HARRY HUGHES, Governor

3157

conditions, limitations, and restrictions imposed by the law
of Maryland on domestic 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 this pension system in common stocks, of which not more
than 5 percent may be in nondividend paying common stocks
and may invest a maximum of 40 percent of the total funds in
mortgages and deeds of trust on properties located in the
State of Maryland; and subject to like terms, conditions,
limitations, and restrictions, the trustees may hold,
purchase, sell, assign, transfer, and dispose of any of the
securities and investments in which any of the funds created
herein have been invested, as well as the proceeds of these
investments and any money that belongs to these funds.
Notwithstanding any law to the contrary, the ground-rent
redemption deeds, releases or reassignments of mortgages,
satisfactions or reassignments of notes, conveying,
releasing or reassigning any interest owned by the State of
Maryland for the use of this pension system, shall be
executed by any two of the following:

(i) The assistant secretary of personnel for
retirement systems; or

(ii) The investment administrator; or

(iii) Mortgage attorney.] AS PROVIDED IN § 160
OF THIS ARTICLE.

[(3) The State Treasurer shall be the custodian of the
several funds. All payments from these funds shall be made
by him or by a deputy treasurer, only on vouchers signed by
two persons designated by the board of trustees. An
attested copy of a resolution of the board of trustees
designating these persons and bearing specimen signatures of
these persons shall be filed with the Treasurer as his
authority for making payments on these vouchers. A voucher
may not be drawn unless it previously has been authorized by
resolution of the board of trustees.]

SECTION 6. AND BE IT FURTHER ENACTED, That Section(s)
120(4) and (5) of Article 73B - Pensions, of the Annotated
Code of Maryland be renumbered to be Section(s) 120(3) and
(4).

SECTION 7. AND BE IT FURTHER ENACTED, That section(s)
of the Annotated Code of Maryland read(s) as follows:

Article 73B - Pensions

121.

(2) (b) "Service in a fiduciary capacity" includes: