MARVIN MANDEL, Governor                             1595

SUCH SECURITIES AS THE NOMINEE OF THE BOARD OF TRUSTEES.
THERE 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 HADE ON BEHALF
OF THE PARTNERSHIP.

SECTION [[4]] 3. AND BE IT FURTHER ENACTED, That
Section 50 of Article 88B - State Police, of the
Annotated Code of Maryland (1969 Replacement Volume and
1973 Supplement) be and it is hereby repealed and
re—enacted, with amendments, to read as follows:

Article 88B - State Police

50.

A Retirement System is hereby established and placed
under the management of the board of trustees for the
purpose of providing retirement allowances and other
benefits under the provisions of this subtitle for the
employees of the Department of Maryland State Police.
The Retirement System so created shall be established as
of July first, nineteen hundred and forty—nine and it
shall be part of the Department of Personnel. It shall
have the powers and privileges of a corporation, and
shall be known as the "State Police 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 STATE TREASURER TO PLACE
SECURITIES HELD BY THE BOARD IN THE NAME OF A PARTNERSHIP
TO BE FORMED UNDER THE LAWS OF MARYLAND FOR THE SOLE AND
SPECIFIC PURPOSE OF HOLDING SUCH SECURITIES AS THE
NOMINEE OF THE BOARD OF TRUSTEES. THERE 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