MARVIN MANDEL,, Governor                             1589

known as the "Employees' Retirement System of the State
of Maryland," and by such name all of its business shall
be transacted, all of its funds; invested, and all of its
cash and securities and other property held in trust for
the purpose for which received [.]; PROVIDED HOWEVER,
THAT THE BOARD OF TRUSTEES IS HEREBY EMPOWERED TO
AUTHORIZE THE STATE1, TREASURES TO PLACE SECURITIES HELD BY
THE BOARD IN THE NAME OF A PARTNERSHIP TO BE FORMED UNDER
THE LAIS OF MARYLAND FOR THE SOLE AND SPECIFIC PURPOSE OF
HOLDING SUCH SECURITIES AS THE NOMINEE OF THE BOARD OF
TRUSTEES. THESE SHALL BE THREE (3) PARTNERS IN SAID
PARTNERSHIP: THE STATE TREASURER, THE CHIEF DEPUTY
TREASURER AND THE INVESTMENT ADMINISTRATOR, ANY ONE OF
WHOM MAY EXECUTE DOCUMENTS ON BEHALF OF THE PARTNERSHIP
WHICH MAY BE NECESSARY OR PROPER TO TRANSFER ANY OF SUCH
SECURITIES. THE ARTICLES OF PARTNERSHIP AND ANY

AGREEMENT BETWEEN THE PARTNERSHIP AND THE BOARD OF

TRUSTEES SHALL BE PREPARED BY THE ATTORNEY GENERAL, AND
SHALL PROVIDE THAT THE STATE TREASURER AT ALL TIMES SHALL
HAVE COMPLETE CUSTODY OF THE SECURITIES PLACED IN THE
PARTNERSHIP NAME, AND THAT SUCH PARTNERSHIP MAY ACT ONLY
AS THE AGENT OF THE BOARD OF TRUSTEES, AND SHALL CONTAIN
SUCH OTHER TERMS AND CONDITIONS AS THE ATTORNEY GENERAL
MAY DEEM APPROPRIATE. THE PARTNERSHIP IS HEREBY FURTHER
AUTHORIZED TO ENTER INTO AGREEMENTS WITH VARIOUS BANKS OR
OTHER FINANCIAL INSTITUTIONS TO GUARANTEE THE SIGNATURES
WADE ON BEHALF OF THE PARTNERSHIP.

(5) Notwithstanding anything to the contrary In this
article, membership in the retirement system shall be
optional with any class of officials elected or
appointed; or with any employees of the Governer's
office, or with any desk officer or employes of either
house of the General Assembly who receives an annual
salary as his compensation for such employment, who shall
be deemed to be an appointed official within the
application of this subsection. All officials elected or
appointed on or after July 1, 1957, may become members of
the system upon making application therefor at any time
after their elections or appointment and before the
expiration of their respective terms. All such officials
shall be entitled to credit for previous service rendered
by them to the State, or a participating municipal
corporation, including service rendered prior to the
establishment of the Employees' Retirement System. Upon
receiving a claim for such service credit from the
official, the board of trustees of the retirement system
shall verify the fact of such previous employment and the
creditable service to which the member is entitled,
compute the amount due from such political subdivision
for which credit is claimed, and submit a statement to
the participating municipal corporation for such amount,

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