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§ 3-516. Accounting and audits

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, § 3-516
§ 3-516. Accounting and audits
Currentness
Valuation dates
(a) For each common trust fund that it administers, a trust company shall set valuation dates at regular intervals of not more than 3 months.
Audit by independent certified public accountant
(b) At regular intervals of not more than 12 months, a trust company shall have an audit of each common trust fund by an independent certified public accountant who shall report directly to the board of directors of the trust company.
Accounting of fund
(c)(1) A trust company that administers a common trust fund may apply to a court for approval of an accounting of the fund.
(2) A petition for approval of an accounting under this section shall be made to the court of equity for the county where the trust company has its principal banking office.
(3) A court may impose conditions and notice requirements before approving an accounting under this section.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1989, c. 236, § 2.
Formerly Art. 11, § 62.
MD Code, Financial Institutions, § 3-516, MD FIN INST § 3-516
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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