ALBERT C. RITCHIE., GOVERNOR. 619

The retirement system so created shall be established as of
August 1, 1927. It shall have the power and privileges of a
corporation and shall be known as the "Teachers' Retirement
System of the State of Maryland, " and by such name all of its
business shall be transacted, all of its funds invested, and all
of its cash and securities and other property held.

94. Membership

The membership of this retirement system shall be composed
as follows:

(1) All persons who shall become teachers after the date
as of which the retirement system is established, except those
specifically excluded under Subsection (3) of this section, shall
become members of the retirement system as a condition of
their employment.

(2) All persons who are teachers on the date as of which the
retirement system is established, including those who are on the
'waiting list' and eligible for retirement, and who are not benefi-
ciaries of any other retirement system, except those specifically
excluded under Subsection (3) of this section, shall become mem-
bers as of that date unless within a period of thirty days next
following, any such teacher shall file with the Board of Trustees
on a form prescribed by such Board a notice of Ms election not
to be covered in the membership of the system and a duly
executed waiver of all present and prospective benefits which
would otherwise inure to him on account of his participation
in the retirement system.

(3) Teachers who are members and those who under the
existing law are entitled to become members of any fund
operated for the retirement of teachers by a city, county or other
political subdivision of the State of Maryland shall not be
entitled to membership in this retirement system unless on or
before a date not more than one year next following the estab-
lishment of this retirement system a majority of the members of
such fund shall indicate by a notice filed with the Board of
Trustees on a form prescribed by the Board that they vote to
have the privilege to participate in this retirement system,
should a majority of the members of any such fund so vote,
then the Board of Trustees of this retirement system shall
announce by a notice duly filed with the persons in charge of
the administration of such, fund, that on and after a certain
date to be set by the Board of Trustees of this retirement sys-
tem not more than thirty days next succeeding the date of the
majority vote, but not prior to the date this system is estab-
lished, all members of that fund shall be eligible to participate
in this retirement system. All members of said fund shall then