138

LAWS OF MARYLAND

Ch. 23

(C)   SHOWS THE PRESENT VALUE OF THE
MEMBER'S ANNUITY; AND

(D)   EXPLAINS ANY MATERIAL MODIFICATIONS
TO THIS PENSION SYSTEM DURING THE PERIOD OF THE REPORT.

148. MANAGEMENT OF FUNDS.

(1)   THE BOARD OF TRUSTEES SHALL BE THE TRUSTEES OF
THE SEVERAL FUNDS CREATED BY THIS SUBTITLE AND MAY INVEST
AND REINVEST THESE FUNDS, SUBJECT TO THE TERMS, CONDITIONS,
LIMITATIONS, AND RESTRICTIONS IMPOSED BY THE LAW OF MARYLAND
ON DOMESTIC LIFE INSURANCE COMPANIES IN THE MAKING AND
DISPOSING OF THEIR INVESTMENTS; EXCEPT THAT THE BOARD MAY
INVEST A MAXIMUM OF 50 PERCENT OF THE TOTAL FUNDS OF THIS
PENSION SYSTEM IN COMMON STOCKS, OF WHICH NOT MORE THAN 5
PERCENT MAY BE IN NONDIVIDEND PAYING COMMON STOCKS AND MAY
INVEST A MAXIMUM OF 40 PERCENT OF THE TOTAL FUNDS IN
MORTGAGES AND DEEDS OF TRUST ON PROPERTIES LOCATED IN THE
STATE OF MARYLAND; AND SUBJECT TO LIKE TERMS, CONDITIONS,
LIMITATIONS, AND RESTRICTIONS, THE TRUSTEES MAY HOLD,
PURCHASE, SELL, ASSIGN, TRANSFER, AND DISPOSE OF ANY OF THE
SECURITIES AND INVESTMENTS IN WHICH ANY OF THE FUNDS CREATED
UNDER THIS SECTION HAVE BEEN INVESTED, AS WELL AS THE
PROCEEDS OF THESE INVESTMENTS AND ANY MONEY BELONGING TO
THESE FUNDS. NOTWITHSTANDING ANY OTHER PROVISION OF LAW,
GROUND RENT REDEMPTION DEEDS, RELEASES OR REASSIGNMENTS OF
MORTGAGES, SATISFACTIONS OR REASSIGNMENTS OF NOTES,
CONVEYING, RELEASING, OR REASSIGNING ANY INTEREST OWNED BY
THE STATE OF MARYLAND FOR THE USE OF THIS PENSION SYSTEM
SHALL BE EXECUTED BY ANY TWO OF THE FOLLOWING: (I) THE
ASSISTANT SECRETARY OF PERSONNEL FOR RETIREMENT SYSTEMS; OR
(II) THE INVESTMENT ADMINISTRATOR; OR (III) THE MORTGAGE
ATTORNEY.

(2)   "INTEREST" FOR THE PURPOSES OF THE ACTUARIAL
VALUATIONS MEANS THE PERCENT RATE TO BE COMPOUNDED ANNUALLY
AS DETERMINED BY THE BOARD OF TRUSTEES ANNUALLY AFTER TAKING
INTO CONSIDERATION THE ACTUAL EARNINGS OF THIS SYSTEM FOR
THE PRECEDING YEARS AND THE PROBABLE EARNINGS OF THIS SYSTEM
TO BE MADE IN THE FUTURE.

(3)   THE STATE TREASURER SHALL BE THE CUSTODIAN OF THE
SEVERAL FUNDS. ALL PAYMENTS FROM THESE FUNDS SHALL BE MADE
BY HIM OR BY A DEPUTY TREASURER, ONLY ON VOUCHERS SIGNED BY
TWO PERSONS DESIGNATED BY THE BOARD OF TRUSTEES. AN
ATTESTED COPY OF A RESOLUTION OF THE BOARD OF TRUSTEES
DESIGNATING THESE PERSONS AND BEARING SPECIMEN SIGNATURES OF
THESE PERSONS SHALL BE FILED WITH THE TREASURER AS HIS
AUTHORITY FOR MAKING PAYMENTS ON THESE VOUCHERS. A VOUCHER
MAY NOT BE DRAWN UNLESS IT PREVIOUSLY HAS BEEN AUTHORIZED BY
RESOLUTIONS OF THE BOARD OF TRUSTEES.

(4)   TO MEET DISBURSEMENTS FOR ALLOWANCES AND OTHER
PAYMENTS, CASH MAY BE KEPT AVAILABLE, NOT EXCEEDING 10
PERCENT OF THE TOTAL AMOUNT IN THE SEVERAL FUNDS OF THIS