674                             LAWS OF MARYLAND                     [CH. 480

tide, and shall have full power to invest and re-invest such funds,
subject to all the terms, conditions, limitations and restrictions im-
posed by the law of Maryland upon domestic life insurance com-
panies in the making and disposing of their investments; except that
the Board may invest a maximum of twenty-five percent (25%) of
the total funds of the Retirement System in common stocks; and sub-
ject 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 securities and investments in which any of
the funds created herein shall have been invested, as well as the pro-
ceeds 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 April 8, 1965.

CHAPTER 480
(Senate Bill 252)

AN ACT to repeal and re-enact, with amendments, Section 55 (1) of
Article 88B of the Annotated Code of Maryland (1957 Edition),
title "State Police", sub-title "Pensions", to increase the percent-
age of total Retirement Systems funds that may be invested in
common stocks.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 55 (1) of Article 88B of the Annotated Code of Mary-
land (1957 Edition), title "State Police", sub-title "Pensions", be
and it is hereby repealed and re-enacted, with amendments, to read
as follows:

55.

(1) The Board of Trustees shall be the Trustees of the several
funds created by this sub-title as provided in Section 56 of this sub-
title, 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 domestic life insurance com-
panies 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 securities 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 April 8, 1965.