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Session Laws, 1941
Volume 582, Page 594   View pdf image (33K)
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594 LAWS OF MARYLAND. [CH. 377

(7) Subject to the limitations of this Article, the Board of
Trustees shall from time to time, establish rules and regula-
tions for the administration of the funds created by this Ar-
ticle and for the transaction of its business. The Board of
Trustees shall have power to require any officer, board or
commission of the State to furnish it, upon application and
without cost, certified copies of any record or papers in their
official custody, and to require the attendance of witnesses and
the production of papers, under summons, subpoena or other
process, before said Board when considered necessary for the
proper administration and enforcement of this Article or of
the regulation adopted pursuant thereto; and for this pur-
pose the said Board, or any member thereof, shall have the
right to administer oaths to such witnesses.

(8) The said Board may hold hearings when deemed neces-
sary in the performance of its duty, the hearings to be gov-
erned by the rules and regulations of the Board, and the Board
shall not be bound by technical rules of evidence.

(9) The Board of Trustees shall elect from its membership
a chairman and by a majority vote of all its members shall
appoint a secretary who may be, but need not be, one of its
members. It shall engage such actuarial and other services as
shall be required to transact the business of the retirement
system. The compensation of all persons engaged by the
Board of Trustees, and all other expenses of the Board neces-
sary for the operation of the retirement system, shall be paid
at such rates and in such amounts as the Board of Trustees
shall approve, and in accordance with appropriations made by
the General Assembly.

(10) The Board of Trustees shall keep in convenient form
such data as shall be necessary for actuarial valuation of the
various funds of the retirement system, and for checking the
experience of the system.

(11) The Board of Trustees shall keep a record of all its
proceedings, which shall be open to public inspection. It
shall publish annually a report showing the fiscal transactions
of the retirement system for the preceding fiscal year, the
amount of the accumulated cash and securities of the system,
and the last balance sheet showing the financial condition of
the retirement system by means of an actuarial valuation of
the assets and liabilities of the system.

LEGAL ADVISER

(12) The Attorney General of the State shall be the legal
adviser of the Board of Trustees.

 

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Session Laws, 1941
Volume 582, Page 594   View pdf image (33K)   << PREVIOUS  NEXT >>


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