PUBLIC EDUCATION. 449

(3) The Treasurer of the State of Maryland shall be the custodian of
the several funds. All payments from said funds shall be made by him
only upon vouchers signed by two persons designated by the Board of
Trustees. A duly attested copy of a resolution of the Board of Trustees
designating such persons and bearing on its face specimen signatures of
such persons shall be filed with the Treasurer as his authority for making
payments upon such vouchers. No voucher shall be drawn unless it has
previously been authorized by resolution of the Board of Trustees.

(4) For the purpose of meeting disbursements for pensions, annuities,
and other payments there may be kept available cash, not exceeding ten
per centum of, the total amount in the several funds of the retirement sys-
tem, on deposit in one or more banks or trust companies of the State of
Maryland, organized under the laws of the State of Maryland, or of the
United States, provided, that the sum on deposit in any one bank or trust
company shall not exceed twenty-five per centum of the paid up capital and
surplus of such bank or trust company.

(5) Except as otherwise herein provided, no trustee and no employee
of the Board of Trustees shall have any direct interest in the gains or
profits of any investment made by the Board of Trustees, nor as such re-
ceive any pay or emolument for his services. No trustee or employee of
the Board shall, directly or indirectly, for himself or as an agent in any
manner use the same, except to make such current and necessary payments
as are authorized by the Board of Trustees; nor shall any trustee or em-
ployee of the Board of Trustees become an endorser or surety, or in any
manner an obligor for moneys loaned or borrowed from the Board of Trus-
tees.

1927, ch. 344, sec. 99.

99. Method of Financing.

All of the assets of the retirement system shall be credited according to
the purpose for which they are held to one of five funds, namely, the An-
nuity Savings Fund, the Annuity Reserve Fund, the Pension Accumula-
tion Fund, the Pension Reserve Fund, and the Expense Fund.

(1) Annuity Savings Fund.

(a) The Annuity Savings Fund shall be a fund in which shall be accu-
mulated contributions from the compensation of members to provide for
their annuities. Upon the basis of such tables as the Board of Trustees
shall adopt and regular interest, the actuary of the retirement system shall
determine for each member the proportion of compensation which, when
deducted from each payment of his prospective earnable annual compensa-
tion prior to his attainment of age 60 and accumulated at regular interest
until his attainment of such age shall be computed to provide at that time
an annuity equal to the pension to which he will be entitled at that age on
account of his service as a member. Such proportion of compensation shall
be computed to remain constant.
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