Ch. 698                                          LAWS OF MARYLAND

(4)  The trustees shall serve without compensation, but they
shall be reimbursed in accordance with the standard travel
regulations for all necessary expenses that they may incur
through service on the Board.

(5)  Each trustee shall, within 10 days after his
appointment or election, take an oath of office that so far as it
devolves upon him he will diligently and honestly administer the
affairs of the Board, and that he will not knowingly violate or
willingly permit to be violated any of the provisions of the law
applicable to the State retirement and pension systems. The oath
shall be subscribed to by the member making it and certified by
the member making it and certified by the officer before whom it
is taken, and immediately filed in the office of the Secretary of
State.

(6)  Each trustee shall be entitled to 1 vote on the Board
of Trustees. A majority of the Board shall constitute a quorum
for the transaction of any business, the exercise of any power,
or the performance of any duty authorized or imposed by law.

(7)  (A) The Board of Trustees shall elect annually from its
membership a chairman, and shall by a majority vote of all its
members appoint a secretary, who may be, but need not be, one of
its members.

(B)  (I) THE BOARD OF TRUSTEES SHALL APPOINT ANNUALLY
FROM ITS MEMBERSHIP AN INVESTMENT COMMITTEE. THE BOARD OF
TRUSTEES MAY ESTABLISH ANY OTHER COMMITTEES AS IT DEEMS
NECESSARY.

(II) THE BOARD SHALL SPECIFY BY RESOLUTION  THE

NUMBER OF MEMBERS, THE CHAIRMAN, AND THE AUTHORITY AND POWERS     OF

THE INVESTMENT COMMITTEE. THE BOARD SHALL ENSURE THAT  THE
MEMBERSHIP OF THE INVESTMENT COMMITTEE SHALL INCLUDE:

1. A MEMBER, BENEFICIARY, OR
REPRESENTATIVE OF EACH OF THE EMPLOYEES' RETIREMENT OR PENSION
SYSTEMS, THE TEACHERS' RETIREMENT OR PENSION SYSTEMS, AND THE
STATE POLICE RETIREMENT SYSTEM; AND

2. 3 MEMBERS OF THE PUBLIC APPOINTED BY
THE BOARD WITH THE APPROVAL OF THE BOARD OF PUBLIC WORKS FOR
STAGGERED 3-YEAR TERMS WHO ARE NOT MEMBERS OR BENEFICIARIES OF
ANY OF THE SEVERAL SYSTEMS AND WHO HAVE HAD A BACKGROUND OF
EXPERIENCE IN THE MANAGEMENT AND CONTROL OF LARGE INVESTMENTS.
THE BOARD MAY SET ADDITIONAL QUALIFICATIONS FOR PUBLIC MEMBERS
AND MAY ADOPT RULES AND REGULATIONS RELATING TO ETHICAL STANDARDS
AND CONFLICTS OF INTEREST FOR PUBLIC MEMBERS.---------------------

(C)  THE INVESTMENT COMMITTEE SHALL ADVISE THE BOARD
ON:

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