Ch. 698

LAWS OF MARYLAND

investment selection and retention. Amendments shall be
incorporated from time to time as conditions warrant. The
operations manual and any subsequent amendments thereto shall be
submitted to the Board of Trustees for approval prior to
implementation.

(iv) The members of the Council shall review
annual budget requests of the State Investment Agency, including
salary requests, staffing levels, and staff distribution.

(d) The members of the Investment Council shall be
reimbursed for their actual and necessary expenses incurred in
the performance of their duties in accordance with the Standard
State Travel Regulations. Public members of the Investment
Council shall be paid compensation at the per diem rate provided
in the budget for each day on which they are actually and
necessarily engaged in the performance of their duties. Trustee
members of the Investment Council shall receive no compensation
for their services.

(5)  The executive director for investments shall appoint
such employees as may be provided for in the budget to assist in
carrying out the duties of the Agency. The staff shall be
classified employees subject to the provisions of Article 64A
except for employees holding positions that are designated by the
executive director, with the approval of the Board of Trustees,
as professional or technical positions that involve specialized
skill, education, and knowledge, and whose labor is predominantly
intellectual rather than physical or manual. All employees of
the State Investment Agency shall comply with policies prescribed
by the Board of Trustees concerning personal investments and
conflicts; of interest.

(6)  The members of the State Investment Council shall
determine what bonding, if any, employees of the Agency shall be
required to have in addition to that provided by the Treasurer in
accordance with the provisions of Sections 46 through 50 of
Article 78A of the Annotated Code of Maryland.

(7)  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.

(8)  The Board of Trustees shall be responsible for the
budget of the State Investment Agency. The executive director of
the State Investment Agency shall compile annually a
comprehensive budget. The budget of the Investment Agency shall
be submitted to the Investment Council for review and
recommendation, prior to submission to the Board of Trustees.

- 4640 -