Ch. 698

LAWS OF MARYLAND

(b)  In setting the terms, conditions, limitations,
and restrictions on the Agency's investment powers, the Board of
Trustees is governed by the standards of care that are stipulated
under § 74 of this article.

(c)  The terms, conditions, limitations, and
restrictions that are adopted by the Board of Trustees are
included in the operations manual that is required under
subsection (4)(c)(iii) of this section.

(d)  (i) The Board of Trustees shall require the
external investment managers, from July 1, 1985 until June 30,
1988, not to make any new investments from net new funds
allocated to the managers in any stock, security, or other
obligation of any company that does business in or with the
Republic of South Africa and that does not qualify for exemption
under paragraph (ii) of this subsection.

(ii) The investment prohibition established
under paragraph (i) of this subsection does not apply to any
company that does business in or with the Republic of South
Africa if the company in the conduct of its business in South
Africa:

1.  Has agreed to abide by the following
principles:

A.  Nonsegregation of the races in all
eating, comfort, and work facilities;

B.  Equal and fair employment practices
for all employees;

C.  Equal pay for all employees doing
equal or comparable work for the same period of time;

D.  Initiation and development of training
programs that will prepare substantial numbers of black and other
nonwhite persons for supervisory, administrative, clerical, and
technical jobs;

E.  Increasing the number of blacks,
coloureds, and Asians in management and supervisory positions;
and

F.  Improvement in the quality of
employees' lives outside the work environment including, but not
limited to, the areas of housing, transportation, education,
recreation, and health care; and

2.  Is a new signatory to these principles
or has demonstrated that it is making progress or good progress
in implementing these principles.

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