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§ 3-513. Entry and withdrawal from participation in fund

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 3. Banking Institutions--Commercial Banks
Subtitle 5. Common Trust Funds (Refs & Annos)
MD Code, Financial Institutions, § 3-513
§ 3-513. Entry and withdrawal from participation in fund
Currentness
In general
(a) 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.
Valuation as of valuation date
(b) Participation shall be based on the valuation as of the valuation date associated with the entry or withdrawal.
Distribution after withdrawal from participation
(c) When participation is withdrawn from a common trust fund, the trust company may make distribution in cash, ratably in kind, or both, but all distributions associated with a valuation date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.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980.
Formerly Art. 11, § 62.
MD Code, Financial Institutions, § 3-513, MD FIN INST § 3-513
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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