HARRY HUGHES, Governor                              3141

Article 73B - Pensions

1.

The following words and phrases as used in this
article, unless a different meaning is plainly required by
the context, shall have the following meanings:

(5)  "Board of trustees" shall mean the board
provided for in § [12] 158 of this article to administer the
retirement system.

(6)  "Medical board" shall mean [the] A board of
physicians provided for in § [12] 158 of this article.

2.

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; 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, shall provide that the 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.]".

12.

[(1)] The general administration and responsibility
for the proper operation of the retirement and pension