MARVIN MANDEL, Governor                          123

rial institution, life insurance company, broker or third person deal-
ing with a person designated as custodian, the respective powers,
rights and immunities provided in this subtitle.

304. Duties and powers of custodian.

(a)    Management of custodial property.—The custodian shall col-
lect, hold, manage, invest and reinvest the custodial property.

(b)    Expenditures within custodian's discretion.—The custodian
shall pay over to the minor for expenditure by him, or expend for
the minor's benefit, so much of or all the custodial property as the
custodian deems advisable for the support, maintenance, education
and benefit of the minor in the manner, at the time or times, and
to the extent that the custodian in his discretion deems suitable and
proper, with or without court order, with or without regard to the
duty of himself or of any other person to support the minor or his
ability to do so, and with or without regard to any other income or
property of the minor which may be applicable or available for any
such purpose.

(c)    Court order directing expenditure.—The court, on the peti-
tion of a parent or guardian of the minor or of the minor, if he has
attained the age of fourteen years, may order the custodian to pay
over to the minor for expenditure by him or to expend so much of
or all the custodial property as is necessary for the minor's support,
maintenance or education.

(d)    Duty to deliver, convey, or pay over unexpended custodial
property.—To the extent that the custodial property is not expended,
the custodian shall deliver, convey, 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)    Investments; retention of security.—The custodian, not-
withstanding statutes restricting investments by fiduciaries, shall
invest and reinvest the custodial property 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 dis-
cretion and without liability to the minor or his estate, retain a se-
curity 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)    Powers as to custodial property generally.—The custodian
may sell, exchange, convert, surrender or otherwise dispose of cus-
todial 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 per-
son or by general or limited proxy a security which is custodial prop-
erty. 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 custod