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3364
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Ch. 871
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LAWS OF MARYLAND
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MANAGE OR CONTROL THE ASSETS OF A PLAN.
78 76.
A FIDUCIARY IN EXERCISING HIS AUTHORITY, CONTROL, OR
DISCRETION WITH RESPECT TO A PLAN, IN ADDITION TO
COMPLIANCE WITH SECTION 13(5) OF THIS ARTICLE, SECTION
197(5) OF ARTICLE 77, AND SECTION 55(5) OF ARTICLE 88B,
SHALL NOT:
(1) DEAL WITH THE ASSETS OF THE PLAN IN HIS
OWN INTEREST OR FOR HIS OWN ACCOUNT;
(2) IN HIS INDIVIDUAL OR IN ANY OTHER
CAPACITY ACT IN ANY TRANSACTION INVOLVING THE PLAN ON
BEHALF OF A PARTY (OR REPRESENT A PARTY) WHOSE INTERESTS
ARE ADVERSE TO THE INTERESTS OF THE PLAN OR THE INTERESTS
OF ITS PARTICIPANTS OR BENEFICIARIES; OR
(3) RECEIVE ANY CONSIDERATION FOR HIS OWN
PERSONAL ACCOUNT FROM ANY PARTY DEALING WITH A PLAN IN
CONNECTION WITH A TRANSACTION INVOLVING THE ASSETS OF THE
PLAN.
79 77.
(A) SUBJECT TO THE PROVISIONS FOR APPROPRIATE
INDEMNIFICATION SET FORTH IN SECTION 13A OF THIS ARTICLE,
SECTION 196A OF ARTICLE 77, AND SECTION 54A OF ARTICLE
88B, ANY PERSON WHO IS A FIDUCIARY WITH RESPECT TO A PLAN
WHO BREACHES ANY OF THE RESPONSIBILITIES, OBLIGATIONS, OR
DUTIES IMPOSED UPON FIDUCIARIES BY THIS SUBTITLE SHALL BE
PERSONALLY LIABLE TO MAKE GOOD TO A PLAN ANY LOSSES TO
THE PLAN RESULTING FROM EACH BREACH, AND TO RESTORE TO
THE PLAN ANY PROFITS OF THE FIDUCIARY WHICH HAVE BEEN
MADE THROUGH USE OF ASSETS OF THE PLAN BY THE FIDUCIARY,
AND SHALL BE SUBJECT TO THE EQUITABLE OR REMEDIAL RELIEF
WHICH A COURT MAY DEEM APPROPRIATE, INCLUDING REMOVAL OF
THE FIDUCIARY. A FIDUCIARY MAY ALSO BE REMOVED FOR A
VIOLATION OF SECTION 81 79 of this subtitle. A FIDUCIARY
SHALL BE INDEMNIFIED FOR LIABILITY UNDER THIS SECTION, TO
THE EXTENT PROVIDED IN SECTION 13A OF THIS ARTICLE,
SECTION 196A OF ARTICLE 77, AND SECTION 54A OF ARTICLE
88B.
(B) NO FIDUCIARY MAY BE LIABLE WITH RESPECT TO A
BREACH OF FIDUCIARY DUTY UNDER THIS SUBTITLE IF THE
BREACH WAS COMMITTED BEFORE BECOMING HE BECAME A
FIDUCIARY OR AFTER CEASING HE CEASED TO BE A FIDUCIARY.
80 78.
(A) EXCEPT AS PROVIDED IN SECTION 77 75(a) of this
subtitle, any provision in an agreement or instrument
which purports to relieve a fiduciary from responsibility
or liability for any responsibility, obligation, or duty
under this subtitle shall be void as against public
policy.
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