WILLIAM DONALD SCHAEFER, Governor Ch. 698

EXECUTIVE DIRECTOR, WITH THE APPROVAL OF THE CHAIRMAN OF THE
BOARD OF TRUSTEES, SHALL DESIGNATE THOSE EMPLOYEES OF THE AGENCY
WHO MAY SIGN.

(8)  THE EXECUTIVE DIRECTOR SHALL SUBMIT A REPORT ON OR
BEFORE DECEMBER 15 OF EACH YEAR TO THE BOARD OF TRUSTEES ON THE
PERFORMANCE AND OPERATION OF THE STATE RETIREMENT AGENCY DURING
THE FISCAL YEAR CONCLUDED ON THE PRECEDING JUNE 30. THE BOARD
MAY PRESCRIBE THE FORMAT OF THE REPORT AND MAY REQUIRE ANY
INFORMATION AS IT DEEMS APPROPRIATE.

(9)  (A) THERE IS AN INVESTMENT DIVISION WITHIN THE STATE
RETIREMENT AGENCY WHICH IS RESPONSIBLE FOR THE INVESTMENT OF THE
FUNDS OF THE SEVERAL SYSTEMS AS SPECIFIED BY THE BOARD OF
TRUSTEES.

(B) THERE SHALL BE A CHIEF INVESTMENT OFFICER WHO
SHALL BE THE HEAD OF THE INVESTMENT DIVISION OF THE STATE
RETIREMENT AGENCY. THE CHIEF INVESTMENT OFFICER SHALL BE
APPOINTED BY THE BOARD OF TRUSTEES ON RECOMMENDATION OF THE
EXECUTIVE DIRECTOR.

(10)  (A) UNDER THE SUPERVISION OF THE BOARD OF TRUSTEES,
THE STATE RETIREMENT AGENCY SHALL CONTROL AND MANAGE ALL FUNDS
AND MONEYS OF THE SEVERAL SYSTEMS EXCEPT FUNDS WHICH BY LAW ARE
REQUIRED TO BE CONTROLLED BY ANOTHER BODY OR AUTHORITY.

(B)  THE BOARD OF TRUSTEES SHALL BE DEEMED THE OWNER
OF ALL INVESTMENTS OF THE SEVERAL SYSTEMS, BUT IT MAY DELEGATE
SOME OR ALL INCIDENTS OF OWNERSHIP TO THE STATE RETIREMENT AGENCY
FOR THE PURPOSE OF ADMINISTERING THE INVESTMENT PORTFOLIOS OF THE
SEVERAL SYSTEMS.

(C)  THE BOARD OF TRUSTEES MAY INVEST AND REINVEST
ASSETS OF A FUND, SUBJECT TO THE TERMS, CONDITIONS, LIMITATIONS,
AND RESTRICTIONS IMPOSED BY IT EXCEPT THAT NOT MORE THAN 15
PERCENT OF THE ASSETS INVESTED IN COMMON STOCKS MAY BE INVESTED
IN NONDIVIDEND PAYING COMMON STOCKS. 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:

(I)  THE STATE TREASURER;

(II)  THE EXECUTIVE DIRECTOR OF THE STATE
RETIREMENT AGENCY;

(III)  THE CHIEF INVESTMENT OFFICER OF THE STATE
RETIREMENT AGENCY; OR

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