Ch. 6

1994 LAWS OF MARYLAND

(III) THE STATE POLICE RETIREMENT SYSTEM; AND

(2) THREE REPRESENTATIVES FROM THE PUBLIC APPOINTED BY THE
BOARD OF TRUSTEES WITH THE APPROVAL OF THE BOARD OF PUBLIC WORKS FOR
STAGGERED 3-YEAR TERMS WHO:

(I) ARE NOT MEMBERS, RETIREES, OR BENEFICIARIES UNDER
ANY OF THE SEVERAL SYSTEMS; AND

(II) HAVE HAD EXPERIENCE IN THE MANAGEMENT AND CONTROL
OF LARGE INVESTMENTS.

(C)      QUALIFICATIONS.                                                                         
THE BOARD OF TRUSTEES MAY:

(1)      SET ADDITIONAL QUALIFICATIONS FOR PUBLIC MEMBERS; AND

(2)      ADOPT REGULATIONS ON ETHICAL STANDARDS AND CONFLICTS OF
INTEREST FOR PUBLIC MEMBERS.                                   

(D) CHAIRMAN.                                                                     

BY RESOLUTION, THE BOARD OF TRUSTEES SHALL DESIGNATE THE CHAIRMAN
OF THE INVESTMENT COMMITTEE.

REVISOR'S NOTE: This section is new language derived without substantive
change from the first sentence of former Art. 73B, § 1-103(g)(2)(i), the second
and third sentences of (g)(2)(ii), and, as it related to the authority of the
Board of Trustees to specify the number and the chairman of the Investment
Committee, the first sentence of (g)(2)(ii).

In subsection (a)(2) of this section, the introductory clause "[e]xcept as
provided in subsection (b)(2) of this section" is added in light of the
inconsistency between former Art. 73B, § 1-103(g)(2)(i), which required the
Board of Trustees to appoint the members of the Investment Committee
exclusively from the membership of the Board, and former Art. 73B, §
1-103(g)(2)(ii)2, which required the Board of Trustees to appoint three
representatives from the public to serve on the Investment Committee. This
inconsistency arises because under § 21-104(a)(11) of this subtitle, the public
membership of the Board of Trustees is limited to only two individuals. In
practice, two public members of the Board of Trustees and three public
members who do not represent the Board of Trustees participate on the
Investment Committee. The State Retirement Agency advises that the intent
of Ch. 698, Acts of 1988, which added § 1-103(g)(2)(ii)2, was to have three
public representatives on this Committee who are not members of the Board
         of Trustees. This addition is called to the attention of the General Assembly.

Also in subsection (a)(2) of this section, the reference to "members of the
Investment. Committee" is added to clarify that the Board of Trustees
appoints the membership of the Investment Committee, which is ongoing.

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