Sorry guys, it is a " Real Estate Trust" to us folks in NAmerica when a business exists to own and profit from rental property. The entity pays no corporate tax, shareholders pay a personal income tax on dividend income. Britain has a similar setup, I think the legal term there is "Society." Latest on Willingdon : 75% of the tenants have accepted a cash offer from the builder of 30,000 a square foot and will move. The bonanza is 2.5 crores for 2 bed places, 1.5 for one bedroom. The big fight is over ! eric.
________________________________ From: Frederick Noronha <[email protected]> To: "Goa's premiere mailing list, estb. 1994!" <[email protected]> Sent: Mon, January 18, 2010 1:35:52 AM Subject: Re: [Goanet] Bombay Colony - The Truth. 2010/1/8 eric pinto <[email protected]>: > Willingdon is NOT a Society, it is a Trust/Business. > It was incorporated sixty years ago as a for-profit > business, when scores of the local Catholic > middle-class subscribed to the issue, and were > promised a 8% return on the investment. Eric, Just out of curiosity, since when is a "Trust" a "business"? >From what I understand, these two are as different as chalk and cheese! Earnings of a Trust cannot be privatised, and have to be deployed back into the entity, to support its (usually) educational or charity goals. Trusts in India are governed by the Indian Trusts Act, 1882, and are quite similar to (with some differences) societies in their nature and scope, not at all like businesses. > Society secretary Frederick Noronha said, “There are > 764 members in the society and majority have agreed > to sell the land. As far as the legal dispute is concerned, > the matter is in court and I would not like to comment > on it.” And, just by the way, in case anyone was wondering, the above is an amazing case of someone whom I'm not met (and, afaik, not related to except through Adam) who shares both a name and surname with me :-) Leave alone not being the secretary of that society, I've not even been to the place where it is located! But, from a wholly disinterested (and academic perspective), I think Eric is mixing up the unfair "rent-control" we have had for decades in India (doing away with them overnight would be equally unfair) with the manner in which those controlling community property have been rampantly privatising the same these days! The coors/kudds of Bombay are another example! So are the religion-controlled properties in Goa, which was why we saw the recent debate raised by Eduardo Faleiro (and others). FN -- Frederick Noronha Columnist :: journalism :: editing :: alt.publishing :: photography :: blogging
