1622                            LAWS OF MARYLAND                      [CH. 734

disposition of any real or personal property or interest therein is
other real or personal property, such property so received shall be
held and accounted for in the same manner as other property within
the jurisdiction and control of the board, commission, department
or other agency of the State receiving such property. If the con-
sideration received for any such disposition is cash, in whole or in
part, the proceeds shall be accounted for and remitted to the State
Treasurer; except that any consideration received in cash for the
disposition of an asset of a substantial permanent nature, commonly
called a capital asset, shall be applied solely to the State Annuity
Bond Fund Account for the payment of the principal and interest
of the bonded indebtedness of the State and if such capital asset
shall have been originally purchased with any special funds, the
proceeds thereof shall revert to such fund only.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved May 14, 1969.

CHAPTER 734
(House Bill 1135)

AN ACT to repeal and re-enact, with amendments, Section 115 (1)
of Article 77 of the Annotated Code of Maryland (1965 Replace-
ment Volume), title "Public Education," subtitle "Chapter 8.
Teachers' Certificates, Salaries and Pensions," sub-heading
"Teachers' Retirement System," to provide that documentation of
transfers of real estate investments owned by Teachers' Retirement
System of the State of Maryland shall be executed by certain
named offices.

Whereas, The Teachers' Retirement System of the State of Mary-
land has purchased, as investments, many ground rents, mortgages
and/or deeds of trust with notes as further evidence of the indebted-
ness, and

Whereas, When ground rents are redeemed and/or loans are paid
in full and/or loans are assigned, a deed and/or release of mortgage,
and/or satisfaction of the note and/or assignment must be executed,
and

Whereas, Section 15 of Article 78A of the Annotated Code of
Maryland (1965 Replacement Volume) provides, in part, that any
real or personal property of the State of Maryland or any board, com-
mission, department or agency may be conveyed only by the Board
of Public Works, except leases to State employees for residence
purposes only, and

Whereas, It is a burdensome and time consuming ministerial duty
for the Board of Public Works to execute each and every one of these
documents, and

Whereas, The Board of Public Works, at its meeting on December
17, 1968, approved the recommendation to amend the law to imple-
ment the purposes of this bill, now, therefore