HARRY HUGHES, Governor

215

The present, specific reference to "discretion
with respect to investments" is deleted as
unnecessary because that concept is included in
item (2) of this section.

The balance of present Art. 11, § 62(4) now
appears in § 3—511 of this subtitle.

3-511. COFIDUCIARIES.

(A)        INVESTMENT.

A TRUST COMPANY MAY INVEST IN A COMMON TRUST FUND MONEY
FROM AN ACCOUNT THAT IT ADMINISTERS AS A COFIDUCIARY IF THE
TRUST COMPANY:

(1)       OTHERWISE MAY DO SO UNDER § 3-510 OF THIS
SUBTITLE; AND

(2)       FIRST OBTAINS THE WRITTEN CONSENT OF ALL
OTHER COFIDUCIARIES OF THAT ACCOUNT.

(B)       MANAGEMENT.

A TRUST COMPANY THAT ADMINISTERS A COMMON TRUST FUND,
IN WHICH AN ACCOUNT HELD BY THE TRUST COMPANY AS COFIDUCIARY
PARTICIPATES, IS SOLELY RESPONSIBLE FOR MANAGEMENT AND
CONTROL OF THE FUND.

(C) LIABILITY.

A COFIDUCIARY, OTHER THAN THE TRUST COMPANY, WHO
CONSENTS IN GOOD FAITH TO THE PARTICIPATION OF AN ACCOUNT IN
A COMMON TRUST FUND IS NOT LIABLE TO THE BENEFICIARIES FOR
THE MANAGEMENT OF THE FUND.

(D) TERMINATION.

ON RECEIPT OF THE WRITTEN REQUEST OF A COFIDUCIARY TO
DO SO, THE TRUST COMPANY SHALL WITHDRAW THE PARTICIPATION OF
A FIDUCIARY ACCOUNT IN A COMMON TRUST FUND AT THE EARLIEST
DATE THAT THE FUND PLAN PERMITS.

REVISOR'S NOTE: This section is new language derived
without substantive change from the last clause
of the first sentence and the entire second and
third sentences of Art. 11, § 62(4), and the
first clause of the first sentence and the entire
second sentence of § 62(10).

3-512. LIMITATIONS ON INVESTMENTS AND INTERESTS.

(A) LIMITATIONS ON INVESTMENTS AND INTERESTS.

EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION, A TRUST
COMPANY MAY NOT: