https://www.taxtmi.com/caselaws?id=99230 Money deducted from employees' wages for remittance to a co-operative credit society, under the governing wage and co-operative arrangement, is held for a specific purpose and not as the company's beneficial property. Because the company had only a custodial role, with no debtor-creditor relationship, no interest element, and no indication that the society placed surplus funds with it, the deductions were impressed with a trust. In winding up, the liquidator could claim only property to which the company had legal and beneficial title. The deducted sums therefore did not form part of the assets available for general distribution and were recoverable by the society in full. en-us Mon, 28 Apr 1975 00:00:00 +0530 Wed, 25 Jan 2012 16:27:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99230 Money deducted from employees' wages for remittance to a co-operative credit society, under the governing wage and co-operative arrangement, is held for a specific purpose and not as the company's beneficial property. Because the company had only a custodial role, with no debtor-creditor relationship, no interest element, and no indication that the society placed surplus funds with it, the deductions were impressed with a trust. In winding up, the liquidator could claim only property to which the company had legal and beneficial title. The deducted sums therefore did not form part of the assets available for general distribution and were recoverable by the society in full. Case-Laws Companies Law Mon, 28 Apr 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99230