HARRY HUGHES, Governor

3145

(17) On the basis of such regular interest rate or

rates and tables as the board of trustees shall adopt, the

actuary shall make an annual valuation of the assets and
liabilities of the funds of the retirement system.]

13.

(1) The board of trustees shall be the trustees of the
several funds created by this article as provided in § 14 of
this article, and shall have full power to invest and
reinvest such funds[, subject to all the terms, conditions,
limitations and restrictions imposed by the law of Maryland
upon domestic life insurance companies in the making and
disposing of their investments; except that the board may
invest a maximum of fifty percent (50%) of the total funds
of the retirement system in common stocks, of which not more
than five percent (5%) may be in nondividend paying common
stocks and may invest a maximum of forty percent (40%) of
the total funds in mortgages and deeds of trust on
properties located in the State of Maryland; and subject to
like terms, conditions, limitations and restrictions, said
trustees shall have full power to hold, purchase, sell,
assign, transfer and dispose of any of the securities and
investments in which any of the funds created herein shall
have been invested, as well as the proceeds of said
investments and any moneys belonging to said funds.
Notwithstanding any other provisions of the law to the
contrary, that 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 the Employees'
Retirement System of the State of Maryland, shall be
executed by any two of the following,: assistant secretary of
personnel for retirement systems, Investment Administrator
and/or mortgage attorney.] AS PROVIDED IN. § 160 OF THIS
ARTICLE.

[(3) The State Treasurer shall be the custodian of the
several funds. All payments from said funds shall be made
by him or by a deputy treasurer, only upon vouchers signed
by two persons designated by the board of trustees. A duly
attested copy of a resolution of the board of trustees
designating such persons and bearing on its face specimen
signatures of such persons shall be filed with the Treasurer
as his authority for making payments upon such vouchers.
No vouchers shall be drawn unless it has previously been
authorized by resolutions of the board of trustees.]

SECTION 2. AND BE IT FURTHER ENACTED, That Section(s)
13(4) and (5), respectively, of Article 73B - Pensions, of
the Annotated Code of Maryland be renumbered to be
Section(s) 13(3) and (4), respectively.

SECTION 3. AND BE IT FURTHER ENACTED, That section(s)
of the Annotated Code of Maryland read(s) as follows: