HARRY HUGHES, Governor

3149

81.

In this subtitle the following words have the meanings
indicated unless context requires otherwise:

(5)  "Board of trustees" means the board provided
for in § [87] 158 of this article to administer the
retirement system.

(6)  "Medical board" means [the] A board of
physicians provided for in § [87] 158 of this article.

82.

A retirement system is hereby established and placed
under the operation of the board of trustees for the purpose
of providing retirement allowances and other benefits under
the provisions of this subtitle for teachers of the State of
Maryland. The retirement system so created shall be
established as of August 1, 1927[, and it shall be part of
the Department of Personnel]. It shall have the power and
privileges of a corporation and shall be known as the
"Teachers' 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.]".

87.

[(1)] The general administration and responsibility
for the proper operation of the retirement and pension
systems, and for making effective the provisions of this
article, are hereby vested in a board of trustees[, which
shall be organized immediately after three of the trustees
provided for in this section have qualified and taken the
oath of office.] AS PROVIDED IN § 158 OF THIS ARTICLE.