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MARVIN MANDEL, Governor 3363
AND INSTRUMENTS GOVERNING THE PLAN INSOFAR AS THESE
DOCUMENTS AND INSTRUMENTS ARE CONSISTENT WITH THE
PROVISIONS OF THIS SUBTITLE.
(B) NO FIDUCIARY MAY MAINTAIN THE INDICIA OF
OWNERSHIP OF ANY ASSETS OF A PLAN OUTSIDE THE
JURISDICTION OF THE COURTS OF THE UNITED STATES.
77 75.
(A) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION
(C)(3): AND SUBJECT TO THE PROVISIONS OF SECTION 46 OF
THIS ARTICLE, IN EXERCISING THE STANDARDS SET FORTH IN
SECTION 76 74:
(1) EACH INDIVIDUAL TRUSTEE OF THE PLANS, IN
HIS FIDUCIARY CAPACITY, SHALL USE REASONABLE CARE TO
PREVENT A COTRUSTEE FROM COMMITTING A BREACH.
(2) TRUSTEES SHALL JOINTLY MANAGE AND
CONTROL THE ASSETS OF A PLAN, EXCEPT THAT NOTHING IN THIS
SECTION SHALL PRECLUDE ANY AGREEMENT ALLOCATING SPECIFIC
RESPONSIBILITIES, OBLIGATIONS, OR DUTIES AMONG TRUSTEES,
IN WHICH EVENT A TRUSTEE TO WHOM CERTAIN
RESPONSIBILITIES, OBLIGATIONS, OR DUTIES HAVE NOT BEEN
ALLOCATED SHALL NOT BE LIABLE BY REASON OF THIS
SUBSECTION EITHER INDIVIDUALLY OR AS A TRUSTEE FOR ANY
LOSS RESULTING TO THE PLAN ARISING FROM THE ACTS OR
OMISSIONS ON THE PART OF ANOTHER TRUSTEE TO WHOM SUCH
RESPONSIBILITIES, OBLIGATIONS, OR DUTIES HAVE BEEN
ALLOCATED.
(B) FIDUCIARY RESPONSIBILITIES (OTHER THAN TRUSTEE
RESPONSIBILITIES) MAY BE ALLOCATED BY THE TRUSTEES AMONG
FIDUCIARIES, AND THE TRUSTEES MAY DESIGNATE PERSONS OTHER
THAN THEMSELVES TO CARRY OUT FIDUCIARY RESPONSIBILITIES
(OTHER THAN TRUSTEE RESPONSIBILITIES) UNDER A PLAN.
(C) IF ANY FIDUCIARY RESPONSIBILITY OF THE
TRUSTEES IS ALLOCATED TO ANY PERSON, OR A PERSON IS
DESIGNATED TO CARRY OUT THIS RESPONSIBILITY, THEN THE
TRUSTEES SHALL NOT BE LIABLE FOR AN ACT OR OMISSION OF
THE PERSON IN CARRYING OUT THE RESPONSIBILITY EXCEPT TO
THE EXTENT THAT THE TRUSTEES NAMED FIDUCIARY VIOLATED
SECTION 76 74(A) OF THIS SUBTITLE:
(1) WITH RESPECT TO THE ALLOCATION OR
DESIGNATION DELEGATION;
(2) WITH RESPECT TO THE ESTABLISHMENT OR
IMPLEMENTATION OF THE PROCEDURE FOR THE ALLOCATION OR
DESIGNATION; OR DELEGATION; OR
(3) IN CONTINUING AND REVIEWING THE
ALLOCATION, OR DESIGNATION DELEGATION.
(D) FOR PURPOSES OF THIS SECTION, THE TERM
"TRUSTEE RESPONSIBILITY" MEANS THE RESPONSIBILITY TO
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