MARVIN MANDEL, Governor                        1623

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 115(1) of Article 77 of the Annotated Code of Mary-
land (1965 Replacement Volume), title "Public Education," subtitle

"Chapter 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heading "Teachers' Retirement System," be and it hereby is repealed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) Power and limitations of board.—The board of trustees shall
be the trustees of the several funds created by this subtitle as pro-
vided 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 percent (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 pro-
ceeds of said investments and any moneys belonging to said funds.
Notwithstanding any other provisions of the law to the contrary, that
ground rent redemption deeds, releases or reassignment of mortgages,
satisfactions or reassignment of notes, conveying, releasing or re-
assigning any interest owned by the State of Maryland for the use of
the Teachers' Retirement System of the State of Maryland, shall be
executed by any two of the following: Director of Retirement Sys-
tems, Investment Administrator and/or Mortgage Attorney.

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

Approved May 14, 1969.

CHAPTER 735
(House Bill 1136)

AN ACT to repeal and re-enact, with amendments, Section 55(1) of
Article 88B of the Annotated Code of Maryland (1964 Replace-
ment Volume), title "State Police," subtitle "State Police Retire-
ment System," to provide that documentation of transfers of real
estate investments owned by State Police Retirement System of
the State of Maryland shall be executed by certain named offices.

Whereas, The State Police Retirement System of the State of
Maryland has purchased, as investments, many ground rents, mort-
gages and/or deeds of trust with notes as further evidence of the
indebtedness, 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