MVTF Agreement July, 1971
I, A.C. BHAKTIVEDANTA SWAMI, disciple of OM VISNUPAD PARAMHANSA 108 SRI SRIMAD BHAKTISIDDHANTA SARASVATI GOSVAMI MAHARAJ PRABHUPADA, hereby give and transfer all of my personal funds received from my disciples and other contributors from time to time and rights incidental thereto as hereinafter described to A.C. BHAKTIVEDANTA SWAMI, Sriman Atreya Rsi, Sriman Gopal Krishna Das Adhikary and Sriman Karandhar dasa Adhikary (Kelly G. Smith) as Trustees, in Trust, for the purposes hereinafter stated and to be administered in accordance with the provisions hereinafter set forth.
Money invested in Government bonds and other securities, debentures, and properties all over the world shall constitute the Trust Fund including all donations given to me from time to time by my disciples and others, as well as interests earned and accrued from the Government bonds and other security investments, as well as rents and incomes derived from properties and houses, specially in the U.S.A., of which country I am registered immigrant as Founder and Acharya of the International Society for Krishna Consciousness, Incorporated.
NAME OF TRUST
This trust shall be known by the name, “A.C. BHAKTIVEDANTA SWAMI MAYAPUR-VRINDABAN TRUST FUND” or, in brief, M-V Trust. Insofar as practicable, the Trustee shall conduct the trust activities in that name.
PURPOSE OF TRUST
This Trust Fund is created and shall be operated exclusively for the regular maintenance of two Temples at Mayapur and Vrindaban (India) of the INTERNATIONAL SOCIETY FOR KRISHNA CONSCIOUSNESS, incorporated by me, and qualified as a tax-exempt religious organization both in the U.S.A. and India under the provisions of the Internal Revenue Code. The income from this Trust Fund will be specifically spent for regular seva puja (temple worship) of the two Temples at Mayapur and Vrindaban set forth in particular. This trust shall exist independently of the International Society for Krishna Consciousness.
I direct that no part of the Trust shall inure to the benefit of any private individual and no part of the activities of this trust shall consist of carrying on propaganda or otherwise attempting to influence legislation, or participating in or intervening in any political campaign on behalf of any candidate for public office. I insert these mandates in order to comply with the provisions of the Internal Revenue Code applicable to tax-exempt organizations. For the same purpose, I direct that the Trustees shall not conduct or carry on any activities which are not permitted to be conducted or carried on by tax-exempt organizations under the provisions of the Internal Revenue Code.
USE OF THE TRUST
The Trustees or any Manager deputed by the Trustees shall collect all proceeds from the Government bonds and other securities, One Hundred Percent (100%), as well as donations from all members of the International Society for Krishna Consciousness Temples or others, as well as all rents and incomes from properties and houses, and divide these proceeds into two funds, one-half (1/2) for the regular seva puja expenditure of the ISKCON Mayapur Temple and one-half (1/2) for the regular seva puja expenditure of the ISKCON Vrindaban Temple, as directed by the Trustee A.C. Bhaktivedanta Swami during his life time. After his demise, as decided by the board of Trustees as mentioned above.
The board of Trustees is formed as follows:
1. A.C. Bhaktivedanta Swami Chairman
2. Karandhar Das Treasurer
3. Atreya Rsi Das Secretary
4. Gopal Krishna Das Jt. Secretary
Immediately a bank a/c shall be opened with Bank of America Bank in the name of the Trust Fund and checks or withdrawal should be signed by the chairman and one of the other Trustees.
IN WITNESS WHEREOF, I have executed this trust this———day of July, 1971.
A.C. BHAKTIVEDANTA SWAMI
ACCEPTANCE OF TRUST
The Trustee hereby accepts this Trust and the obligations imposed thereby and undertake to hold, manage and administer the Trust Fund in accordance with the terms of this Agreement.
A.C. BHAKTIVEDANTA SWAMI
KARANDHAR DASA ADHIKARY
(Kelly G. Smith)