MARVIN MANDEL, Governor                                 1965

submitted to the Governor, the appointing authority and the employee involved
and may be utilized as the basis for any administrative action appropriate under
the circumstances in accordance with administrative procedures provided for by
law.

4.     To investigate alleged violations of the Code of Ethics upon the written
request of either the Governor or the Attorney General, and to submit a written
report to the requesting official.

5.     Under no circumstance shall the Board of Ethics be empowered to take
direct administrative action itself but rather its function shall be solely advisory
and investigatory as provided for herein.

Article V.
Application

The standards of ethical conduct set forth in this Code of Ethics shall be
applicable without exception to all part-time and full-time officers and employees
in the executive branch of the State of Maryland whether or not they are members
of the Merit System or exempt from the provisions of the Merit System.

All officers and employees who have been appointed by the Governor shall
conform to these standards without further directive. All other officers and
employees who serve under a State appointing authority which is appointed by the
Governor shall comply with the agency code of ethics to be issued by such
respective authorities as provided for in Article VI hereof. Failure to conform to
the standards of ethical conduct so prescribed may lead to removal from office,
termination of employment, or other action as the particular case may require.

Article VI.

Agency Codes of Ethics

Each appointing authority in the executive branch of the State government,
which shall include all departments, commissions, boards, and authorities whose
agency head or members are appointed by the Governor, is directed to adopt this
Code of Ethics and to require all of its officers and employees to comply with the
standards of ethical conduct prescribed herein. Each appointing authority shall
submit a written report to the Governor describing the action that has been taken
in promulgating the standards of ethical conduct set forth in this Code.

EXECUTIVE ORDER OF OCTOBER 17, 1969
COMMISSION ON STATE DEBT

Effective immediately there is hereby established a Commission of State Debt.
This commission replaces the former Committee to Study the State Debt.

The Commission on State Debt shall serve as an advisory group whose purpose
shall be to maintain a continuing surveillance over matters concerning the State
debt and its management. The Commission, among other things, will evaluate the
States overall economic position, will recommend guidelines in fiscal matters, and
will advise both the Governor and the General Assembly as to policies with respect
to capital outlays of the State, as well as to the management of the State debt.

The membership of the Commission on State Debt shall comprise the following:

State Treasurer

Comptroller of the Treasury

Secretary of Budget and Fiscal Planning

Secretary of State Planning

Director of the State Department of Assessments and Taxation

Four persons to be appointed by the Governor, one of

whom will he designated by the Governor to serve as

Chairman of the Commission
The Chairman of the Senate Finance Committee