1752

LAWS OF MARYLAND

Ch. 537

(5) "Fiduciary" means a person who renders
service in a fiduciary capacity within the meaning of § 13A
(b) OR § 87A of this Article[, § 196A (b) of Article 77,] or
§ 54A (b) of Article 88B with respect to a plan- Such term
includes any person designated under § 75 (b) and (c) of
this subtitle.

76.

A fiduciary in exercising his authority, control, or
discretion with respect to a plan, in addition to compliance
with § 13 (5) OR § 88(5) of this article[ , § 197 (5) of
Article 77,] and § 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.

77.

(a)    Subject to the provisions for appropriate
indemnification set forth in § 13A OR 87A of this article[,
§ 196A of Article 77,] and § 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 § 79 of this subtitle. A
fiduciary shall be indemnified for liability under this
section, to the extent provided in § 13A OR 87A of this
articled, § 196A of Article 77,] and § 54A of Article 88B.

78.

(b)    Nothing in this subtitle shall preclude
indemnification of a fiduciary in accordance with the
provisions of § 13A OR 87A of Article 73B[; 196A of Article
77,] and § 54A of Article 88B.

Article 78A - Public Works

20.