of harm to the trustor if the
trustee will not behave accordingly; andthe absence of trustor's
enforcement or control over actions performed by the trustee.
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Trustee of a TrustThe Trustee is the guy who manages your Trust
assets.
Great care should be taken in your selection of your
Trustee.
The Trustee is bound by the Trust document (contract) and he has
a duty to protect Trust assets for the Beneficiaries.
The independent Trustee manages, holds legal title to Trust
assets and exercises independent control.
The Trustee can be your lawyer (worst person you would ever want
to trust), your accountant, best friend, or anyone you trust who's
not a relative by blood or marriage
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The TrusteesThese individuals can be elected or appointed and
"serve the long-term welfare of the institution and help resolve
current issues and conflicts in light of a broader perspective
While trustees usually have a standing connection to the
institution they are asked to serve, the men and women who serve as
trustees often claim no special competence in the area they are
serving
So, for example, one does not have to be a professor to be an
effective trustee of a college or university. What is needed is a
clear understanding of the aims and purposes of the
institution.
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The Trustees
Typical types of organizations with trustee boards include
nonprofit organizations, civic organizations, hospitals, museums,
and educational institutions.
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Trusteeship: ImportanceThe concept of trusteeship is important
for three main reasons.First, boards of trustees allow for
individual and group participation in creating the common good.
Second, they act as filters in determining which issues are
important.
Last, they provide a system of checks and balances within an
organization.
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Why be a Trustee ?There are diverse reasons for accepting the
mantle of trusteeship.be responsive to call for serving a cause or
institution championed by someone whom they respect and
admire,demonstrate a deep commitment to an organization and their
belief that its cause will endure, give back to an organization and
society that supported their personal success, and/ortake on a
respected, challenging, and stimulating project
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Trusteeship: the responsibilities
providing a legal foundation for existence,counseling the
organization's top administrators,making sure money is spent
wisely,directing the organization's long-term plans, making sure
everyday activities help achieve long-range plans,supporting and
raising funds for the organization,acting as the organization's
ultimate conscience,helping to resolve conflicts,providing the
continuity and history an organization needs to continue
improving.
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Trusteeship of Gandhiji"Supposing I have come by a fair amount
of wealth either by way of legacy, or by means of trade and
industry I must know that all that wealth does not belong to me;
what belongs to me is the right to an honourable livelihood, no
better than that enjoyed by millions of others. The rest of my
wealth belongs to the community and must be used for the welfare of
the community."
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Trusteeship of GandhijiIn the first instance, everything must be
surrendered to God and then out of it one may use only that which
is necessary for the service of God's creation, according to one's
strict needs.
When an individual had more than his respective portion, he
became a trustee of that portion for God's people.
Gandhi suggested this doctrine as an answer to the economic
inequalities a kind of nonviolent way of resolving all social and
economic conflicts.
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Trusteeship of Gandhijiideal combination of economics and
morals.
(i)Trusteeship provides a means of transforming the present
capitalist order of society into an egalitarian one. It gives no
quarter to capitalism, but gives the present owning class a chance
to reform itself. It is based on the faith that human nature is
never beyond redemption.(ii) It does not recognize any right of
private ownership of property except so far as it may be permitted
by society for its own welfare.(iii) It does not exclude
legislation of the ownership and use of wealth.
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Trusteeship of Gandhiji(iv) Thus under state regulated
trusteeship, an individual will not be free to hold or use his
wealth for selfish satisfaction in disregard to the interests of
society.(v) Just as it is proposed to give a decent minimum living
wage, a limit should be fixed for the maximum income that would be
allowed to any person in society. The difference between such
minimum and maximum incomes should be reasonable and equitable and
variable from time to time, so much so that the tenancy would be
towards the obliteration of the difference.(vi) Under the Gandhian
economic order, the character of production will be determined by
social necessity and not by personal greed.
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AIMThe revolutions that are raised from time to time in
different countries are motivated by the same objectives of human
dignity, justice, and equity.
It is very clear that the idea is relevant today as it aims at
the social, economic, and political changes in the world.
Though the Gandhian concept of trusteeship provides us with an
idea of how to narrow the class gap.
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TRUSTEESHIP v/s MARXISMGandhian theory can be understood only in
the context of certain basic spiritual values of the Indian
tradition.
Marxian socialism aims at the destruction of the class called
capitalists, whereas the Gandhian approach is not to destroy, but
to reform it.
Gandhian socialism, being ethical, is different from Marxia'"
socialism. Man, to him, is an ethical being first and a social
being later.
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TRUSTEESHIP v/s MARXISMMarxian socialism harps on violence,
Gandhian socialism aims at a change of heart on the part of the
rich
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Trusteeship and PhilanthrophyTrusteeship is a key aspect of
philanthropy. It is through the organization of volunteers into
assistive governing bodies that many individuals are given an
opportunity to serve both community and personal interests. An
external board lends legitimacy to issues facing an organization
and the overall community of which it is a part. Individual
trustees provide necessary financial contributions as well as
spread good will for the organization. Further, trusteeship teaches
citizens that there is more to the world than individual need. It
also helps ensure that corporate and/or self-interested influences
are muted.
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Gandhi deals with the concept of trusteeship at four different
levels.Firstly, he talks of Trusteeship as the sole means of
continuously redistributing wealth and simultaneously assures the
generation and intelligent use of wealth. This is an outcome of
non-violence, for wealth could be redistributed coercively but the
resulting greed of many and the resentment of the displaced paves
way for social strife and self-alienation. The trusteeship
therefore provides the owner the satisfaction of seeing himself as
trustees of the wealth of the society.
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Gandhi deals with the concept of trusteeship at four different
levels.Secondly, the concept of trustee was based on Gandhis
practical psychological intuition. Gandhi understood the great
value of acceptability in a stable social order. A proper
redistribution can only be achieved when the element of fear is no
longer is a repealing factor. Fear, which he symbolizes with
weakness, creates an environment of distrust and hiding in a coop
of self-protective formulations. This can only be countered by a
fundamental change by creative, tolerant activity; sense of dignity
and courage. The workers realize their importance in society and
shed the fear of and distrust of the rich while the latter will no
longer feel their existence threatened but would realize their
great responsibility towards uplift-ment of society.
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Gandhi deals with the concept of trusteeship at four different
levels.Thirdly, Gandhi said that the trusteeship concept could be
achieved by implementing in degrees. He was bowed down by the fear
of failure considering that if it did fails it would be one of the
many conventional social proposals. But it was a success, its
strength would be the principle and it would not have the weakness
of inflexibility by creating spaces fro adjustment. Another
strength of it was that action of a few towards it could break
mental barrier which so subdues progress. Gradually, statutory
trusteeship could be evoked where trustees power of appointment and
states power of review will strike a balance for the welfare of
people.
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Gandhi deals with the concept of trusteeship at four different
levels.Fourthly, the time of Gandhi, as presently, was
characterized by spiritual poverty and psychological failure. That
made him visualize that the time was ripe for implementing a
change.
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Trusteeship for the CorporationNeed for modern foundation for
business arises from three areaState creates and protects
corporation and the purpose of the state is to further societys
interests.Corporation itself is composed of collective people.
Hence if individuals have moral standards corporation also should
have moral standardsCorporation have wide ranging activities that
impact the lives of people through the good and servvices they buy
and sell
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Organization following principle of trusteeshipBirla: is an
example of how one business group incorporated trusteeship idea
into its purpose
It has been the policy of house of Birla not to build up
business with view of accumulation of capital but to develop
unexplored lines, harness the underdeveloped resources of the
company, create skilled labour and managerial talents, spread
education
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