592 LAWS OF MARYLAND. [CH. 318

such funds, subject to all the terms, conditions, limitations
and restrictions imposed by the law of Maryland upon life
insurance companies in the making and disposing of their
investments; and subject to like terms, conditions, limita-
tions and restrictions, said trustees shall have full power
to hold, purchase, sell, assign, transfer and dispose of any
of the securities and investments in which any of the funds
created herein shall have been invested, as well as the pro-
ceeds of said investments and any moneys belonging to
said funds.

(2) The Board of Trustees annually shall allow regular
interest on the mean amount for the preceding year in each
of the funds with the exception of the Expense Fund. The
amounts so allowed shall be due and payable 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 designated by
the Board of Trustees. A duly attested copy of a resolu-
tion 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 mak-
ing payments upon such vouchers. No voucher shall be
drawn unless it has previously been authorized by resolu-
tion 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