HARRY HUGHES, Governor

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(B) OTHER APPLICABLE LAW.

TO THE EXTENT THAT A FUND PLAN DOES NOT PROVIDE
OTHERWISE AS TO THE DETERMINATION, ALLOCATION, AND
APPORTIONMENT OF PRINCIPAL AND INCOME, THE PRINCIPLES OF
TITLE 14 OF THE ESTATES AND TRUSTS ARTICLE APPLY.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §
62(5)(c).

3-507. OPTIONAL METHOD OF ADMINISTRATION.

NOTWITHSTANDING ANY OTHER PROVISION OF THIS SUBTITLE, A
TRUST COMPANY MAY PROVIDE IN A FUND PLAN THAT THE FUND SHALL
BE ADMINISTERED IN ACCORDANCE WITH THOSE FEDERAL RULES AND
REGULATIONS THAT RELATE TO THE COLLECTIVE INVESTMENT OF
TRUST FUNDS BY NATIONAL BANKING ASSOCIATIONS.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §
62(15).

The more general language "in accordance with
those federal rules and regulations that relate
to the collective investment of trust funds ..."
is substituted for "rules and regulations ... of
the board of governors of the federal reserve
system ..." for conformity to similar provisions
elsewhere in the article. This change eliminates
the incorrect reference to the Board. The
applicable rules and regulations are adopted by
the Comptroller of the Currency.

The present express requirement that a fund be
administered in accordance with the applicable
federal rules and regulations if the method of
administration is specified in a fund plan is
deleted as unnecessary because that requirement
is implicit.

3-508. FILING; INSPECTION; AND COPYING OF FUND PLAN.

(A) FILING AND INSPECTION.

A COPY OF THE FUND PLAN AND ANY AMENDMENTS TO IT SHALL
BE FILED:

(1)   WITH THE BANK COMMISSIONER, AS A PUBLIC
RECORD; AND

(2)   AT THE PRINCIPAL BANKING OFFICE OF THE TRUST
COMPANY, WHERE IT SHALL BE AVAILABLE DURING REGULAR BUSINESS
HOURS FOR INSPECTION BY ANY COFIDUCIARY OR PERSON WHO HAS AN
INTEREST IN A PARTICIPATING ACCOUNT.