HARRY HUGHES, Governor

3177

and restrictions, said trustees shall have full power to
hold, purchase, sell, assign, transfer and dispose of any of
the securities and investments in which any of the funds
created herein shall have been invested, as well as the
proceeds of said investments and any moneys belonging to
said funds. Notwithstanding any other provisions of the law
to the contrary that ground rent redemption deeds, releases
or reassignment of mortgages, satisfactions or reassignment
of notes, conveying, releasing or reassigning any interest
owned by the State of Maryland for the use of the State
Police Retirement System of the State of Maryland, shall be
executed by any two of the following: assistant secretary
of personnel for retirement systems, Investment
Administrator and/or mortgage attorney.] AS PROVIDED IN §
160 OF ARTICLE 73B.

[(3) The State Treasurer shall be the custodian of the
several funds. All payments from said funds shall be made
by him or by a deputy treasurer, only upon vouchers signed
by two persons designated by the board of trustees. A duly
attested copy of a resolution of the board of trustees
designating such persons and bearing on its face specimen
signatures of such persons shall be filed with the Treasurer
as his authority for making payments upon such vouchers. No
vouchers shall be drawn unless it has previously been
authorized by resolutions of the board of trustees.]

SECTION 10. AND BE IT FURTHER ENACTED, That Section(s)
55(4) and (5), respectively, of Article 88B - State Police,
of the Annotated Code of Maryland be renumbered to be
Section(s) 55(3) and (4), respectively.

SECTION 11. AND BE IT FURTHER ENACTED, That section(s)
of the Annotated Code of Maryland read(s) as follows:

Article 88B - State Police

56.

All of the assets of the retirement system shall be
credited, according to the purpose for which they are held,
among three funds, namely, the Annuity Savings Fund, the
Accumulation Fund, and the Expense Fund.

(3) The Expense Fund shall be the fund to which
shall be credited all money provided [by the State] IN THE
BUDGET to pay the administration expenses of the retirement
system and from which shall be paid all the expenses
necessary in connection with the administration and
operation of the system. Annually the board of trustees
shall estimate the amount of money, not in excess of one and
four-tenths per centum of the payroll of members, which
shall be deemed necessary to be paid into the Expense Fund
during the ensuing year to provide for the expense of