WILLIAM DONALD SCHAEFER, Governor                   Ch. 698

(iii) The executive director of the State
Investment Agency shall consult with the State Investment Council
in developing, interpreting, and administering any requirement
relating to these policies.

(12)  (a) Under the supervision of the Board of Trustees,
the State Investment 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 Investment Agency
for the purpose of administering the investment portfolios of the
several systems.

(c)  The Agency may commingle assets of the several
systems provided that it shall at all times maintain or cause to
be maintained records from which it can be determined the
percentage participation of any particular system; the percentage
of income, gains, and losses applicable to each system; and the
total contributions and disbursements applicable to each system.

(13)  Notwithstanding the provisions of any other statute
presently existing or hereinafter enacted, unless specific
reference is made to this subsection, the Agency shall keep all
records, papers, analyses, forecasts, reports, negotiations, and
recommendations closed to public inspection until a proposed
purchase or program of purchases leading to a cumulative position
in a security, the making of a loan, any proposed sale or program
of sales leading to the elimination of a position in a security,
or the sale or prepayment of a loan all have been completed and
release of the information would not have an adverse effect on
the negotiation or the market price of the security or
securities.]

Article - State Finance and Procurement

10-305.

(d) Any redemption of a ground rent, release or assignment
of a mortgage, or satisfaction or assignment of a note, titled or
held in the name of the State for the use of the [Maryland State
Investment Agency] BOARD OF TRUSTEES OF THE MARYLAND STATE
RETIREMENT AND PENSION SYSTEMS shall be executed in the manner
provided by the laws governing the applicable retirement system.

11-103.

(g) (1) This subtitle does not apply to procurement by:

(x) the Board of Trustees of the Maryland State
Retirement and Pension Systems [and the State Investment Agency]

- 4643 -