Section 3-506 - Optional provisions for fund plans.
§ 3-506. Optional provisions for fund plans.
(a) In general.- A fund plan may provide for:
(1) The amortization of premiums on bonds or other obligations;
(2) The disposition of discounts, profits, stock rights, stock dividends, and extraordinary dividends;
(3) The allocation or apportionment between principal or income of the items specified in item (2) of this subsection; and
(4) Any other similar matters.
(b) Other applicable law.- To the extent that a fund plan does not provide otherwise as to the determination, allocation, and apportionment of principal and income, the principles of Title 14 of the Estates and Trusts Article apply.
[An. Code 1957, art. 11, § 62; 1980, ch. 33, § 2.]