3150

LAWS OF MARYLAND

Ch. 506

[(2) The board shall consist of five trustees as
follows:

officio.

(a)  The State Superintendent of Education, ex

(b)  The State Comptroller, ex officio.

(c)  The State Treasurer, ex officio.

(d)  Two trustees who are members or
beneficiaries of the Teachers' Retirement System or the
Pension System for Teachers and not more than one of whom
may be a beneficiary of the systems. The trustees shall be
elected by the members and the beneficiaries for terms of
four years each. Elections of trustees shall be conducted
pursuant to rules and regulations adopted by the board of
trustees.

(3)  If a vacancy occurs in the office of a trustee,
the vacancy shall be filled for the unexpired term in the
same manner as the office was previously filled.

(4)  The trustees shall serve without compensation, but
they shall be reimbursed from the Expense Fund for all
expenses that they may incur through service on the board in
accordance with the standard travel regulations.

(5)  Each trustee, shall, within ten days after his
appointment or election, take an oath of office that, so far
as it devolves upon him he will diligently and honestly
administer the affairs of the said board, and that he will
not knowingly violate or willingly permit to be violated any
of the provisions of law applicable to the retirement
system. Such oath shall be subscribed to by the member
making it, and certified by the officer before whom it is
taken, and immediately filed in the office of the Secretary
of State.

(6)  Each trustee shall be entitled to one vote in the
board. Three votes shall be necessary for a decision by
the trustees at any meeting of said board.

(7)  Subject to the limitations of this subtitle the
board of trustees shall, from time to time, establish rules
and regulations for the administration of the funds created
by this subtitle and for the transaction of its business.

(8)  The board of trustees shall elect from its
membership a chairman and shall by a majority vote of all
its members appoint a secretary, who may be, but need not
be, one of its members. The Secretary of Personnel shall
be responsible for such administrative functions as had been
previously performed by the director of retirement systems