2. Yes noc is required from owner.
3. They can retain the trust but noc needs to be there to use that trust name.
4.It should be in favour of your trust if you too forming one.
5. Yes. You can execute mou if needed
Purchase of Preschool
Hi team, We have seen a playschool which the owner wants to close as she is moving abroad. This school currently does not have a licence in hand to run preschool but has applied for one and has shown an acknowledgement for the same which has been applied. We are planning to take this preschool from them and run the with same preschool name and logo and curriculum effective April 2020. Since the Preschool is run under a trust name and Licence also applied on behalf of the trust it cannot be transferred to my trust name We checked with government official and they mentioned that we have to apply a new licence in our name for this school The current owner of the school is asking us to pay for the usage of Curriculum ,logo and also some study material which we are ok My Questions are 1) Owner is asking to make a sale deed needed between the owner and us ? (There is no Licence right now and what I am paying will be for the logo, curriculum and study material) 2) If I need to apply for licence, the current school owner from the trust, should they provide a NOC to us to use the brand name, logo and curriculum 3) Should they dissolve the trust and give us an NOC because until that time I cannot apply for licence 4) Who should the NOC be given to ( the buyer, Government. Etc) and how should the NOC be 5) Since I am paying for the curriculum, and logo can I just pay that without a sale deed as there is nothing for sale (per my understanding) Thanks and Regards
Asked 4 years ago in Business Law
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7 Answers
1. In case the school property is in name of the trust then in that case you have to make sale deed between trust and you as per the rules of the trust.
2. Yes NOC is required for use of logo name and curriculum.
3. Dissolution of trust is not required they can transfer the property.
4. NoC should be from seller trust.
5. See if no property involved then in that case just a NOC for name is required.
1. Since you are not the trustee which applied the license for this school, you can run the school on the basis of the same license if allowed by the local authority. So you will have to apply afresh in your name. To do this you will have to purchase the land and house where the school is running along with its trade name .
2. the you can apply in your won name or in the name of the entity which you wish to form to run the school.
3. Yes, surely.
4. The Trustees will give the NOC to let you apply and they will have to withdraw the previous application for license as well.
5. If you purchasing the land and the house where from the school is run then you need get a sale deed registered. otherwise also get a sale deed without registration for purchase of the school name and its curriculam and infrastructure etc.
there are many legal compliances required to be followed for purchase of a Trust property including but not limited to Charity Commissioners consent, Court's approval etc. So I would advise you that if you intend to purchase the said property, please acquire the services of a local lawyer and get the compliance list completed before entering into a contract.
1. If the preschool as owner by the trust, the so called owner cannot sell the property (the curriculum, logo and study material)by himself, the trust only has to sell the same through its authorised representative or by its trustee on the basis of the resolution passed in the trust meeting.
2. The trust has to be dissolved if the trust was created for this purpose alone hence ther is no question of NOC if there is o trust after that.
3. You are right, they can dissolve the trust.
4. They canot give NOC if the trust is dissolved
5. Without an agreement for sale the buying of such intellectual properties may not be proper, it may cause infringement of rights at a later stage if anyone raises any objection to the usage of these by you without proper authorization.
1. Yes you have to execute the sales deed of the property owned by owner whether it is immovable or intellectual property.
2. Yes if you are purchasing the intellectual property from owner that will include logo, brand name and curriculum of school.
3. The trust will be selling the rights to you or your trust is considered as NOC.
Sale of trust business/property not valid without order of court. Dissolve trust, property will resume to contributor than contributor should sell it. And later you can apply for license in your name.
You are paying for good will and this amount will not mention in property price/sale deed. And for this separate agreement will execute. Same amounts to ownership or transfer of ownership.
