§ 3-505
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/md/financial-institutions/3-505A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§3–505.
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.