Ch. 227                                    2003 LAWS OF MARYLAND

(i) The investment is authorized by the agreement or instrument
that gives the corporate fiduciary investment authority, or by court order; or

(ii) The corporate fiduciary discloses to its principal or, if the assets
are held in trust, to any current income beneficiaries of the trust:

1.       The services provided by the corporate fiduciary or its
affiliate to the investment company or investment trust; and

2.       The rate, formula, or other method by which compensation
paid to the corporate fiduciary or its affiliate is determined.

(d)     Any person holding a mortgage or other lien on property may exchange it,
prior or subsequent to maturity, for any other lawful investment.

(e)     This section shall not be construed as relieving any person from any duty
of exercising reasonable care in selecting securities.

(f)      No general, local, or special law which is inconsistent with this section
shall have any effect.

(g)     This section shall not be construed to make unlawful any investment not
listed in this section.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October June 1, 2003.

Approved May 13, 2003.

CHAPTER 227
(Senate Bill 267)

AN ACT concerning

Department of Labor, Licensing, and Regulation - Occupational and
Professional Licensing Design Boards

FOR the purpose of exempting individuals who perform interior design services from
the Maryland Architects Act; requiring certain boards within the Department of
Labor, Licensing, and Regulation to jointly publish a newsletter on the
Department website; establishing certain term limits for members and officers
of the State Board of Certified Interior Designers; requiring the chairmen of
certain boards within the Department to meet on an annual basis; continuing
the State Board of Certified Interior Designers in accordance with the
provisions of the Maryland Program Evaluation Act (Sunset Law) by extending
to a certain date the termination provisions relating to the statutory and
regulatory authority of the State Board of Certified Interior Designers to certify
and regulate certified interior designers; requiring that an evaluation of the
certification and regulation of certified interior designers by the State Board of
Certified Interior Designers and the statutes and regulations that relate to

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