166                              Laws of Maryland                         Ch. 98

trustees shall adopt to govern such election, provided however, that
the term of office of the first two trustees so elected shall begin
immediately following their election and shall expire August 1,
1929, and August 1, 1931, respectively.

(8) The board of trustees shall elect from its membership a
chairman, [and shall by a majority vote of all its members appoint
a secretary, who may be, but need not be, one of its members. It]
The Secretary of Personnel shall be secretary to the board and shall
be responsible for such administrative functions as had been pre-
viously performed by the Director of retirement systems to carry
out the duties and business of the Retirement System. The Secretary
BOARD shall engage such actuarial and other service PROFES-
SIONAL SERVICES as shall be required to transact the business
of the retirement system, AND THE BOARD SHALL DETERMINE
THE AMOUNTS OF COMPENSATION TO BE PAID FOR SUCH
SERVICES. The compensation of all OTHER persons engaged by
the [board of trustees] Retirement System, and all other expenses
of the board necessary for the operation of the retirement system
shall be paid at such rates and in such amounts as the [board of
trustees] Secretary of Personnel shall approve, and in accordance
with appropriation made by the General Assembly. The Secretary
of Personnel is authorized to delegate to the Assistant Secretary of
Personnel for retirement systems such administrative duties con-
ferred upon the Secretary by this Section as the Secretary deems
appropriate.

197.

(1) The board of trustees shall be the trustees of the several
funds created by this subtitle as provided in Section 198, 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 dis-
posing of their investments; except that the board may invest a maxi-
mum 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. Notwithstand-
ing any other provisions of the law to the contrary, that ground
rent redemption deeds, releases or reassignment of mortgages, satis-
factions or reassignment of notes, conveying, releasing or reassign-
ing any interest owned by the State of Maryland for the use of the
Teacher's Retirement System of the State of Maryland, shall be exe-
cuted by any two of the following: [Director of] Assistant Sec-
retary of Personnel for retirement systems, investment adminis-
trator and/or mortgage attorney.

Sec. 7. And be it further enacted, That Sections 37(a), 37(b),
50, 54(2), 54(9) and 55(1) of Article 88B of the Annotated Code of
Maryland (1957 Edition and 1969 Replacement Volume), title "State
Police," subtitles "Pensions" and "State Police Retirement System,"
be and they are hereby repealed and reenacted, with amendments, all
to read as follows: