§ 3-505

Maryland § 3-505

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 3

Text

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.