1148                             LAWS OF MARYLAND                       [CH. 752

ment which he knows to be false, shall be fined not more than Three
Thousand Dollars ($3,000) or imprisoned not more than five years
or both.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1965.

Approved May 4, 1965.

CHAPTER 751
(Senate Bill 250)

AN ACT to repeal and re-enact, with amendments, Section 115 (1) of
Article 77 of the Annotated Code of Maryland (1957 Edition and
1964 Supplement), title "Public Education", sub-title "Chapter 8.
Teachers' Certificates, Salaries and Pensions", sub-heading "Teach-
ers' Retirement System", to increase the percentage of total Re-
tirement System funds that may be invested in common stocks.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 115 (1) of the Annotated Code of Maryland (1957 Edi-
tion and 1964 Supplement), title "Public Education", sub-title "Chap-
ter 8. Teachers' Certificates, Salaries and Pensions", sub-heading
"Teachers' Retirement System", be and it hereby is repealed and
re-enacted, with amendments, to read as follows:

115.

(1) The Board of Trustees shall be the Trustees of the several
funds created by this sub-title as provided in Section 116, and shall
have full power to invest and reinvest such funds, subject to all the
terms, conditions, limitations and restrictions imposed by the Law of
Maryland upon life insurance companies in the making and disposing
of their investments; except that the Board may invest a maximum
of twenty-five per cent (25%) of the total funds of the Retirement
System in common stocks. And subject to like terms, conditions,
limitations and restrictions, said Trustees shall have full power to
hold, purchase, sell, assign, transfer and dispose of any of the secur-
ities and investments in which any of the funds created herein shall
have been invested, as well as the proceeds of said investments and
any moneys belonging to said funds.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1965.

Approved May 4, 1965.

CHAPTER 752
(Senate Bill 263)

AN ACT to repeal and re-enact, with amendments, Sections 12 (b)
and (c) of Article 96A of the Annotated Code of Maryland (1964
Replacement Volume), title "Water Resources", sub-title "Appro-