Section 3-506 - Optional provisions for fund plans. - Maryland Statutes

§ 3-506. Optional provisions for fund plans.
 

(a)  In general.- A fund plan may provide for: 

(1) The amortization of premiums on bonds or other obligations; 

(2) The disposition of discounts, profits, stock rights, stock dividends, and extraordinary dividends; 

(3) The allocation or apportionment between principal or income of the items specified in item (2) of this subsection; and 

(4) Any other similar matters. 

(b)  Other applicable law.- To the extent that a fund plan does not provide otherwise as to the determination, allocation, and apportionment of principal and income, the principles of Title 14 of the Estates and Trusts Article apply. 
 

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