HARRY HUGHES, Governor

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TRUST FUND MAY APPLY TO A COURT FOR APPROVAL OF AN
ACCOUNTING OF THE FUND.

(2)   A PETITION FOR APPROVAL OF AN ACCOUNTING
UNDER THIS SECTION SHALL BE MADE TO THE COURT OF EQUITY FOR
THE COUNTY WHERE THE TRUST COMPANY HAS ITS PRINCIPAL BANKING
OFFICE.

(3)   A COURT MAY IMPOSE CONDITIONS AND NOTICE
REQUIREMENTS BEFORE APPROVING AN ACCOUNTING UNDER THIS
SECTION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first clause
of Art. 11, § 62(5) (b)(i), and from Art. 11, §
62(5)(b)(iii) and (14).

In subsection (b) of this section, the phrase
"shall report directly to the board of directors"
is substituted for "responsible only to the board
of directors" to clarify the probable intended
meaning of the present law, since accountants
have legal responsibilities to persons other than
to the directors.

In subsection (c) (2) of this section, the word
"banking" is added to the term "principal office"
for clarity.

The present law requires that a fund plan include
statements of the provisions contained in
subsections (a) and (b) of this section.. A
thorough reading of the present law as a whole
indicates that these provisions also are intended
to be affirmative, substantive requirements for
common trust funds. Therefore, the revision
makes these requirements express.

As to the requirement that these provisions be
stated in a fund plan, see § 3—505 of this
subtitle.

The term "county" is defined in § 1-101 of this
article.

3-517. OWNERSHIP OF ASSETS; RECORDS.

(A)       LEGAL TITLE AND OWNERSHIP.

THE OWNERSHIP OF AND TITLE TO THE INDIVIDUAL ASSETS IN
A COMMON TRUST FUND ARE SOLELY IN THE TRUST COMPANY, AS
TRUSTEE OF THE FUND.

(B)   RECORDS OF BENEFICIAL INTEREST.

A TRUST COMPANY SHALL SHOW CLEARLY ON ITS RECORDS: