656 LAWS OF MARYLAND. [Ch. 463]

Board of School Commissioners, and it shall be his duty to keep
a true and correct statement of the account of each member with
the Teachers' Retirement Fund and to render to the board of
trustees a monthly account of his doinga. The treasurer of
said board of trustees shall receive, hold and keep account of all
moneys belonging to the Teachers' Retirement Fund; he shall
have the custody of all votes, bonds and other securities belong-
ing to said Teachers' Retirement Fund, and shall collect the
interest and principal of the same, but before assuming to act
as such treasurer he shall furnish bond in such penalty and
with such surety or sureties as the board of trustees may
require, conditioned for the faithful performance of the duties
imposed upon him by this act, or that may be assigned to him
by the board of trustees, and for the faithful accounting of
all moneys and securities, including both principal and interest,
which may come into his hands, and which shall belong to the
Teachers' Retirement Fund. Said treasurer upon the expira-
tion of his term of office shall account to said board for all
moneys, notes, bonds and other securities coming into his hands,
and for the interest, income, profits, rentals and proceeds of
and from the same, and he shall turn over to his successor all
moneys, notes, bonds and other securities belonging to said
fund. The secretary, assistant secretary and treasurer shall
make a full, true and accurate account of their offices whenever
required to do so by the board of trustees and the treasurer
of the Teachers' Retirement Fund shall make an annual report
to the meeting of the Teachers' Association of Allegany County
held in the month of February in each year.

SEC. 5. Every teacher who is such at the time of the pas-
sage of this act shall be subject to all the requirements and
advantages of this act, unless he or she shall be excused by the
board of trustees and by the Board of School Commissioners
from participating in the advantages and requirements of this
act.

SEC. 6. Hereafter the Board of School Commissioners shall
require all applicants for appointments as teachers to agree,
as a condition of appointment, to accept and abide by the pro-
visions of this act or any amendment thereto, and to pay the
assessments provided for herein or that may be provided for
hereafter.

SEC. 7. All money, property of any kind or securities that
may come into the hands of the said board of trustees, under
the provisions of this act, or any amendments thereto, shall
be known as the Teachers' Retirement Fund, and the said
board of trustees is hereby clothed with full and complete power