HARRY HUGHES, Governor

3147

(c) From the Contribution Fund, the State Treasurer or
the deputy treasurer, only upon vouchers signed by two
persons designated by the [board of trustees] SECRETARY OF
PERSONNEL, shall pay such amounts and at such time or times
as may be directed by the State Agency in accordance with
this subtitle.

(e) There is hereby established a special fund to be
known as the Expense Fund. Such fund shall consist of and
there shall be deposited in such fund all monies received
from political subdivisions as their pro rata share of
expense under Section 39(d)(3); and interest earned under
Section 40(a) and (b). From said fund, payments shall be
made by the State Treasurer or by the deputy treasurer only
upon vouchers signed by two persons designated by [the board
of trustees] THE SECRETARY OF PERSONNEL in such amounts and
at such time or times as may be directed by the State Agency
as may be incurred as an expense by the State Agency in the
administration of this subtitle.

[46.

(a)  Three persons as provided hereinbelow shall be
members of and shall constitute the advisory investment
committee for the board of trustees of the Employees'
Retirement System of the State of Maryland, and the board of
trustees of the Pension System for the Employees of the
State of Maryland, and the board of trustees of the
Teachers' Retirement System of the State of Maryland, and
the board of trustees of the Pension System for the Teachers
of the State of Maryland, and the board of trustees of the
State Police Retirement System of the State of Maryland.
The said three persons shall be appointed by the Board of
Public Works. The initial appointments shall date from
July 1, 1958 and shall be for terms of one, two and three
years respectively, as designated by the Board of Public
Works or until their successors have been appointed and have
qualified. Thereafter appointments shall be made for terms
of four years, or until their successors have been appointed
and have qualified. A person may be appointed to
successive or additional terms. Vacancies shall be filled
by the Board of Public Works for any unexpired term in the
manner that the initial and successive appointments are to
be made. The committee shall select one of its members who
shall be the chairman.

(b)  Said appointments shall be made by the Board of
Public Works from among those qualified persons who have
demonstrated their ability and experience in a responsible
position with banks, trust companies, insurance companies,
brokerage firms or other similar financial institutions
doing business in the State of Maryland and who have had the
management and control of large investment funds.