SPIRO T. AGNEW, Governor                       561

(d)    To the extent that the custodial property is not [sol ex-
pended, the custodian shall deliver or pay it over to the minor on his
attaining the age of twenty-one years or, if the minor dies before
attaining the age of twenty-one years, he shall thereupon deliver or
pay it over to the estate of the minor.

(e)    The custodian, notwithstanding statutes restricting invest-
ments by fiduciaries, shall invest and re-invest the custodial prop-
erty as would a prudent man of discretion and intelligence who is
seeking a reasonable income and the preservation of his capital,
except that he may, in his discretion and without liability to the
minor or his estate, retain a security given to the minor in a manner
prescribed in this subtitle[.] or hold money so given in an account
in the financial institution to which it was paid or delivered by the
donor.

(f)    The custodian may sell, exchange, convert, surrender or
otherwise dispose of custodial property in the manner, at the time or
times, for the price or prices and upon the terms he deems advisable.
He may vote in person or by general or limited proxy a security
which is custodial property. He may consent, directly or through a
committee or other agent, to the reorganization, consolidation,
merger, dissolution or liquidation of an issuer, a security of which is
custodial property, and to the sale, lease, pledge or mortgage of any
property by or to such an issuer, and to any other action by such an
issuer. He may execute and deliver any and all instruments in writ-
ing which he deems advisable to carry out any of his powers as
custodian.

(g)    The custodian shall register each security which is custodial
property and in registered form in the name of the custodian, fol-
lowed, in substance, by the words: "as custodian for............................

(name of minor)

under the Maryland Uniform Gifts to Minors Act." The custodian
shall hold all money which is custodial property in an account with
a broker or in [a bank] an insured financial institution in the name
of the custodian, followed, in substance, by the words: "as custodian

for........................................ under the Maryland Uniform Gifts to

(name of minor)

Minors Act." The custodian shall keep all other custodial property
separate and distinct from his own property in a manner to identify
it clearly as custodial property.

(h) The custodian shall keep records of all transactions with re-
spect to the custodial property and make them available for inspec-
tion at reasonable intervals by a parent or legal representative of
the minor or by the minor, if he has attained the age of fourteen
years.

(i) A custodian has with respect to the custodial property, in
addition to the rights and powers provided in this subtitle, all the
rights and powers which a guardian has with respect to property
not held as custodial property.

(j) If the subject of the gift is a life insurance policy or annuity
contract, the custodian:

(1) has, in his capacity as custodian, all the incidents of owner-
ship in the policy or contract to the extent as if he were the owner,