1592

LAWS OF MARYLAND

Ch. 561

provided however, that the board of trustees is hereby
empowered to authorise 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 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 made on behalf of
the partnership OR TO FACILITATE TRANSACTION SETTLEMENTS AND
TRANSFERS THROUGH PARTICIPATION IN CENTRAL SECURITY
DEPOSITORIES.

82.

A retirement system is hereby established and placed
under the operation of the board of trustees for the purpose
of providing retirement allowances and other benefits under
the provisions of this subtitle for teachers of the State of
Maryland. The retirement system so created shall be
established as of August 1, 1927, and it shall be part of
the Department of Personnel. It shall have the power and
privileges of a corporation and shall be known as the
"Teachers' 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]; 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 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