1. (a) A trust company shall establish and maintain a common trust fund only in accordance with a fund plan that is approved:

   1. (1) By resolution of the board of directors of the trust company; and
   2. (2) By legal counsel.

2. (b) Notwithstanding any provision of law that applies to a participating fiduciary account, a fund plan controls:

   1. (1) Participations in the fund; and
   2. (2) The rights and benefits in participating accounts of all persons who have interests in the fund.

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980.

Formerly Art. 11, § 62.