WILLIAM DONALD SCHAEFER, Governor Ch. 638

dealing with a person designated as custodian, the respective
powers, rights and immunities provided in this subtitle. ]

[13-304.

(a)  The custodian shall collect, hold, manage, invest and
reinvest the custodial property.

(b)  The custodian shall pay over to the minor for
expenditure by him, or expend for the minor's benefit, so much of
or all the custodial property as the custodian deems advisable
for the support, maintenance, education, and benefit of the minor
in the manner, at the time or times, and to the extent that the
custodian in his discretion deems suitable and proper, with or
without court order, with or without regard to the duty of
himself or of any other person to support the minor or his
ability to do so, and with or without regard to any other income
or property of the minor which may be applicable or available for
any such purpose.

(c)  The court, on the petition of a parent or guardian of
the minor or the minor, if he has attained the age of 14 years,
may order the custodian to pay over to the minor for expenditure
by him or to expend so much of or all the custodial property as
is necessary for the support, maintenance, or education of the
minor.

(d)  To the extent that the custodial property is not
expended, the custodian shall deliver, convey, or pay it over to
the minor on his attaining the age of 18 years or 21 years in the
case of gifts made in accordance with the provisions of §
13-302(b-l) of this subtitle. If the minor dies before attaining
the age of 18 years or 21 years in the case of gifts made in
accordance with the provisions of § 13-302(b-l) of this subtitle,
the custodian shall thereupon deliver or pay it over to the
estate of the minor.

(e)  The custodian, notwithstanding statutes restricting
investments by fiduciaries, shall invest and reinvest the
custodial property as would a prudent man of discretion and
intelligence who is seeking a reasonable income and the
preservation of his capital, except that he may, in his
discretion and without liability to the minor or his estate,
retain a security given to the minor in a manner prescribed in
this subtitle or hold money so given in an account in the
financial institution to which it was paid or delivered by the
donor.

(f)  The custodian may sell, exchange, convert, surrender,
or otherwise dispose of custodial property in the manner, at the
time or times, for the price or prices and upon the terms he
deems advisable. He may vote in person or by general or limited
proxy a security which is custodial property. He may consent,

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