Ch. 6                                            1994 LAWS OF MARYLAND

(II)     THE DOLLAR AMOUNT OF COMMISSION BUSINESS THAT EACH
RECIPIENT PERFORMS;

(III)    THE AVERAGE PRICE-PER-SHARE EACH RECIPIENT CHARGED
OR, IF THE COMMISSION WAS PAID ON A NET BASIS, THE MARKUP OR MARKDOWN
THAT THE RECIPIENT USES; AND

(IV)    A REASONABLE HISTORY OF THE ALLOCATION OF
COMMISSIONS.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, § 1-104(i).

In subsection (b) of this section, the reference to "assets" is substituted for the
former reference to "funds". See Revisor's Note to § 20-101 of this title.

In subsection (d)(1) of this section, the reference to "compil[ing]" a report is
deleted as included in the requirement to "submit" the report.

In subsection (d)(2)(i) of this section, the reference to recipients of
commissions paid "during the previous quarter" is added to conform to the
requirement for a "quarterly" report in subsection (d)(1).

Defined terms: "Board of Trustees" § 20-101
"Several systems" § 20-101

21-123. MANAGEMENT OF FUNDS.

(A)     IN GENERAL.

EXCEPT FOR THOSE ASSETS THAT THE LAW REQUIRES ANOTHER ENTITY OR
PERSON TO CONTROL, THE STATE RETIREMENT AGENCY, UNDER THE SUPERVISION
OF THE BOARD OF TRUSTEES, SHALL MANAGE ALL ASSETS OF THE SEVERAL
SYSTEMS.

(B)      OWNERSHIP OF INVESTMENTS.
THE BOARD OF TRUSTEES:

(1)      IS DEEMED THE OWNER OF ALL THE ASSETS OF THE SEVERAL
SYSTEMS; BUT

(2)      MAY DELEGATE SOME OR ALL INCIDENTS OF OWNERSHIP TO THE
STATE RETIREMENT AGENCY TO ADMINISTER THE INVESTMENT PORTFOLIOS OF
THE SEVERAL SYSTEMS.                                                             

(C)    CONDITIONS ON INVESTMENT.

(1) (I) SUBJECT TO SUBPARAGRAPH (II) OF THIS PARAGRAPH, THE
BOARD OF TRUSTEES MAY INVEST ASSETS OF THE SEVERAL SYSTEMS SUBJECT TO
THE CONDITIONS THAT IT IMPOSES.

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