VETOES

(i) A financial institution whose activities
are subject to supervision by this State or the federal
government or which is an instrumentality of the United States;
or

(ii) A member of the bar of this State.

(2)  A trustee [filing] SHALL FILE a schedule of rates
under this subsection [shall file the schedule] as follows:

(i) [A] FOR savings and loan association [shall
file], with the State Director of the Division of Savings and
Loan Associations; [and]

(ii) [All] FOR ALL other trustees, including
attorneys and State chartered and national banks [shall file],
with the State Bank Commissioner.

(III) FOR A TRUSTEE ADMINISTERING AN ESTATE
UNDER THE JURISDICTION OF A COURT, ALSO WITH THE TRUST CLERK OF
THE COURT.

(3)  In a trust involving multiple trustees and more
than one of the trustees may be entitled to file a schedule of
increased rates, the controlling schedule will be the schedule
filed by the trustee having custody of the assets and maintaining
records of the trust.

(4)   [If] WHENEVER a trustee files a schedule of
increased rates [as provided in] UNDER this subsection, the
trustee shall give notice to the ascertained beneficiaries of
each affected trust by the beginning of the fiscal year to which
the schedule applies. Any beneficiary of a trust who objects to
the schedule of rates to be charged to that trust, after
notifying the trustee of the objection, may petition the
appropriate [equity] CIRCUIT court to review the reasonableness
of the rates to be charged. The notice required by this
paragraph shall include a clear statement of the rights and
procedures available to beneficiaries under this subsection. If
the court finds that the rates in the schedule are unreasonable
for the current fiscal year of the particular trust, the
trustee's commissions for that trust for that fiscal year shall
be limited to the rates charged that trust during the previous
fiscal year.

(5)  If a trustee does not file a schedule of rates
with the appropriate agency UNDER PARAGRAPH (2)(I) OR (II) OF
THIS SUBSECTION and DOES NOT notify ascertained beneficiaries as
[previously] provided in PARAGRAPH (4) OF this subsection, the
trustee is limited to charging the rates set forth in subsections
(b) and (c) of this section.

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