317. Conditions regarding trust and trustees.–

(1) The fund and the trust shall be established in India.

(2) The trust shall have at least two trustees provided that a company as defined in section 2(20) of the Companies Act, 2013 (18 of 2013) shall not be appointed as a trustee without the prior approval of the approving authority.

(3) The trustees of the fund shall be a resident in India and any trustee who leaves India permanently shall vacate his office.