Marvin Mandel, Governor                        1615

13.

(1) Power and limitations of board.—The board of trustees shall
be the trustees of the several funds created by this article as provided
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 invest-
ments, except that the board may invest a maximum of [twenty-five
percent (25%)] fifty percent (50%) of the total funds of the retire-
ment system in common stocks; , OF WHICH NOT MORE THAN
FIVE PERCENT (5%) MAY BE IN NON-DIVIDEND PAYING
COMMON STOCKS and subject to like terms, conditions, limi-
tations and restrictions, said trustees shall have full power to
hold, purchase, sell, assign, transfer and dispose of any of the secur-
ities 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 reas-
signment of notes, conveying, releasing or reassigning any interest
owned by the State of Maryland for the use of the Employees' Re-
tirement System of the State of Maryland, shall be executed by any
two of the following: director of retirement systems, Investment
Administrator and/or mortgage attorney.

Sec. 2. And be it further enacted, That Section 197 (1) of
Article 77 of the said Code (1969 Replacement Volume), title
"Public Education," subtitle "Chapter 17. Teachers' Retirement Sys-
tem," be and it is hereby repealed and re-enacted, with amendments,
to read as follows:

197.

(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 198, and shall have full power to invest and reinvest
such funds, subject to all the terms, conditions, limitations and re-
strictions imposed by the law of Maryland upon 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%)]
fifty percent (50%) of the total funds of the retirement system in
common stocks,, OF WHICH NOT MORE THAN FIVE PERCENT
(5%) MAY BE IN NON-DIVIDEND PAYING 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 belong-
ing to said funds. Notwithstanding any other provisions of the law to
the contrary, that ground rent redemption deeds, releases or reassign-
ment of mortgages, satisfactions or reassignment of notes, conveying,
releasing or reassigning 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 systems, investment administrator and/or mortgage
attorney.