754 LAWS OF MARYLAND. [CH. 377

lic school. The actuary of the retirement system shall deter-
mine under the provisions of Sub-Section (3) of Section 99 of
this Article a special "accrued liability contribution" sufficient
to cover the accrued liability on account of such members of
the staff for any service rendered before the date of participa-
tion, with which they are credited, and such contribution, sub-
ject to such corresponding adjustments as might affect the
"accrued liability contribution" payable by the State, shall be
payable on account of staff members of the University in lieu
of the rate set for other teachers, and for a period of time
equal to the period over which the accrued liability contribu-
tion of the State is payable. The State's contribution, which
would be payable on account of all such members in the Uni-
versity, shall be paid by the Board of Regents of the University
of Maryland from such funds as may be available to such
Board of Regents.

Should such Board of Regents for any reason become finan-
cially unable to make the required contributions payable on
account of its staff, then such Board of Regents shall be
deemed to be in default and a certificate to this effect shall
be sent to each member and beneficiary of such University.
All members of the retirement system, who were members of
the staff of the University at the time of default, shall there-
upon be entitled to discontinue membership in the retirement
system and to a refund of their accumulated contributions
upon demand made within ninety days thereafter. As of a
date ninety days following the date of such default, the actuary
of the retirement system shall determine by actuarial val-
uation the amount of the reserves held on account of each ac-
tive member and pensioner of such University, and shall credit
to each such member and pensioner the amount of reserve so
held. The reserve so credited, together with the amount of the
accumulated contributions of each active member, shall be
used to provide a paid up deferred annuity beginning at age
sixty for him, and the reserve of each pensioner shall be used
in providing such part of his existing pension as the reserve
so held will provide, which pension, together with his annuity,
shall thereafter be payable to him. The rights and privileges
of both active members and pensioners of such University
shall thereupon terminate except as to the payment of the de-
ferred annuities so provided for the previous active members
and the annuities and the pensions, or parts thereof, provided
for the pensioners.

Notwithstanding anything to the contrary, the retirement
system shall not be liable for the payment of any pensions or
other benefits on account of the staff of the University, for
which reserves have not been previously created from funds