620 LAWS OF MARYLAND. [CH. 344

become members of this system on such date, unless within
thirty days next succeeding they shall elect not to become mem-
bers. All new teachers in said city or county shall thereafter
become members of this system as a condition of their employ-
ment. Any teacher eligible to participate who shall elect not to
become a member of this system shall file with the Board of
Trustees on the form prescribed by the Board an election not
to be covered in the membership of the system and a duly
executed waiver of all present and prospective benefits which
otherwise would inure to him on account of his participation in
the retirement system.

If the majority of the members of a retirement or pension
fund do vote to enter this retirement system as described above,
the local fund shall be discontinued within thirty days next suc-
ceeding the date of the majority vote, but not prior to the
establishment of this retirement system, the payment of all
pensions to members on the pension roll as of the date of dis-
continuance shall become an obligation of the city or county
in which the fund was operated and shall be continued and paid
by such city or county. The moneys and securities of the fund,
not exceeding the present value of the payments to be made on
account of all pensions to the pensioners on the rolls of the
fund as of the date of discontinuance shall be transferred to the
said city or county as an offset to the payments required for the
existing pension roll; and the amount of the excess of the
moneys and securities of the fund over and above the present
value of the payments to be made on account of all pensions to
pensioners shall be distributable among the active members of
the fund at the time of its discontinuance in proportion to the
respective contributions which they had previously made to the
fund, provided that no member shall receive more than his
accumulated contributions. If the distributable funds are more
than sufficient to provide each member with his accumulated
contributions, the excess shall be transferred to the said city,
county, or other political subdivision of the State.

(4) A teacher whose membership in the retirement system
is contingent on his own election and who elects not to become
a member, may thereafter apply for and be admitted to mem-
bership; but no such teacher shall receive prior service credit
unless he becomes a member within the first year following the
establishment of the retirement system.

(5) The Board of Trustees may, in its discretion, deny the
right to become members to any class of teachers whose compen-
sation is only partly paid by the State or who are serving
on a temporary or other than per annum basis, and it may also
in its discretion, make optional with members in any such class
their individual entrance into membership.