(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.