HARRY HUGHES, Governor

3173

be formed under the laws of Maryland for the sole and
specific purpose of holding such securities as the nominee
of the board of trustees. There shall be three (3) partners
in said partnership: the State Treasurer, the chief deputy
treasurer and the investment administrator, any one of whom
may execute documents on behalf of the partnership which may
be necessary or proper to transfer any of such securities.
The articles of partnership and any agreement between the
partnership and the board of trustees shall be prepared by
the Attorney General, shall provide that the partnership may
act only as the agent of the board of trustees, and shall
contain such other terms and conditions as the Attorney
General may deem appropriate. The partnership is hereby
further authorized to 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]".

54.

(1) The general administration and responsibility for
the proper operation of the Retirement System and for making
effective the provisions of this subtitle are hereby vested
in a board of trustees [which shall be organized immediately
after three of the trustees provided for in this section
have qualified and taken the oath of office.] AS PROVIDED IN
§ 158 OF ARTICLE 73B.

[(2) The board shall consist of seven trustees as
follows:

(a)  The State Secretary of Budget and Fiscal
Planning, ex officio;

(b)  The State Comptroller, ex officio;

(c)  The Superintendent of State Police, ex
officio;

(d)  The State Treasurer, ex officio;

(e)  The State Secretary of Personnel, ex
officio;

(f) Two trustees who are members or
beneficiaries of the system not more than one of whom may be
a beneficiary of the system, who shall both be appointed by
the Board of Public Works for terms of four years each.

(3) If a vacancy occurs in the office of a trustee,
the vacancy shall be filled for the unexpired term in the
same manner as the office was previously filled.