3154

LAWS OF MARYLAND

Ch. 506

(3) The Expense Fund shall be the fund to which
shall be credited all money provided [by the State of
Maryland] IN THE BUDGET to pay the administration expenses
of the retirement system, and from which shall be paid all
the expenses necessary in connection with the administration
and operation of the system. Annually the board of trustees
shall estimate the amount of money not in excess of 0.3
percent of the payroll of members which shall be deemed
necessary to be paid into the Expense Fund during the
ensuing year to provide for the expense of operation of the
retirement system and such amount shall be paid to the
Expense Fund for this purpose.

111.

In this subtitle the following words have the meanings
indicated.

(7) "Medical board" means [the] A board of
physicians [appointed by the board of trustees.] PROVIDED
FOR IN § 158 OF THIS ARTICLE.

112.

A pension system is established and placed under the
management of the board of trustees to provide retirement
allowances and other benefits under this subtitle, for
employees of the State of Maryland. This pension system
shall be established as of January 1, 1980[, and it shall be
part of the Department of Personnel]. It shall have the
powers and privileges of a corporation, and shall be known
as the "Pension System for Employees of the State of
Maryland[," and shall transact all of its business by this
name. The board of trustees may 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 purpose of holding these securities as the nominee
of the board of trustees. There shall be three (3) partners
in this partnership: the State Treasurer, the chief deputy
treasurer, and the investment administrator, any one of whom
may execute documents on behalf of the partnership that may
be necessary or proper to transfer any of these securities.
The articles of partnership and any agreement between the
partnership and the board of trustees shall be prepared by
the Attorney General and shall provide that this partnership
may act only as the agent of the board of trustees, and
shall contain any other terms and conditions as the Attorney
General may consider appropriate. The partnership may 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]".