WILLIAM DONALD SCHAEFER, Governor

Ch. 6

(II) NOT MORE THAN 15% OF THE ASSETS THAT THE BOARD OF
TRUSTEES INVESTS IN COMMON STOCKS MAY BE INVESTED IN NONDIVIDEND
PAYING COMMON STOCKS.

(2) THE BOARD OF TRUSTEES SHALL INCLUDE THE CONDITIONS THAT
IT ADOPTS UNDER PARAGRAPH (1) OF THIS SUBSECTION IN THE INVESTMENT
OPERATIONS MANUAL REQUIRED BY § 21-116(C) OF THIS SUBTITLE.

(D) EXECUTION OF DOCUMENTS.

(1)      THIS SUBSECTION APPLIES ONLY TO THE EXECUTION OF:

(I)       GROUND RENT REDEMPTION DEEDS;

(II)     RELEASES OR REASSIGNMENTS OF MORTGAGES; AND

(III)    SATISFACTIONS OR REASSIGNMENTS OF NOTES CONVEYING,
RELEASING, OR REASSIGNING ANY INTEREST OWNED BY THE STATE FOR THE USE
OF A FUND OF THE SEVERAL SYSTEMS.

(2)      AN INSTRUMENT MUST BE EXECUTED BY ANY TWO OF:

(I)       THE STATE TREASURER;

(II)     THE EXECUTIVE DIRECTOR OF THE STATE RETIREMENT

AGENCY;

AGENCY; OR

(III) THE CHIEF INVESTMENT OFFICER OF THE STATE RETIREMENT

(IV) ANOTHER EMPLOYEE OF THE STATE RETIREMENT AGENCY AS
THE EXECUTIVE DIRECTOR DESIGNATES WITH THE APPROVAL OF THE BOARD OF
TRUSTEES.

(E) COMMINGLING OF ASSETS.

(1)      THE BOARD OF TRUSTEES MAY COMMINGLE ASSETS OF THE
SEVERAL SYSTEMS IF THE BOARD OF TRUSTEES KEEPS SIX SETS OF RECORDS THAT
SHOW:

(I)       THE PERCENTAGE OF PARTICIPATION OF EACH STATE SYSTEM
OR GROUP OF STATE SYSTEMS;

(II)     THE PERCENTAGE OF INCOME, GAINS, AND LOSSES
APPLICABLE TO EACH STATE SYSTEM OR GROUP OF STATE SYSTEMS; AND

(III)    THE TOTAL CONTRIBUTIONS AND DISBURSEMENTS
APPLICABLE TO EACH STATE SYSTEM OR GROUP OF STATE SYSTEMS.

(2)      THE BOARD OF TRUSTEES SHALL KEEP RECORDS REQUIRED BY
PARAGRAPH (1) OF THIS SUBSECTION FOR EACH OF THE FOLLOWING:

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