ALBERT C. RITCHIE, GOVERNOR. 629

making payments upon such vouchers. No voucher shall be
drawn unless it has previously been authorized by resolution
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, organ-
ized 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 made by the
Board of Trustees, nor as such receive any pay or emolument
for his services. No trustee or employee of the Board shall,
directly or indirectly, for himself or as an agent in any manner
use the same, except to make such current and necessary
payments as are authorized by the Board of Trustees; nor shall
any trustee or employee of the Board of Trustees become an
endorser or surety, or in any manner an obligor for moneys
loaned or borrowed from the Board of Trustees.

99. Method of Financing

All of the assets of the retirement system shall be credited
according to the purpose for which they are held to one of five
funds, namely, the Annuity Savings Fund, the Annuity Reserve
Fund, the Pension Accumulation Fund, the Pension Reserve
Fund, and the Expense Fund.

(1) ANNUITY SAVINGS FUND

(a) The Annuity Savings Fund shall be a fund in which
shall be accumulated contributions from the compensation of
members to provide for their annuities. Upon the basis of such
tables as the Board of Trustees shall adopt and regular interest,
the actuary of the retirement system shall determine for each
member the proportion of compensation which, when deducted
from each payment of his prospective earnable annual compensa-
tion prior to his attainment of age 60 and accumulated at regular
interest until his attainment of such age shall be computed to
provide at that time an annuity equal to the pension to which
he will be entitled at that age on account of his service as a
member. Such proportion of compensation shall be computed
to remain constant.