PUBLIC EDUCATION 2935

able to said funds, and shall be annually credited thereto by the Board of
Trustees from interest and other earnings on the moneys of the retirement
system. Any additional amount required to meet the interest on the funds
of the retirement system shall be paid by the State of Maryland, and any
excess of earnings over such amount required shall be deductible from the
amounts to be contributed by the State of Maryland.

(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 or
by a Deputy Treasurer, only upon vouchers signed by two persons desig-
nated 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
system, 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
Trustees.

1927, ch. 344, sec. 99.

102. (Method of Financing.) All of the assets of the retirement sys-
tem shall be credited according to the purpose for which they are held to one
of five funds, namely, the Annuity Savings Fund, the Annuity Reserve
Fund, the Pension Accumulation 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