HARRY HUGHES, Governor

1591

Approved May 29, 1979.

CHAPTER 561

(House Bill 567)

AN ACT concerning

Retirement Systems — Securities

FOR the purpose of enabling the nominees of the boards of
trustees for the Employees' Retirement System,
Teachers' Retirement System, and State Police
Retirement System to enter into agreements with banks
and financial institutions to use central security
depositories.

BY repealing and reenacting, with amendments,

Article 73B — Pensions

Section 2 and 82

Annotated Code of Maryland

(1970 Replacement Volume and 1978 Supplement)

BY repealing and reenacting, with amendments,

Article 88B - State Police
Section 50

Annotated Code of Maryland
(1969 Replacement Volume and 1978 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be repealed, amended, or enacted to read as follows: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

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 article, for employees
of the State of Maryland. The retirement system so created
shall be established as of October first, nineteen hundred
and forty-one, 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 "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];