HERBERT R. O'CONOR, GOVERNOR. 209
CHAPTER 252.

(Senate Bill 70)

AN ACT to enact and add a new section to Article 11 of the
Annotated Code of the Public General Laws of Maryland
(1939 Edition), title "Banks and Trust Companies", sub-title
"Trust Companies", said new section to be known as Section
62A and to follow immediately after Section 62 of said
Article, said new section relating to the establishment and
administration of common trust funds by trust companies.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That a new section be and the same is hereby enacted to
follow immediately after Section 62 of Article 11 of the Anno-
tated Code of Maryland (1939 Edition), title "Banks and
Trust Companies", sub-title "Trust Companies", to be known
as Section 62A and to read as follows:

COMMON TRUST FUNDS.

62A. (1) Any trust company may establish, maintain and
administer one or more common trust funds as hereinafter de-
fined. The term "trust company" as used in this section shall
also refer to and include any national bank or trust company
authorized to exercise fiduciary powers similar to those con-
ferred upon trust companies by this Article.

(2) The term "common trust fund" means a fund maintained
by a trust company, exclusively for the collective investment
and reinvestment of moneys contributed thereto by such trust
company in its capacity as a fiduciary or cofiduciary, and
operated and administered pursuant to the requirements of
this Section.

(3) The fiduciary capacities referred to in this Section
shall include all of those in which a trust company is permitted
to act under the provisions of this Article.

(4) Any trust company in its capacity as a fiduciary or
cofiduciary, whether such fiduciary capacity arose before or is
created after this Act takes effect, may invest funds which it
lawfully holds for investment in interests or participations in
one or more common trust funds, if it, either alone or in con-
junction with any person acting with it, be authorized by the
instrumentality creating the fiduciary account to exercise its or
their discretion with respect to investments of the account, or
if such investment be not inconsistent with the terms of the
instrument, judgment, decree, order or other factor by virtue
of which the fiduciary relationship exists, and provided, in the
case of cofiduciaries, that the trust company procures the
written consent of its cofiduciary or cofiduciaries to such in-