WILLIAM DONALD SCHAEFER, Governor Ch. 651

contain certain data on commission activity; and generally
relating to the reporting of commissions paid by the State
Investment Agency.

BY repealing and reenacting, with amendments,

Article 73B - Pensions

Section 161(7) and (9)

Annotated Code of Maryland

(1983 Replacement Volume and 1987 Supplement)

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

Article 73B - Pensions

161.

(7) (A) Expenses in connection with the administration and
operation of the State Investment Agency shall be paid from the
income, interest, and dividends derived from deposits and
investments administered by the Agency. Expenditures shall be in
accordance with appropriations made by the General Assembly.

(B) THE AGENCY SHALL COMPILE AND SUBMIT TO THE
TRUSTEES ON A QUARTERLY BASIS, A REPORT ON COMMISSION ACTIVITY.
THE REPORT SHALL DETAIL:

(I)  THE RECIPIENTS OF COMMISSIONS PAID BY THE
AGENCY;

(II)  THE DOLLAR AMOUNT OF COMMISSION BUSINESS
PERFORMED BY EACH RECIPIENT;

(III)  THE AVERAGE PRICE-PER-SHARE CHARGED BY
EACH RECIPIENT, OR WHEN THE COMMISSION IS PAID ON A NET BASIS,
THE MARK-UP OR MARK-DOWN USED BY THE RECIPIENT; AND

(IV)  A REASONABLE HISTORY OF COMMISSION
ALLOCATIONS.

(9) The executive director of the State Investment Agency
shall submit a report on or before September 15 of each year to
the Board of Trustees on the performance and operation of the
Agency during the fiscal year concluded on the preceding June 30.
The Board may prescribe the format of the report and may require
such information as it deems appropriate. THE REPORT SHALL
INCLUDE DATA ON ALL COMMISSION ACTIVITY DURING THE FISCAL YEAR.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

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