State Codes and Statutes

§ 3-504. Fund plans in general.

(a) Adoption of plan.- A trust company shall establish and maintain a common trust fund only in accordance with a fund plan that is approved:

(1) By resolution of the board of directors of the trust company; and

(2) By legal counsel.

(b) Application.- Notwithstanding any provision of law that applies to a participating fiduciary account, a fund plan controls:

(1) Participations in the fund; and

(2) The rights and benefits in participating accounts of all persons who have interests in the fund.

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

§ 3-504. Fund plans in general.

(a) Adoption of plan.- A trust company shall establish and maintain a common trust fund only in accordance with a fund plan that is approved:

(1) By resolution of the board of directors of the trust company; and

(2) By legal counsel.

(b) Application.- Notwithstanding any provision of law that applies to a participating fiduciary account, a fund plan controls:

(1) Participations in the fund; and

(2) The rights and benefits in participating accounts of all persons who have interests in the fund.

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

§ 3-504. Fund plans in general.

(a) Adoption of plan.- A trust company shall establish and maintain a common trust fund only in accordance with a fund plan that is approved:

(1) By resolution of the board of directors of the trust company; and

(2) By legal counsel.

(b) Application.- Notwithstanding any provision of law that applies to a participating fiduciary account, a fund plan controls:

(1) Participations in the fund; and

(2) The rights and benefits in participating accounts of all persons who have interests in the fund.

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

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