§ 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.

HISTORY: An. Code 1957, art. 11, § 62; 1980, ch. 33, § 2.