1624                            LAWS OF MARYLAND                     [CH. 736

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,
commission, department or agency may be conveyed only by the
Board of Public Works, except leases to State employees for resi-
dence 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

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 (1964 Replacement Volume), title "State Police," subtitle
"State Police Retirement System," be and it hereby is repealed and
re-enacted, with amendments, to read as follows:

55.

(1) Powers and limitations of board.—The board of trustees
shall be the trustees of the several funds created by this subtitle as
provided in Section 56 of this subtitle, 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 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, pur-
chase, 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. Notwithstanding any other pro-
visions of the law to the contrary, that ground rent redemption deeds,
releases or reassignment of mortgages, satisfactions or reassign-
ment of notes, conveying, releasing or reassigning any interest owned
by the State of Maryland for the use of the State Police Retirement
System of the State of Maryland, shall be executed by any two of the
following: Director of Retirement Systems, Investment Administra-
tor 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 736
(House Bill 1137)

AN ACT to repeal and re-enact, with amendments, Section 13 (1)
of Article 73B of the Annotated Code of Maryland (1967 Replace-