MARVIN MANDEL, Governor                                  953

shall be entitled to no benefits from the Teachers'
Retirement System except with respect to contributions
theretofore made as provided in § 217 of this article.

217.

(a) The optional retirement program provided for in
this section may be adopted by any of the following
boards with respect to the institution or institutions
governed by that board or with respect to that board's
own staff:

(1)    Board of regents of the University of
Maryland,

(2)    Board of trustees of the State colleges,

(3)    Board of trustees of St. Mary's College
of Maryland,

(4)    State Board for Community Colleges with
respect to any community college or regional community
college established pursuant to § 1 (a) or § 2 (a) of
Article 77A of this Code, and

(5)    Maryland Council for Higher
Education[.], AND

(6)    BOARD OF MORGAN STATE UNIVERSITY.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 4, 1976.

CHAPTER 353
(Senate Bill 1029)

AN ACT concerning

Real Estate Investment Trust - Classification
of Shares

FOR the purpose of permitting a Maryland real estate
investment trust to issue more than one class of
shares of beneficial interest and permitting the
board of trustees of a Maryland real estate
investment trust to classify or reclassify any
unissued shares by setting or changing the
preferences, conversion or other rights, voting
powers, restrictions, limitations as to dividends,
qualifications, or terms or conditions of
redemption.