§ 3–505
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 3-505 (2026)
Title 3. Banking Institutions -- Commercial Banks
Subtitle 5. Common Trust Funds
§ 3–505LinkCopy Citation
Except as provided in § 3-507 of this subtitle, a fund plan shall state the name of the fund and include detailed provisions, not inconsistent with this subtitle, as to:
(1)
The intervals at which the trust company will determine the value of the assets in the fund;
(2)
The intervals at which the trust company will have an audit made of the fund;
(3)
The manner in which the fund is to be operated;
(4)
The investment powers of the trust company with respect to the fund;
(5)
The terms and conditions that govern entry in and withdrawal from the fund;
(6)
The auditing and settling of accounts of the trust company with respect to the fund;
(7)
The basis and method to be used for valuing fund assets;
(8)
The circumstances and manner in which the fund may be terminated; and
(9)
Any other matters that are necessary to define clearly the rights and duties of the trust company and fund participants.