HARRY HUGHES, Governor

3153

(1) The board of trustees shall be the trustees of the
several funds created by this subtitle as provided in § 89
of this subtitle, 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 life insurance companies in the making and disposing of
their investments; except that the board may invest a
maximum of 50 percent of the total funds of the retirement
system in common stocks, of which not more than 5 percent
may be in nondividend paying common stocks. 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 money belonging to said funds.
Notwithstanding any other provisions of the law to the
contrary, that ground rent redemption deeds, releases or
reassignment of mortgages, satisfactions or reassignment of
notes, conveying, releasing or reassigning any interest
owned by the State of Maryland for the use of the Teachers'
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 Treasurer of the State of Maryland 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 fact specimen signatures of such persons shall be filed
with the Treasurer as his authority for making payments upon
such vouchers. No voucher shall be drawn unless it has
previously been authorized by resolution of the board of
trustees.]

SECTION 4. AND BE IT FURTHER ENACTED, That Section(s)
88(4) and (5), respectively, of Article 73B - Pensions, of
the Annotated Code of Maryland be renumbered to be
Section(s) 88(3) and (4), respectively.

SECTION 5. AND BE IT FURTHER ENACTED, That section(s)
of the Annotated Code of Maryland read(s) as follows:

Article 73B - Pensions

89.

All of the assets of the retirement system shall be
credited according to the purpose for which they are held to
one of three funds, namely, the Annuity Savings Fund, the
Accumulation Fund, and the Expense Fund.