212 LAWS OF MARYLAND. [CH. 252

extent and value of the participation of any fiduciary account
in a common trust fund may be accepted as evidence of such
facts by any court, trust clerk or other supervisory authority
in any report, accounting or other fiduciary return required by
law in respect to such fiduciary account.

(9) The ownership of and title to the individual assets com-
prising any such common trust fund, shall be solely in the
trust company as trustee of the fund, and no assignee, grantee
or other transferee of any securities or other property standing
in the name of a trustee of a designated common trust fund
nor any corporation, transfer agent or other person effectu-
ating the transfer, shall be chargeable with any duties in re-
spect to such fund or the fiduciary accounts participating
therein or the beneficiaries thereof, but may conclusively pre-
sume that the trustee of the fund has the absolute right to
make the tendered assignment, grant or other transfer, and
there shall be no obligation on any purchaser from such
trustee to see to the application of the purchase money.

(10) The trust company shall have the exclusive. manage-
ment and control of such common trust fund administered by
it, and the sole right at any time to sell, convert, exchange,
transfer, or otherwise change or dispose of the assets com-
prising the same, and may cause any investments of the com-
mon trust fund to be registered in the name of a nominee,
which nominee may be either an individual or a partnership.
The trust company having such exclusive management shall
be solely responsible therefor, and all cofiduciaries of partici-
pating fiduciary accounts shall be relieved of all liability in
respect to its management of the common trust fund. As to
any assets of a common trust fund registered in pursuance
hereof in the name of a nominee, the trust company oper-
ating the fund shall show the same on its records and shall
see that such nominee shall not have possession or control of
such. assets except under the supervision of the trust com-
pany; and as to the corporation whose stocks, bonds, other
securities or obligations are so registered, its transfer agent
or registrar may, without responsibility or investigation, treat
such nominee as the actual owner thereof.

(11) A trust company shall not invest any of its own funds
in a common trust fund administered by it, and if the trust
company, because of a creditor relationship or any other rea-
son, acquires any interest in a participation in such common
trust fund, the participation shall be withdrawn on the first
date on which such withdrawal can be effected.

(12) A trust company administering a common trust fund
shall not have any interest in the assets held in such common