|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H.B. 939
|
|
|
|
|
|
VETOES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXTENT REQUIRED IN ORDER FOR THE SUM OF THE DISTRIBUTIONS PER SHARE OR
UNIT FROM ORDINARY INCOME AND FROM REALIZED OR UNREALIZED CAPITAL
GAINS TO EQUAL AN AMOUNT DETERMINED BY MULTIPLYING THE NET ASSET
VALUE OF A SHARE OR UNIT OF THE REGULATED INVESTMENT COMPANY OR
INVESTMENT FUND ON JANUARY 1' OF SUCH CALENDAR YEAR (OR ON SUCH LATER
DATE OF ACQUISITION BY A TRUSTEE DURING SUCH CALENDAR YEAR) BY THE
ANNUAL FEDERAL MID-TERM RATE APPLICABLE TO JANUARY 1 OF SUCH CALENDAR
YEAR (OR TO SUCH LATER DATE OF ACQUISITION) ESTABLISHED BY THE SECRETARY
OF THE TREASURY UNDER § 1274(D)(1) OF THE INTERNAL REVENUE CODE OF 1986,
ADJUSTED TO REFLECT THE PROPORTION OF THE CALENDAR YEAR IN WHICH THE
SHARE HAS BEEN HELD BY A TRUSTEE.
(G) A TRUSTEE MAY RELY UPON A STATEMENT MADE BY AN ENTITY ABOUT
THE SOURCE OR CHARACTER OF A DISTRIBUTION IF THE STATEMENT IS MADE AT OR
NEAR THE TIME OF DISTRIBUTION BY THE ENTITY'S, BOARD OF DIRECTORS OR
OTHER PERSON OR GROUP OF PERSONS AUTHORIZED TO EXERCISE POWERS TO PAY
MONEY OR TRANSFER PROPERTY COMPARABLE TO THOSE OF A CORPORATION'S
BOARD OF DIRECTORS.
15-509. DISTRIBUTION FROM TRUST OR ESTATE.
A TRUSTEE SHALL ALLOCATE TO INCOME AN AMOUNT RECEIVED AS A
DISTRIBUTION OF INCOME FROM A TRUST OR AN ESTATE IN WHICH THE TRUST HAS
AN INTEREST OTHER THAN A PURCHASED INTEREST, AND SHALL ALLOCATE TO
PRINCIPAL AN AMOUNT RECEIVED AS A DISTRIBUTION OF PRINCIPAL FROM SUCH A
TRUST OR ESTATE. IF A TRUSTEE PURCHASES AN INTEREST IN A TRUST THAT IS AN
INVESTMENT ENTITY, OR A DECEDENT OR DONOR TRANSFERS AN INTEREST IN SUCH
A TRUST TO A TRUSTEE, § 15-508 OR § 15-522 OF THIS SUBTITLE APPLIES TO A
RECEIPT FROM THE TRUST.
15-510. BUSINESS AND OTHER ACTIVITIES CONDUCTED BY TRUSTEE.
(A) IF A TRUSTEE WHO CONDUCTS A BUSINESS OR OTHER ACTIVITY
DETERMINES THAT IT IS IN THE BEST INTEREST OF ALL THE BENEFICIARIES TO
ACCOUNT SEPARATELY FOR THE BUSINESS OR ACTIVITY INSTEAD OF ACCOUNTING
FOR IT AS PART OF THE TRUST'S GENERAL ACCOUNTING RECORDS, THE TRUSTEE
MAY MAINTAIN SEPARATE ACCOUNTING RECORDS FOR ITS TRANSACTIONS,
WHETHER OR NOT ITS ASSETS ARE SEGREGATED FROM OTHER TRUST ASSETS.
(B) A TRUSTEE WHO ACCOUNTS SEPARATELY FOR A BUSINESS OR OTHER
ACTIVITY MAY DETERMINE THE EXTENT TO WHICH ITS NET CASH RECEIPTS MUST
BE RETAINED FOR WORKING CAPITAL, THE ACQUISITION OR REPLACEMENT OF
FIXED ASSETS, AND OTHER REASONABLY FORESEEABLE NEEDS OF THE BUSINESS
OR ACTIVITY, AND THE EXTENT TO WHICH THE REMAINING NET CASH RECEIPTS ARE
ACCOUNTED FOR AS PRINCIPAL OR INCOME IN THE TRUST'S GENERAL ACCOUNTING
RECORDS. IF A TRUSTEE SELLS ASSETS OF THE BUSINESS OR OTHER ACTIVITY,
OTHER THAN IN THE ORDINARY COURSE OF THE BUSINESS OR ACTIVITY, THE
TRUSTEE SHALL ACCOUNT FOR THE NET AMOUNT RECEIVED AS PRINCIPAL IN THE
|
|
|
|
|
|
|
|
|
|
- 4620 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
