Sec. 14. 18-B MRSA §704, sub-§4, ¶B, as enacted by PL 2003, c. 618, Pt. A, §1 and affected by §2, is amended to read:

B. By a person appointed by unanimous agreement of the charitable organizations expressly designated to receive distributions under the terms of the trust if the Attorney General concurs in the appointment; or

Sec. 15. 18-B MRSA §802, sub-§§4 and 6, as enacted by PL 2003, c. 618, Pt. A, §1 and affected by §2, are amended to read:

4. Transaction between trustee and beneficiary. A transaction between a trustee and a beneficiary that does not concern trust property but that occurs during the existence of the trust or while the trustee retains significant influence over the beneficiary and from which the trustee obtains an advantage beyond the normal commercial advantage for such a transaction is voidable by the beneficiary unless the trustee establishes that the transaction was fair to the beneficiary. A transfer or obligation is not voidable under this section against a person who took property from the trustee in good faith for a reasonably equivalent value or against any subsequent transferee or obligee.

6. Investment. An investment by a trustee in securities of an investment company or investment trust to which the trustee, or its affiliate, provides services in a capacity other than as trustee is not presumed to be affected by a conflict between personal and fiduciary interests if the investment otherwise complies with the prudent investor rule of chapter 9. In addition to its compensation for acting as trustee, the trustee may be compensated by the investment company or investment trust for providing those services out of fees charged to the trust. If the trustee receives compensation from the investment company or investment trust for providing investment advisory or investment management services, the trustee at least annually shall notify the persons entitled under section 813 to receive a copy of the trustee's annual report of the rate and method by which that compensation was determined.

Sec. 16. 18-B MRSA §813, sub-§5 is enacted to read:

5.__Applicable date.__Subsection 2, paragraphs B and C apply only to a trustee who accepts a trusteeship on or after July 1, 2005, to an irrevocable trust created on or after July 1, 2005 and to a revocable trust that becomes irrevocable on or after July 1, 2005.