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Current as of December 31, 2021 | Updated by FindLaw Staff
Except as provided in § 3-507 of this subtitle, a fund plan shall state the name of the fund and include detailed provisions, not inconsistent with this subtitle, as to:
(1) The intervals at which the trust company will determine the value of the assets in the fund;
(2) The intervals at which the trust company will have an audit made of the fund;
(3) The manner in which the fund is to be operated;
(4) The investment powers of the trust company with respect to the fund;
(5) The terms and conditions that govern entry in and withdrawal from the fund;
(6) The auditing and settling of accounts of the trust company with respect to the fund;
(7) The basis and method to be used for valuing fund assets;
(8) The circumstances and manner in which the fund may be terminated; and
(9) Any other matters that are necessary to define clearly the rights and duties of the trust company and fund participants.
Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 3-505 - last updated December 31, 2021 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-3-505/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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