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§ 3-505. Required provisions for fund plans

MD Fin Inst Code § 3-505 (2019) (N/A)
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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.

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§ 3-504. Fund plans in general
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§ 3-506. Optional provisions for fund plans