Section 3-505 - Required provisions for fund plans. - Maryland Statutes

§ 3-505. Required provisions for fund plans.
 

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. 
 

[An. Code 1957, art. 11, § 62; 1980, ch. 33, § 2.]