HARRY HUGHES, Governor

211

of a common trust fund.

3-50 3. POWERS OF TRUST COMPANY.

THE FIDUCIARY CAPACITIES OF A TRUST COMPANY REFERRED TO
IN THIS SUBTITLE INCLUDE ALL OF THOSE CAPACITIES IN WHICH A
TRUST COMPANY MAY ACT UNDER THIS ARTICLE.

REVISOR'S NOTE: This section presently appears as Art.
11, § 62(3).

The only changes are in style.

3-504. FUND PLANS IN GENERAL.

(A)   ADOPTION OF PLAN.

A TRUST COMPANY SHALL ESTABLISH AND MAINTAIN A COMMON
TRUST FUND ONLY IN ACCORDANCE WITH A FUND PLAN THAT IS
APPROVED:

(1)   BY RESOLUTION OF THE BOARD OF DIRECTORS OF
THE TRUST COMPANY; AND

(2)   BY LEGAL COUNSEL.

(B)   APPLICATION.

NOTWITHSTANDING ANY PROVISION OF LAW THAT APPLIES TO A
PARTICIPATING FIDUCIARY ACCOUNT, A FUND PLAN CONTROLS:

(1)   PARTICIPATIONS IN THE FUND; AND

(2)   THE RIGHTS AND BENEFITS IN PARTICIPATING
ACCOUNTS OF ALL PERSONS WHO HAVE INTERESTS IN THE FUND.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first
paragraph of Art. 11, § 62(5) and from Art. 11, §
62(5)(e).

In subsection (a)(2) or this section, the present
word "competent" is deleted as unnecessary.

3-505. REQUIRED PROVISIONS FOR FUND PLANS.

EXCEPT AS PROVIDED IN § 3-507 OF THIS SUBTITLE, A FUND
PLAN SHALL STATE THE NAME OF THE FUND AND INCLUDE DETAILED
PROVISIONS, NOT INCONSISTENT WITH THIS SUBTITLE, AS TO:

(1)   THE INTERVALS AT WHICH THE TRUST COMPANY
WILL DETERMINE THE VALUE OF THE ASSETS IN THE FUND;

(2)   THE INTERVALS AT WHICH THE TRUST COMPANY
WILL HAVE AN AUDIT MADE OF THE FUND;

(3) THE MANNER IN WHICH THE FUND IS TO BE