3178

LAWS OF MARYLAND

Ch. 506

operation of the retirement system, and such amount shall be
paid to the Expense Fund for this purpose.

SECTION 12. AND BE IT FURTHER ENACTED, That all right,
title, interest, and estate to any interest in real property
titled or owned in the name of State of Maryland for the use
of the Employees' Retirement System of the State of
Maryland, State of Maryland for the use of the Teachers'
Retirement System of the State of Maryland, State of
Maryland for the use of the State Police Retirement System
of the State of Maryland is transferred to the State of
Maryland for the use of the Maryland State Investment
Agency.

SECTION 12 13. AND BE IT FURTHER ENACTED, That persons
serving as elected or appointed trustees as of July 1, 1982,
shall continue in office as members of the Board of Trustees
until the expiration of their current terms; the person who
is the Assistant Secretary of Personnel for Retirement
Systems as of July 1, 1982, shall be the Executive Director
for Administration; the person who is serving as Investment
Administrator on July 1, 1982, shall be the Executive
Director for Investments; and the persons serving as members
of the Advisory Investment Committee on July 1, 1982, shall
continue in office as the public members of the Investment
Council until the expiration of their current terms.

SECTION 14. AND BE IT FURTHER ENACTED, That the
initial term of office of the trustee appointed by the
Governor to serve the interests of local governments shall
commence on July 1, 1982.

SECTION 13 15. AND BE IT FURTHER ENACTED, That all
rules and regulations adopted by the Boards of Trustees of
the several systems prior to the creation of the Board of
Trustees shall remain in full force and effect until
specifically amended or repealed by law or by Board of
Trustee action.

SECTION 14 16. AND BE IT FURTHER ENACTED, That this
Act shall take effect July 1, 1982.

Approved June 1, 1982.

CHAPTER 507
(Senate Bill 263)