240                               LAWS OF MARYLAND                         [CH. 70

have qualified. Thereafter appointments shall be made for terms
of four years, or until their successors have been appointed and have
qualified. A person may be appointed to successive or additional

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TERMS. VACANCIES SHALL BE FILL-
ED BY THE BOARD OF PUBLIC WORKS FOR ANY UNEX-
PIRED TERM IN THE MANNER THAT THE INITIAL AND
SUCCESSIVE APPOINTMENTS ARE TO BE MADE. THE COM-
MITTEE SHALL SELECT ONE OF ITS MEMBERS WHO SHALL
BE THE CHAIRMAN.

(b)  Said appointments shall be made by the Board of Public Works
from among those qualified persons who have demonstrated their
ability and experience in a responsible position with banks, trust
companies, insurance companies, brokerage firms or other similar
financial institutions doing business in the State of Maryland and who
have had the management and control of large investment funds.

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(c)   The Committee shall formulate and shall recommend to the
respective Boards of Trustees for their adoption policy to be followed
by the said Boards in respect to investment of the several retirement
system funds established by law, subject to the limitations on the
said Boards, provided for by law. Nothing herein contained shall be
construed to limit in any manner the authority now conferred by law
on the said Boards over the management of the said retirement sys-
tem funds, it being the intent of this sub-section thai the Financo
ADVISORY INVESTMENT Committee established herein shall as-
sist the said Boards in the execution of their duties. The said Boards
may delegate the supervision and control over the ordinary manage-
ment of the investment of monies from the said funds, to the Division
of Investments, next provided for.

(d)   There is hereby created a Division of Investments in charge of
the Investment Administrator, who shall be selected by the

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DIRECTOR OR DIRECTORS OF THE SAID
SEVERAL RETIREMENT SYSTEMS MAY appoint such other em-
ployees to assist him THE ADMINISTRATOR in carrying out the
duties of the Division as may be provided for in the budget.

(e)  The expenses of the Division of Investments shall be appor-
tioned among each of the several State retirement systems, according
to the ratio which the total of funds of each system bears to the total
of funds for all such State systems.