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3365
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MARVIN MANDEL, Governor
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(b) Nothing in this subtitle shall preclude:
INDEMNIFICATION OF A FIDUCIARY IN ACCORDANCE WITH THE
PROVISIONS OF SECTION 13A OF ARTICLE 73B; 196A OF ARTICLE
77, AND SECTION 54A OF ARTICLE 88B.
(1) A PLAN FROM PROVIDING INSURANCE FOR ITS
FIDUCIARIES OR FOR ITSELF TO COVER LIABILITY OR LOSSES
OCCURRING BY REASON OF THE ACT OR OMISSION OF A
FIDUCIARY, IF THE INSURANCE PERMITS RECOURSE BY THE
INSURER AGAINST THE FIDUCIARY IN THE CASE OF A BREACH OF
A FIDUCIARY OBLIGATION BY A FIDUCIARY;
(2) A FIDUCIARY FROM PURCHASING INSURANCE TO
COVER LIABILITY UNDER THIS PART FROM AND FOR HIS OWN
ACCOUNT; OR
(3) AN EMPLOYER OR AN EMPLOYEE ORGANIZATION
FROM PURCHASING INSURANCE TO COVER POTENTIAL LIABILITY OF
ONE OR MORE PERSONS OR OTHERWISE INDEMNIFYING THOSE
PERSONS WHO SERVE IN A FIDUCIARY CAPACITY WITH REGARD TO
AN EMPLOYEE BENEFIT PLAN.
81 79.
(A) NO NOTWITHSTANDING ANY OTHER PROVISION OF LAW,
NO PERSON WHO HAS BEEN CONVICTED OF, OR HAS BEEN
IMPRISONED AS A RESULT OF HIS CONVICTION OF, ANY FELONY,
OR ANY MISDEMEANOR INVOLVING MORAL TURPITUDE, OR
VIOLATION OF ANY PROVISION OF THIS SUBTITLE, OR
CONSPIRACY TO COMMIT ANY OF THESE CRIMES, OR ATTEMPT TO
COMMIT ANY OF THESE CRIMES, OR A CRIME IN WHICH ANY OF
THE FOREGOING CRIMES IS AN ELEMENT, SHALL SERVE OR BE
PERMITTED TO SERVE AS A FIDUCIARY WITH ANY PLAN DURING OR
FOR FIVE YEARS AFTER THE CONVICTION OR AFTER THE END OF
THE IMPRISONMENT, WHICHEVER IS THE LATER. NO PERSON SHALL
KNOWINGLY PERMIT ANY OTHER PERSON TO SERVE AS A FIDUCIARY
IN VIOLATION OF THIS SECTION.
(B) ANY PERSON WHO INTENTIONALLY VIOLATES THIS
SECTION IS SUBJECT TO A FINE OF NOT MORE THAN $10,000 OR
IMPRISONMENT FOR NOT MORE THAN ONE YEAR, OR BOTH.
(C) FOR THE PURPOSES OF THIS SECTION:
(1) A PERSON SHALL BE DEEMED TO HAVE BEEN
"CONVICTED" AND UNDER THE DISABILITY OF "CONVICTION" FROM
THE DATE OF JUDGMENT OF THE TRIAL COURT OR THE DATE OF
THE FINAL SUSTAINING OF JUDGMENT ON APPEAL, WHICHEVER IS
THE LATER EVENT.
(2) THE TERM "CONSULTANT" MEANS ANY PERSON
WHO, FOR COMPENSATION, ADVISES OR REPRESENTS A PLAN OR
WHO PROVIDES OTHER ASSISTANCE TO A PLAN CONCERNING THE
ESTABLISHMENT OR OPERATION OF A PLAN.
(3) (2) A PERIOD OF PAROLE SHALL NOT BE
CONSIDERED AS A PART OF A PERIOD OF IMPRISONMENT.
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