764                               Laws of Maryland                      [Ch. 361

ice requirement for vesting of retirement allowances for members
of the State Police Retirement System.

Section 1. Be it enacted by the General Assembly of Maryland,
That new subsection 53(15) be and it is hereby added to Article 88B
of the Annotated Code of Maryland (1969 Replacement Volume),
title "State Police," subtitle "State Police Retirement System," to
follow immediately after subsection 53(14) thereof, and to read as
follows:

53(15).

Anything in this article to the contrary notwithstanding, any
member whose service is terminated other than by death or retire-
ment after he has rendered fifteen or more years of creditable service
may elect to receive a vested retirement allowance in lieu of the re-
turn of his accumulated contributions. The vested retirement allow-
ance shall be a deferred allowance commencing at age fifty and shall
consist of:

(a)    An annuity which shall be the actuarial equivalent of the
member's accumulated contributions at age fifty; and

(b)    A pension computed as provided under Section 53(2) of this
article on the basis of his creditable service and average final com-
pensation at the time his service is terminated.

Should the member who has elected a vested retirement allowance
request the return of his contributions or die prior to the date when
the first payment of his retirement allowance becomes normally due,
the amount of his accumulated contributions shall be returned and
no further benefit shall be due or become payable on account of his
previous membership.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1971.

Approved May 6, 1971.

CHAPTER 361
(Senate Bill 27)

AN ACT to add new Section 232B to Article 81 of the Annotated Code
of Maryland (1969 Replacement Volume), title "Revenue and Tax
TAXES," sub-title "State Department of Assessments and Taxa-
tion," to follow immediately after Section 232A thereof, to require
the State Department of Assessments and Taxation to value all
property in the State which is exempt from State and local taxation,
with exceptions, to provide for the manner of making such valua-
tions and the keeping of records of such valuations, and to
provide for the effect of these valuations on the distribution of
certain State monies.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 232B be and it is hereby added to Article 81 of the