HARRY HUGHES, Governor

3159

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. The partnership shall consist of
three partners: 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 the partnership
may act only as the agent of the board of trustees, and
shall contain any other terms and conditions that the
Attorney General considers appropriate. The partnership may
enter into agreements with any bank or other financial
institution to guarantee the signatures made on behalf of
the partnership or to facilitate transaction settlements and
transfers through participation in central security
depositories]".

147.

(.1) Responsibility for operation. The general
administration and responsibility for the proper operation
of this pension system and for making this subtitle
effective are vested in the board of trustees created under
§ [87] 15:8 of this [subtitle] ARTICLE. [The board shall
have the powers and duties set forth in this section.

(2:) The Attorney General of the State shall be the
legal advisor of the board of trustees.

(3)  The board of trustees shall designate a medical
board to be composed of three physicians who are not
eligible to participate in this pension system to report on
special cases. The medical board shall:

(i) Arrange for and pass on all medical
examinations required under this subtitle;

(ii) Investigate all essential statements and
certificates by or on behalf of a member in connection with
an application for disability retirement; and

(iii) Report in writing to the board of trustees
its conclusions and recommendations on all matters referred
to it.

(4)  The board of trustees shall designate an actuary
who shall:

(i) Be the technical adviser of the board of
trustees on matters regarding the operation of the funds
created by this subtitle; and