3628                                          LAWS OF MARYLAND                                     Ch. 774

(i) Frederick;
[(ii) Howard;
(iii)] (II) Somerset;
[(iv)] (III) Wicomico; and
[(v)] (IV) Worcester.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 28, 1985.

CHAPTER 775

(House Bill 1214)

AN ACT concerning

Pensions - Investment of Funds - South Africa

FOR the purpose of prohibiting for a certain period of time the
State Investment Agency from making new investments in
public obligations of companies doing business with South
Africa; requiring the State Investment Agency to conduct a
study in consultation with the Joint Committee on Management
of Public Funds and the Joint Pension Committee; and
requiring the State Investment Agency to provide a certain
report to the Governor and General Assembly by a certain
date.

FOR the purpose of providing that the Board of Trustees for
Maryland State Retirement and Pension Systems shall require
external investment managers for a certain period of time
not to make new investments of certain funds in public
obligations of companies doing business with South Africa;
providing for the exemption of certain companies under
certain circumstances; permitting the Executive Director of
the State Investment Agency to consult with the State
Investment Council for certain purposes; requiring the Board
of Trustees to take certain actions relating to certain
principles; requiring the Board of Trustees to establish a
data base system and to collect certain information;
requiring the Governor in consultation with certain State
officers to appoint a task force and chairman by a certain
date for certain purposes; requiring the task force to make
a certain report by a certain date; providing for the
termination of the task force; and generally relating to a
prohibition on the investment of new externally managed
funds in companies doing business in South Africa.