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LAWS OF MARYLAND

Ch. 33

(B) FEES.

(1)   EXCEPT AS OTHERWISE PROVIDED IN PARAGRAPH
(2) OF THIS SUBSECTION, A TRUST COMPANY MAY NOT:

(I) CHARGE A FEE FOR THE MANAGEMENT OF A
COMMON TRUST FUND; OR

(II) RECEIVE FROM THE FUND OR FROM ANY
PARTICIPATING ACCOUNT ANY ADDITIONAL FEE, COMMISSION, OR
COMPENSATION OF ANY KIND BECAUSE OF THE PARTICIPATION OF THE
ACCOUNT IN THE FUND.

(2)   A TRUST COMPANY MAY REIMBURSE ITSELF, FROM A
COMMON TRUST FUND THAT IT ADMINISTERS, FOR:

(I)   THOSE REASONABLE EXPENSES INCURRED IN
THE ADMINISTRATION OF THE FUND THAT COULD HAVE BEEN CHARGED
TO A SEPARATE FIDUCIARY ACCOUNT IF THAT ACCOUNT SERE NOT
PARTICIPATING IN THE FUND; AND

(II)   REASONABLE EXPENSES INCURRED FOR
AUDITS OF THE FUND BY INDEPENDENT PUBLIC ACCOUNTANTS OR
COURT AUDITORS AS PERMITTED OR REQUIRED UNDER THE FUND PLAN
OR AS OTHERWISE REQUIRED BY LAW.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first two
clauses of the first sentence of Art. 11, §
62(10) and from Art. 11, § 62(13).

In subsection (a) of this section, the present
words "sell, convert, exchange," are deleted as
repetitive.

The balance of present Art. 11, § 62(10) now
appears in §§ 3—511 and 3—518 of this subtitle.

3-516. VALUATION DATES; AUDITS; SPECIAL ACCOUNTING.

(A)   VALUATION DATES.

FOR EACH COMMON TRUST FUND THAT IT ADMINISTERS, A TRUST
COMPANY SHALL SET VALUATION DATES AT REGULAR INTERVALS OF
NOT MORE THAN 3 MONTHS.

(B)   AUDITS.

AT REGULAR INTERVALS OF NOT MORE THAN 12 MONTHS, A
TRUST COMPANY SHALL HAVE AN AUDIT OF EACH COMMON TRUST FUND
BY AN INDEPENDENT PUBLIC ACCOUNTANT WHO SHALL REPORT
DIRECTLY TO THE BOARD OF DIRECTORS OF THE TRUST COMPANY.

(C)   SPECIAL ACCOUNTING.

(1) A TRUST COMPANY THAT ADMINISTERS A COMMON