214 ARTICLE 1.

ditioned 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 prin-
cipal and interest, which may come into his hands, and which shall belong
to the Teachers' Retirement Fund. Said treasurer upon the expiration 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 ef 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' Associa-
tion of Allegany County held in the month of February in each year.

1912. ch. 463, sec. 5.

590. Every teacher who is such at the time of the passage 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 require-
ments of this Act.

1912, ch. 463, sec. 6.

591. Hereafter the Board of School Commissioners shall require all
applicants for appointments as teachers to agree, as a condition of appoint-
ment, to accept and abide by the provisions of this Act or any amendment
thereto, and to pay the assessments provided for herein or that may be pro-
vided for hereafter.

1912. ch. 463, sec. 7.

592. 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 com-
plete power and exclusive control over said fund, and is hereby empowered
to have, demand, receive, hold, invest and reinvest the same for the pro-
motion of the purposes of said fund, which shall consist of the following:

First. Assessments upon the salary of every teacher who shall be em-
ployed by School Commissioners at the time of the passage of this Act,
and assessments upon the salary of every teacher who may be appointed
after the date of the passage of this Act, as follows: One per centum per
annum (but not more than $10.00) upon the salary of every teacher who
shall not have been engaged in excess of ten years in the public schools of
Allegany County; one and one-half per centum per annum (but not more
than $15.00) upon the salary of every teacher who shall have been en-
gaged in excess of ten years, but not more than twenty years, in said public
schools; and two per centum per annum (but not more than $18.00) upon