MARVIN MANDEL, Governor                      1625

ment Volume), title "Pensions," subtitle "In General," to provide
that documentation of transfers of real estate investment owned
by Employees' Retirement System of the State of Maryland shall
be executed by certain named offices.

Whereas, The Employees' 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

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 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 im-
plement the purposes of this bill, now, therefore

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 13(1) of Article 73B of the Annotated Code of
Maryland (1967 Replacement Volume), title "Pensions," subtitle
"In General," be and it hereby is repealed and re-enacted, with
amendments, to read as follows:

13.

(1) Power and limitations of board.—The board of trustees shall
be the trustees of the several funds created by this article as pro-
vided in Section 14 of this article, 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, 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. Notwithstanding any other
provisions of the law to the contrary, that ground rent redemption
deeds, releases or reassignment of mortgages, satisfactions or re-
assignment of notes, conveying, releasing or reassigning any interest
owned by the State of Maryland for the use of the Employees'
Retirement System of the State of Maryland, shall be executed by
any two of the following: Director of Retirement Systems, In-
vestment Administrator and/or Mortgage Attorney.