(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.
(b) Participation shall be based on the valuation as of the valuation date associated with the entry or withdrawal.
(c) When participation is withdrawn from a common trust fund, the trust company may make distribution in cash, ratably in kind, or both, but all distributions associated with a valuation date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.
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