1616                             Laws of Maryland                       Ch. 549

Sec. 3. And be it further enacted, That Section 55 (1) of Article
88B of the said Code (1969 Replacement Volume), title "State
Police," subtitle "State Police Retirement System," be and it is
hereby repealed and re-enacted, with amendments, to read as follows: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 pro-
vided in Section 56 of this subtitle, and shall have full power to invest
and reinvest such funds, subject to all the terms, conditions, limita-
tions and restrictions imposed by the law of Maryland upon do-
mestic life insurance companies 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-DIVI-
DEND 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 invest-
ments 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, satisfac-
tions or reassignment 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 Administrator and/or mortgage attorney.

Sec. 4. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved May 5, 1970

CHAPTER 549

(Senate Bill 310)

AN ACT to repeal and re-enact, with amendments, Section 3 (5)
of Article 73B of the Annotated Code of Maryland (1969 Supple-
ment), title "Pensions", subtitle "In General", amending the law
relating to membership of elected or appointed officials in the
State Employees' Retirement System by deleting the provisions
relating to officials elected or appointed for fixed terms.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 3(5) of Article 73B of the Annotated Code of Maryland
(1969 Supplement), title "Pensions", subtitle "In General", be and it
is hereby repealed and re-enacted, with amendments, to read as
follows: