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1673
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HARRY HUGHES, Governor
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any transaction which violates this section, unless such
provision is inconsistent with the terms of this section.
[(j)] (K) If any provision of this section or its
application to any person or circumstance is held invalid, the
invalidity shall not affect other provisions or applications of
the section which can be given effect without the invalid
provision or application, and to this end the provisions of this
section are declared to be severable.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
Approved May 31, 1983.
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CHAPTER 536
(Senate Bill 576)
AN ACT concerning
Pensions - Investments
FOR the purpose of repealing changing the limitation on the
amount of nondividend paying common stock that may be
purchased by the. State Investment Agency.
BY repealing and reenacting, with amendments,
Article 73B - Pensions
Section 161(11)
Annotated Code of Maryland
(1978 Replacement Volume and 1982 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 73B - Pensions
161.
(11) The State Investment Agency may invest and reinvest
assets of a fund, subject to all the terms, conditions,
limitations, and restrictions imposed by the laws of Maryland
upon domestic life insurance companies in the making and
disposing of their investments; except that the Agency may invest
a maximum of 50 percent of the total funds of each system in
common stocks [of which not more than 5 15 percent may be in
nondividend paying common stocks]; and subject to like terms,
conditions, limitations, and restrictions, the Agency shall have
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