Ch. 698                                          LAWS OF MARYLAND

(IV) ANOTHER EMPLOYEE OF THE STATE RETIREMENT
AGENCY AS DESIGNATED BY THE EXECUTIVE DIRECTOR AND APPROVED BY
THE BOARD OF TRUSTEES.

(D)  THE TERMS, CONDITIONS, LIMITATIONS, AND
RESTRICTIONS THAT ARE ADOPTED BY THE BOARD OF TRUSTEES ARE
INCLUDED IN THE OPERATIONS MANUAL REQUIRED UNDER § 159(7)(C)(III)
OF THIS ARTICLE.

(E)  THE BOARD OF TRUSTEES MAY COMMINGLE ASSETS OF THE
SEVERAL SYSTEMS IF AT ALL TIMES THE BOARD OF TRUSTEES MAINTAINS
OR CAUSES TO BE MAINTAINED RECORDS FROM WHICH IT CAN BE
DETERMINED:

(I)  THE PERCENTAGE PARTICIPATION OF ANY
PARTICULAR SYSTEM;

(II)  THE PERCENTAGE OF INCOME, GAINS, AND
LOSSES APPLICABLE TO EACH SYSTEM; AND

(III)  THE TOTAL CONTRIBUTIONS AND DISBURSEMENTS
APPLICABLE TO EACH SYSTEM.

(F)  NOTWITHSTANDING THE PROVISIONS OF ANY OTHER
STATUTE EXISTING AS OF JULY 1, 1988, OR ANY STATUTE ENACTED AFTER
THAT DATE, UNLESS SPECIFIC REFERENCE IS MADE TO THIS SUBSECTION,
THE BOARD MAY KEEP ALL RECORDS, PAPERS, ANALYSES, FORECASTS,
REPORTS, NEGOTIATIONS, AND RECOMMENDATIONS CLOSED TO PUBLIC
INSPECTION UNTIL THE FOLLOWING HAVE BEEN COMPLETED AND THE
RELEASE OF THE INFORMATION WOULD NOT HAVE AN ADVERSE EFFECT ON
THE NEGOTIATION OR THE MARKET PRICE OF THE SECURITY OR
SECURITIES:

(I)  A PROPOSED PURCHASE OR PROGRAM OF PURCHASES
LEADING TO A CUMULATIVE POSITION IN A SECURITY;

(II)  THE MAKING OF A LOAN;

(III)  ANY PROPOSED SALE OR PROGRAM OF SALES
LEADING TO THE ELIMINATION OF A POSITION IN A SECURITY; OR

(IV)  THE SALE OR PREPAYMENT OF A LOAN.

(11) (A) THE STATE TREASURER SHALL BE THE CUSTODIAN OF THE
ANNUITY SAVINGS FUNDS, ACCUMULATION FUNDS, AND EXPENSE FUNDS OF
THE SEVERAL SYSTEMS. ALL PAYMENTS FROM THE FUNDS SHALL BE MADE
IN ACCORDANCE WITH RULES ADOPTED BY THE BOARD OF TRUSTEES WITH
THE APPROVAL OF THE STATE TREASURER.

(B) THE STATE TREASURER SHALL BE THE CUSTODIAN OF THE
SECURITIES, INVESTMENTS, DEPOSITS, AND FUNDS OF THE BOARD OF
TRUSTEES.

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