HERBERT R. O'CONOR, GOVERNOR. 131
CHAPTER 174.
(House Bill 81)

AN ACT to repeal and re-enact, with amendments, Section 34
of Article 88B of the Annotated Code of Maryland (1939
Edition), title "State Police", sub-title "Pensions", to pro-
vide for the appointment of a board to advise the Superin-
tendent as to the investment of the pension funds of the
Department of State Police.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 34 of Article 88B of the Annotated Code of
Maryland (1939 Edition), title "State Police", sub-title "Pen-
sions", be and it is hereby repealed and re-enacted, with
amendments, to read as follows:

34. The administration of the retirement and pension sys-
tem, established by this sub-title, is hereby vested in the super-
intendent of State Police, who shall keep separate records and
accounts and report his receipts and disbursements hereunder
in the same manner as is provided in this Article for other
receipts and disbursements of his department. The superin-
tendent of 'State Police shall receive no additional compensa-
tion for these duties, but shall be reimbursed for all neces-
sary expenses which he may sustain through his service in
administering this sub-title; and all claims for reimbursement
shall be subject to the approval of the State Auditor of Ac-
counts. And there shall be no additional paid employees en-
gaged for the administration of this sub-title. The superin-
tendent of State Police shall have the power and authority to
make all reasonable rules and regulations for the administra-
tion of the retirement and pension system; and shall have
the power and authority to hold and invest all funds accruing
to the pension funds for the benefit of the said fund; provided,
however, that no investment or re-investment of said fund shall
be made without the advice and approval of a board consisting
of the State Bank Commissioner and two persons to be ap-
pointed by the Superintendent of State Police who shall be
officers of a bank or trust company located and doing business
in Maryland. The chief actuary of the State Insurance Com-
missioner's office shall be the technical adviser of the super-
intendent of State Police, in the administration of this fund,
on all actuarial questions, The superintendent of State Police
shall be authorized to set aside annually an amount sufficient
to defray the annual cost of the pension together\ with at
least one thousand dollars ($1, 000. 00) toward the necessary
reserve, plus interest at the rate of 4% per annum upon that
portion of the pension fund reserve remaining unpaid. This