698 LAWS OF MARYLAND.

the faithful performance of the duties imposed upon him by
this Act, or that may be assigned to him by the board of trus-
tees, and for the faithful accounting of all moneys and securi-
ties, including both principal and interest, which may come
into his hands and which 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 of 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 so to do by
the board of trustees.

102E. Every teacher who is such at the time of the passage
of this Act shall, as soon as practicable thereafter, notify the
said board of trustees, in writing, whether he or she desires to
accept the advantages of this Act or any amendments thereto,
and every such acceptance, when given, shall be irrevocable,
and no such teacher who does not so accept shall be eligible
for election to said board of trustees nor shall he or she have
the right to vote for members thereof, and every such teacher
who shall fail so to accept before January 1, 1909, shall not be
entitled to any benefits or advantages under this Act, until
he or she shall have first paid in to the Teachers' Retirement
Fund an amount equal to the assessments he or she would
have paid into said fund had such acceptance been given on
December 31, 1908, together with twenty per centum of such
amount.

102F. Hereafter the Board of School Commissioners shall
require all applicants for appointment as teachers to agree,
as a condition of appointment, to accept and abide by the pro-
visions of this Act or any amendments thereto, and to pay the
assessments provided for herein or that may be provided for
hereafter.

102G. 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 complete power and
exclusive control over said fund, and is hereby empowered to
have, demand, receive, hold, invest and re-invest the same for
the promotion of the purposes of said fund, which shall consist
of the following: First, assessments upon the salary of every
teacher who shall notify the board of trustees of his or her