334 DR. BABASAHEB AMBEDKAR : WRITINGS AND SPEECHES
But there can be no trust of a beneficial interest under a subsisting trust. A Beneficiary cannot create a trust of his interest in trust. His interest is transferable but he cannot create a trust of it.
This marks an important distinction between the English Law and Indian Law of Trust.
Under the English Law a beneficiary can create a trust of his equitable estate.
The reason is that the Indian Law does not recognize the distinction between legal and equitable estates in a trust.
Sec. II.— A Trust may be properly created and yet enforceable.
- A trust may have been properly created but may not be enforceable. To be enforceable a trust must satisfy two other conditions:—
I. The object of the Trust must not be unlawful.
II. The formalities prescribed for the creation of a trust must be satisfied.
Object of the trust
Sec. 4.
The object of a trust must be lawful.
What are lawful objects ?
(1) The purpose must not have been forbidden by Law.
(2) Purpose must not be such which if permitted would defeat the provisions of any law.
What are unlawful objects ?
(1) Purpose which is fraudulent
(2) Purpose which involves or implies injury to the person or property of another.
(3) Purpose which is immoral or opposed to public policy.
Illus.
(1) Trust for the care of female foundings to be trained as prostitutes.
(2) Trust to carry on smuggling business and to maintain it out of the profits.
(3) Trust by a person in insolvent circumstances—defeating creditors.
(4) Trusts for illegitimate children.