(a) 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) 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.
Structure Maryland Statutes
Title 3 - Banking Institutions -- Commercial Banks
Subtitle 5 - Common Trust Funds
Section 3-502 - Establishment of Fund
Section 3-503 - Powers of Trust Company
Section 3-504 - Fund Plans in General
Section 3-505 - Required Provisions for Fund Plans
Section 3-506 - Optional Provisions for Fund Plans
Section 3-507 - Optional Method of Administration
Section 3-508 - Filing of Fund Plan; Inspection; Copying
Section 3-509 - Amendment of Fund Plan
Section 3-510 - Investment in Fund
Section 3-512 - Limitations on Investments and Interests
Section 3-513 - Fund Entry and Withdrawal; Valuation; Distribution
Section 3-514 - Evidence of Participation in Fund
Section 3-515 - Fund Management; Management Fees
Section 3-516 - Valuation Dates; Audits; Special Accounting
Section 3-517 - Ownership of Assets; Records
Section 3-518 - Registration of Assets in Name of Nominee