HARRY HUGHES, Governor

189

NOTWITHSTANDING ANY LAW TO THE CONTRARY, THE 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) 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
RESOLUTION 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
PENSION SYSTEM, ON DEPOSIT IN ONE OR MORE BANKS OR TRUST
COMPANIES IN THE STATE OF MARYLAND, ORGANIZED UNDER THE LAWS
OF THE STATE OF MARYLAND, OR OF THE UNITED STATES, IF THE
SUM ON DEPOSIT IN ANY ONE BANK OR TRUST COMPANY DOES NOT
EXCEED 25 PERCENT OF THE PAID IN CAPITAL AND SURPLUS OF THE
BANK OR TRUST COMPANY.

(5)   EXCEPT AS OTHERWISE HEREIN PROVIDED, A TRUSTEE OR
EMPLOYEE OF THE BOARD OF TRUSTEES MAY NOT HAVE ANY DIRECT
INTEREST IN THE GAINS OR PROFITS OF ANY INVESTMENT MADE BY
THE BOARD OF TRUSTEES. A TRUSTEE OR EMPLOYEE OF THE BOARD,
DIRECTLY OR INDIRECTLY, FOR HIMSELF OR AS AN AGENT, MAY NOT
USE, IN ANY MANNER, THE SAME EXCEPT TO MAKE THE CURRENT AND
NECESSARY PAYMENTS AS ARE AUTHORIZED BY THE BOARD OF
TRUSTEES. A TRUSTEE OR EMPLOYEE OF THE BOARD OF TRUSTEES
MAY NOT BECOME AN ENDORSER, SURETY, OR, IN ANY MANNER, AN
OBLIGOR FOR MONEY THAT IS LOANED TO OR BORROWED FROM THE
BOARD OF TRUSTEES.

121. INDEMNIFICATION OF PERSONS SERVING IN FIDUCIARY
CAPACITY.