When is a specified trust or institution deemed to be converted?
​​A specified trust or institution shall be deemed to have been converted into any form not eligible for registration under Section 12AA or Section 12AB or approval under Section 10(23C) in the following cases:

(a)   If registration granted to it under Section 12AA or Section 12AB or approval under Section 10(23C) has been cancelled; or

(b)   If the specified person has modified its objects which do not conform to the conditions of registration or approval and it:

has not applied for fresh registration under Section 12AA or Section 12AB or approval under Section 10(23C);
has filed an application for fresh registration under Section 12AA or Section 12AB or approval under Section 10(23C), but the said application has been rejected.
(c)   If any trust or institution fails to make an application under Section 10(23C) or Section 12A(1)(ac) for:

Re-registration/re-approval;
Conversion of provisional registration/approval to regular registration/approval;
Renewal of registration/approval within the specified period. ​