HARRY HUGHES, Governor

3629

BY repealing and reenacting, with amendments,

Article 73B - Pensions

Section 161(11)

Annotated Code of Maryland

(1983 Replacement Volume and 1984 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 73B - Pensions

161.

(11) (a) [The] EXCEPT AS PROVIDED IN PARAGRAPH (D) OF THIS
SUBSECTION (11), THE State Investment Agency may invest and
reinvest assets of a fund, subject to the terms, conditions,
limitations, and restrictions imposed by the Board of Trustees;
except that not more than 15 percent of the assets that are
invested in common stocks may be invested in nondividend paying
common stocks. Subject to like terms, conditions, limitations,
and restrictions, the Agency shall have full power to hold,
purchase, sell, assign, transfer, and dispose of any of the
securities and investments in which any fund shall have been
invested, as well as the proceeds of the investments and any
moneys belonging to the funds. Ground rent redemption deeds,
releases or reassignments of mortgages, satisfactions or
reassignments of notes conveying, releasing, or reassigning any
interest owned by the State of Maryland for the use of a fund
shall be executed by any 2 of the following: Treasurer of the
State of Maryland, executive director of the State Investment
Agency, or another employee of the State Investment Agency as
designated by the executive director and approved by the Board of
Trustees.

(b)  In setting the terms, conditions, limitations,
and restrictions on the Agency's investment powers, the Board of
Trustees is governed by the standards of care that are stipulated
under § 74 of this article.

(c)  The terms, conditions, limitations, and
restrictions that are adopted by the Board of Trustees are
included in the operations manual that is required under
subsection (4)(c)(iii) of this section.

(D)(I) FROM JULY 1, 1985 UNTIL JULY 1, 1986, THE
STATE INVESTMENT AGENCY MAY NOT MAKE ANY NEW INVESTMENTS IN ANY
STOCK, SECURITIES, OR OTHER OBLIGATIONS OF ANY COMPANY THAT DOES
BUSINESS IN OR WITH THE REPUBLIC OF SOUTH AFRICA.

(II) THE STATE INVESTMENT AGENCY SHALL CONDUCT
A STUDY IN CONSULTATION WITH THE JOINT COMMITTEE ON MANAGEMENT OF
PUBLIC FUNDS AND THE JOINT PENSION COMMITTEE REGARDING THE
EFFECTS OF THE PROVISIONS OF SUBPARAGRAPH (I) OF THIS PARAGRAPH