(a) Notwithstanding § 3-709 of this article, the provisions of Title 3, Subtitle 7 of this article apply to a statutory trust formed on or after October 1, 2023, that is a closed-end investment company as defined in the Investment Company Act of 1940. (b) Notwithstanding § 3-709 of this article, the governing instrument of a statutory trust formed before October 1, 2023, that is a closed-end investment company as defined in the Investment Company Act of 1940 may provide that Title 3, Subtitle 7 of this article applies to the statutory trust.
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