1970                             Laws of Maryland                       Ch. 698

maximum percentage of loan permitted on each transaction, and
restricting the loans to Maryland residents. ERAL," TO AU-
THORIZE THE INVESTMENT OF STATE RETIREMENT
FUNDS IN MORTGAGES AND DEEDS OF TRUST ON
PROPERTIES LOCATED IN MARYLAND AND TO PLACE
A LIMIT ON THE AMOUNT OF FUNDS WHICH MAY BE
USED FOR THIS PURPOSE.

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 and 1969 Supplement), title "Pensions,"
subtitle "In General," be and it is hereby repealed and re-enacted,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
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 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 shall MAY invest twenty FORTY per-

cent (20 40%) of the total funds in home mortgages and deeds of

trust to Maryland residents, no individual loan to exceed sixty-six and

two-thirds percent (66 2-3%) of the fair market value of the home

being purchased; AND MAY INVEST A MAXIMUM OF FORTY
PERCENT (40%) OF THE TOTAL FUNDS IN MORTGAGES
AND DEEDS OF TRUST ON PROPERTIES LOCATED IN THE
STATE OF MARYLAND; 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 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 pro-
visions of the law to the contrary, that ground-rent redemption
deeds, releases or reassignments of mortgages, satisfactions or re-
assignments of notes, conveying, releasing or reassigning any inter-
est 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, Investment
Administrator and/or mortgage attorney.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved May 21, 1970.

CHAPTER 698
(House Bill 396)

AN ACT to add new Article 76A to the Annotated Code of Maryland
(1969 Replacement Volume), to follow immediately after Section
ARTICLE 76 thereof, and to be under the new title "Public In-