Marvin Mandel, Governor                         535

salary of the Governor. TO CHANGE THE FORMULA FOR
COMPUTING THE ALLOWANCE OR PENSION PAID TO
RETIRED GOVERNORS AND THEIR WIDOWS IN CERTAIN
CIRCUMSTANCES.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 11 (18) be and it is hereby added to Article 73B of the
Annotated Code of Maryland (1970 Replacement Volume), title "Pen-
sions," subtitle "In General," to follow immediately after Section
11 (17) thereof, to read as follows:

11.

(18) (A) Notwithstanding anything to the contrary in any other
law, the average final compensation of a Governor who retwed prior
to January , 1, 1971, under the provisions of Article 73B, shall be cal-
culated on the basis of a salary as Governor which shall not be lower

than that specified in Section 21 of Article II of the Maryland Con-

stitution as of January 1, 1971. The Board of Trustees shall recom-
pute the allowance of a retired Governor on the basis of his adjusted
average final compensation. A GOVERNOR WHO HAS SERVED
AT LEAST ONE FULL TERM OF OFFICE OR MORE MAY
RETIRE IMMEDIATELY UPON LEAVING OFFICE. NOTWITH-
STANDING THE PROVISIONS OF ANY OTHER LAW, HE
SHALL RECEIVE AN ANNUAL RETIREMENT ALLOWANCE
OR PENSION WHICH IS NOT LESS THAN ONE-HALF OF THE
SALARY OF THE GOVERNOR WHO IS CURRENTLY IN OF-
FICE FROM TIME TO TIME; BUT FOR ANY GOVERNOR RE-
TIRING AFTER JULY 1, 1971, THIS RETIREMENT ALLOW-
ANCE OR PENSION SHALL BE SUSPENDED AND NOT PAID
DURING ANY PERIOD WHEN THE FORMER GOVERNOR IS
EMPLOYED BY ANY AGENCY OF THE STATE OF MARY-
LAND.

(B) THE WIDOW OF ANY FORMER GOVERNOR SHALL RE-
CEIVE A SPOUSE'S ALLOWANCE WHICH IS EQUAL TO ONE-
HALF OF THE RETIREMENT ALLOWANCE OR PENSION
WHICH THE FORMER GOVERNOR WOULD HAVE BEEN EN-
TITLED TO RECEIVE FROM TIME TO TIME.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1971.

Approved April 29, 1971

CHAPTER 240
(Senate Bill 546)

AN ACT to repeal and re-enact, with amendments, Section 22 of
Article 95 of the Annotated Code of Maryland (1969 Replacement
Volume), title "Treasurer," to provide for the investment of cer-
tain public funds in bonds or other obligations of the Federal
Home Loan Bank, or Federal Land Bank, FEDERAL LAND
BANKS, CREDIT BANKS OR COOPERATIVE BANKS, and to
provide generally for the maintenance of such funds.