HARRY HUGHES, Governor

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(5) EACH TRUSTEE SHALL, WITHIN 10 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 BOARD, AND THAT HE WILL NOT
KNOWINGLY VIOLATE OR WILLINGLY PERMIT TO BE VIOLATED ANY OF
THE PROVISIONS OF THE LAW APPLICABLE TO THE STATE RETIREMENT
AND PENSION SYSTEMS. THE OATH SHALL BE SUBSCRIBED TO BY THE
MEMBER MAKING IT AND CERTIFIED 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.

(C) (6) EACH TRUSTEE SHALL BE ENTITLED TO 1 VOTE
ON THE BOARD OF TRUSTEES. A MAJORITY OF THE BOARD SHALL
CONSTITUTE A QUORUM FOR THE TRANSACTION OF ANY BUSINESS, THE
EXERCISE OF ANY POWER, OR THE PERFORMANCE OF ANY DUTY
AUTHORIZED OR IMPOSED BY LAW.

(7)  THE BOARD OF TRUSTEES SHALL ELECT ANNUALLY 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.

(8) (A) EXPENSES IN CONNECTION WITH THE ADMINISTRATION
AND OPERATION OF THE BOARD OF TRUSTEES SHALL BE PAID FROM
THE INCOME, INTEREST, AND DIVIDENDS DERIVED FROM DEPOSITS
AND INVESTMENTS MANAGED AND CONTROLLED BY THE BOARD OF
TRUSTEES, EACH OF THE SEVERAL SYSTEMS SHALL BE CHARGED ITS
PRO RATA SHARE OF THE TOTAL EXPENSES OF ADMINISTRATION AND
OPERATION. EXPENDITURES SHALL BE IN ACCORDANCE WITH
APPROPRIATIONS MADE BY THE GENERAL ASSEMBLY.

(B) THE BOARD OF TRUSTEES SHALL SUBMIT
ITS BUDGET, AND THE BUDGETS OF THE STATE RETIREMENT AGENCY
TO THE GOVERNOR FOR INCLUSION IN THE NEXT STATE BUDGET
SUBMITTED TO THE GENERAL ASSEMBLY.

(B) THE BOARD OF TRUSTEES ANNUALLY SHALL SUBMIT
ITS BUDGET TO THE GOVERNOR FOR INCLUSION IN THE STATE BUDGET
FOR THE REVIEW AND APPROVAL OF THE GENERAL ASSEMBLY.

(9)  THE BOARD OF TRUSTEES SHALL, FROM TIME TO TIME,
ESTABLISH RULES AND REGULATIONS FOR THE ADMINISTRATION OF
THE SEVERAL SYSTEMS, THE MANAGEMENT OF THE FUNDS OF THE
SEVERAL SYSTEMS, AND FOR THE TRANSACTION OF ITS BUSINESS.

(10)  THE BOARD OF TRUSTEES MAY REQUIRE ANY OFFICERS,
BOARDS, OR COMMISSIONS OF THE STATE TO FURNISH IT, UPON
APPLICATION AND WITHOUT COST, CERTIFIED COPIES OF ANY
RECORDS OR PAPERS IN THEIR OFFICIAL CUSTODY, AND TO REQUIRE
THE ATTENDANCE OF WITNESSES AND THE PRODUCTION OF PAPERS,
UNDER SUMMONS, SUBPOENA, OR OTHER PROCESS, BEFORE THE BOARD
WHEN CONSIDERED NECESSARY FOR THE PROPER ADMINISTRATION AND
ENFORCEMENT OF THE LAWS OF THE SEVERAL SYSTEMS OR OF THE
REGULATIONS ADOPTED PURSUANT THERETO; AND FOR THIS PURPOSE
THE BOARD, OR ANY MEMBER THEREOF, MAY ADMINISTER OATHS TO
SUCH WITNESSES.