HARRY HUGHES, Governor                                  1593

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.

Article 98B - State Police

50.

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 subtitle for the
employees of the Department of Maryland State Police. The
retirement system so created shall be established as of July
first, nineteen hundred and forty—nine 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
"State Police 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]; 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
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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1979.

Approved May 29, 1979.