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Session Laws, 1939
Volume 581, Page 167   View pdf image (33K)
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HERBERT R. O'CONOR? GOVERNOR. 167

following commissions for their services in administering
such trusts; subject to the provisions of any valid agree-
ment determining their compensation and subject to be
increased or diminished for sufficient cause by any Court
having jurisdiction over the administration of such trust,
and the allowance of special commissions or compensation
for services of an unusual nature, viz,

Accounting from the inception of such trust (or in the
case of trusts, the administration of which has already
begun before the enactment of this section, accounting
from June 1, 1939) a commission of five per cent upon all
income from real estate, ground rents and mortgages col-
lected in each year; a commission of five per cent upon
the first ten thousand dollars of all other income collected
in each year, of four per cent upon the next ten thousand
dollars, three per cent upon the next ten thousand dollars,
and two per cent upon any excess; such commission to be
paid out of and chargeable against such income.

An annual commission (payable at the end of each
year, accounting from the inception of such trust) upon
the fair value of the corpus or principal so held in trust
at the end of each year, of one-eighth of one per cent on
the first five hundred thousand dollars of such corpus or
principal, and one-sixteenth of one per cent upon any ex-
cess; such commission to be paid out of and chargeable
against such corpus. The first charge with respect to
trusts, the administration of which has already begun
before the enactment of this section, shall be reduced or
prorated in proportion to the period elapsed from June 1st,
1939, to the date of such first charge; and when a trust
terminates in the course of any such year, with respect
to all or any part of the corpus so held in trust, such com-
mission for such current year shall be reduced or prorated
according to the part of such year elapsed and the amount
of corpus as to which it may so terminate, and shall be
chargeable, for such part of a year (and with respect to
any such part of the corpus) at such termination of the
trust, upon the then value of such corpus.

For selling real or leasehold property, a commission upon
the proceeds of such sale at such rate as may be allowed
by rule of court or statute, to trustees appointed to make
sales under decrees or orders of a court of equity in the
county in Maryland where such real or leasehold property
is situated, or if such property is located outside of Mary-
land, then for selling similar property in the county where
the trust is being administered; such commission to be
payable out of the proceeds of such sale when and as
collected.


 

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Session Laws, 1939
Volume 581, Page 167   View pdf image (33K)
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