Section 3-513 - Fund entry and withdrawal; valuation; distribution. - Maryland Statutes

§ 3-513. Fund entry and withdrawal; valuation; distribution.
 

(a)  Time of entry and withdrawal.- Entry into and withdrawal from participation in a common trust fund may occur only on a valuation date, or, if provided by the plan, within 2 business days after a valuation date. 

(b)  Valuation.- Participation shall be based on the valuation as of the valuation date associated with the entry or withdrawal. 

(c)  Distribution.- When participation is withdrawn from a common trust fund, the trust company may make distribution in cash, ratably in kind, or both, but all distributions associated with a valuation date shall be made in the same way. 
 

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