628 LAWS OF MARYLAND. [CH. 344

ment system, and shall make a valuation of the assets and
liabilities of the funds of the system, and taking into account
the result of such investigation and valuation, the Board of
Trustees shall

(a) Adopt for the retirement system such mortality, ser-
vice and other tables as shall be deemed necessary;

(b) Certify the rates of contribution payable by members
under the provisions of this subtitle; and

(cf Maryland on account of new entrants at various ages.

(16) On the basis of such tables as the Board of Trustees
shall adopt, the actuary shall make an annual valuation of
the assets and liabilities of the funds of the system created
by this subtitle.

98. Management of Funds

(1) The Board of Trustees shall be the trustees of the
several funds created by this subtitle as provided in Section
99, and shall have full power to invest and reinvest such
funds, subject to all the terms, conditions, limitations and
restrictions imposed by the law of Maryland upon life insur-
ance companies in the making and disposing of their invest-
ments; and subject to like terms, conditions, limitations and
restrictions, said trustees shall have full power to hold, pur-
chase, sell, assign, transfer and dispose of any of the securi-
ties and investments in which any of the funds created herein
shall have been invested, as well as the proceeds of said invest-
ments 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 Trus-
tees 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 only upon vouchers signed by two per-
sons designated by the Board of Trustees. A duly attested
copy of a resolution 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