3168

LAWS OF MARYLAND

Ch. 506

(5) ALL EXPENSES IN CONNECTION WITH THE ADMINISTRATION
AND OPERATION OF THE STATE RETIREMENT AGENCY SHALL BE PAID
FROM THE INCOME OR ASSETS OF THE FUNDS OF THE SEVERAL
SYSTEMS. EACH OF THE SEVERAL SYSTEMS SHALL BE CHARGED ITS
PRO RATA SHARE OF THE EXPENSES OF ADMINISTRATION AND
OPERATION. EXPENDITURES SHALL BE IN ACCORDANCE WITH
APPROPRIATIONS MADE BY THE GENERAL ASSEMBLY.

160.

(1)  THERE IS A STATE INVESTMENT AGENCY WHICH SHALL BE
RESPONSIBLE FOR THE INVESTMENT OF THE FUNDS OF THE SEVERAL
SYSTEMS AS SPECIFIED BY THE STATE INVESTMENT COUNCIL AND
APPROVED BY THE BOARD OF TRUSTEES.

(2) (A) THERE SHALL BE AN EXECUTIVE DIRECTOR FOR
INVESTMENTS WHO SHALL BE THE EXECUTIVE AND ADMINISTRATIVE
HEAD OF THE STATE INVESTMENT AGENCY AND SHALL BE RESPONSIBLE
FOR PLANNING, DIRECTING, COORDINATING, AND EXECUTING THE
FUNCTIONS OF THE AGENCY IN CONFORMANCE WITH REGULATIONS AND
POLICIES ESTABLISHED BY THE BOARD OF TRUSTEES. THE
EXECUTIVE DIRECTOR FOR INVESTMENTS SHALL BE APPOINTED BY THE
BOARD OF TRUSTEES AND SHALL SERVE AT THE PLEASURE OF THE
BOARD. THE EXECUTIVE DIRECTOR SHALL BE QUALIFIED BY
TRAINING AND PRIOR EXPERIENCE TO MANAGE, ADMINISTER, AND
DIRECT THE INVESTMENT OF FUNDS AND SHALL RECEIVE FOR HIS
SERVICES THE COMPENSATION PROVIDED IN THE BUDGET.

(B)  IN THE EVENT THE EXECUTIVE DIRECTOR FOR
INVESTMENTS VACATES HIS POSITION OR BECOMES INCAPACITATED,
THE CHAIRMAN OF THE BOARD OF TRUSTEES, WITH THE ADVICE OF
MEMBERS OF THE INVESTMENT COUNCIL, SHALL APPOINT AN ACTING
EXECUTIVE DIRECTOR TO SERVE UNTIL A PERMANENT APPOINTMENT IS
MADE.

(C)  THE EXECUTIVE DIRECTOR, WITH THE APPROVAL OF
THE CHAIRMAN OF THE BOARD OF TRUSTEES, MAY DESIGNATE AN
EMPLOYEE OF HIS OFFICE TO TEMPORARILY ACT IN HIS PLACE
DURING ANY PERIOD REQUIRING HIS ABSENCE FOR AN EXTENDED
LENGTH OF TIME.

(3)  ALL DOCUMENTS WHICH MUST BE EXECUTED BY OR ON
BEHALF OF THE BOARD OF TRUSTEES SHALL BE SIGNED BY THE
EXECUTIVE DIRECTOR OR, IN THE ABSENCE OR DISABILITY OF THE
EXECUTIVE DIRECTOR, ANOTHER EMPLOYEE AS MAY BE DESIGNATED IN
WRITING BY THE EXECUTIVE DIRECTOR WITH THE APPROVAL OF THE
CHAIRMAN OF THE BOARD OF TRUSTEES. IF A COUNTER SIGNATURE
IS REQUIRED FOR ANY REASON, THE EXECUTIVE DIRECTOR, WITH THE
APPROVAL OF THE CHAIRMAN OF THE BOARD OF TRUSTEES, SHALL
DESIGNATE THOSE EMPLOYEES OF THE AGENCY WHO MAY SIGN.

(4) (A) THERE IS A STATE INVESTMENT COUNCIL. THE
INVESTMENT COUNCIL SHALL CONSIST OF 7 MEMBERS AS FOLLOWS: