168                              Laws of Maryland                         Ch. 98

[e] (f) [One (1) member] Two members of the enforcement
personnel of the Department of State Police who shall be appointed
for [a] terms of four (4) years by the Board of Public Works.

(9) The board of trustees shall elect from its membership a
chairman, [and by a majority vote of all its members shall 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 Secre-
tary BOARD shall engage such actuarial and other PROFES-
SIONAL services as shall be required to transact the business
of the Retirement System, AND THE BOARD SHALL DE-
TERMINE THE AMOUNTS OF COMPENSATION TO BE
PAID FOR SUCH SERVICES. The Board of trustees, and
all other expenses of the board necessary for the date of es-
tablishment of the Retirement System, administering the Em-
ployees' Retirement System of the State of Maryland to the extent
that the same may be practicable. 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 appropriations 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 conferred upon the Secretary by this Section as the Secre-
tary deems appropriate.

55.

(1) The board of trustees shall be the trustees of the several
funds created by this subtitle as provided in Section 56 of this sub-
title, and shall have full power to invest and reinvest such funds,
subject to all the terms, conditions, limitations and restrictions im-
posed 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 reassignment of notes, conveying, releas-
ing or reassigning any interest owned by the State of Maryland for
the use of the State Police Retirement System of the State of Mary-
land, shall be executed by any two of the following: [director of]
Assistant Secretary of Personnel for retirement systems, Investment
Administrator and/or mortgage attorney.

SEC. 7A. AND BE IT FURTHER ENACTED, THAT SECTIONS
70, 71, 74, 75, 76(A), AND 83 OF ARTICLE 101 OF THE SAID
CODE (1964 REPLACEMENT VOLUME AND 1969 SUPPLE-
MENT), TITLE "WORKMEN'S COMPENSATION," SUBTITLE