Md. Code, Financial Institutions § 3-512
This is the official text of Md. Code, Financial Institutions § 3-512, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§3–512.
Official statutory text
(a) Except as otherwise provided in this section, a trust company may not:
(1) Invest its own funds in a common trust fund that it administers; or
(2) Have any interest, other than its fiduciary interest, in the assets in a common trust fund that it administers.
(b) If, because of a creditor relationship or otherwise, a trust company acquires an interest in a participation in a common trust fund that it administers, the participation shall be withdrawn on the next valuation date allowed by the fund plan.
(c) A trust company does not have a prohibited interest in the assets of a common trust fund that it administers merely because the trust company owns in its own right any stocks, bonds, or other obligations issued by a person from whom the fund also holds stocks, bonds, or other obligations.
(1) Invest its own funds in a common trust fund that it administers; or
(2) Have any interest, other than its fiduciary interest, in the assets in a common trust fund that it administers.
(b) If, because of a creditor relationship or otherwise, a trust company acquires an interest in a participation in a common trust fund that it administers, the participation shall be withdrawn on the next valuation date allowed by the fund plan.
(c) A trust company does not have a prohibited interest in the assets of a common trust fund that it administers merely because the trust company owns in its own right any stocks, bonds, or other obligations issued by a person from whom the fund also holds stocks, bonds, or other obligations.
Status: in_force · Read it on the official government site
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