1894

LAWS OF MARYLAND

Ch. 607

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved May 16, 1978.

CHAPTER 608

(House Bill 5 88)

AN ACT concerning

Pensions — Funds

FOR the purpose of attending certain provisions that relate
to the funds under the Employees' Retirement System;
enabling the Secretary of Personnel to combine expense
funds of certain systems for certain purposes;
requiring an annual estimate of the expense fund
requirements and annual certification of amount payable
under the system; and correcting a reference in the
provision for executions of certain documents.

BY repealing and reenacting, with amendments,

Article 73B - Pensions

Section 13(1) and 14(1)(e), (2)(c), (3) and (4)

Annotated Code of Maryland

(1970 Replacement Volume and 1977 Supplement)

BY repealing and reenacting, without amendments,

Article 73B - Pensions

Section 14 (2) (a)

Annotated Code of Maryland

(1970 Replacement Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 73B — Pensions

13.

(1) The board of trustees shall be the trustees of
the several funds created by this article as provided in §
14 of this article, and shall have full power to invest and
reinvest such funds, subject to all the terms, conditions,
limitations and restrictions imposed by the law of Maryland
upon domestic life insurance companies in the making and
disposing of their investments; except that the board may
invest a maximum of fifty percent (50%) of the total funds
of the retirement system in common stocks, of which not more
than five percent (5%) may be in nondividend paying common