852 LAWS OF MARYLAND. [CH. 349

(15) Immediately after the establishment of the retirement
system the actuary shall make such investigation of the mor-
tality, service and compensation experience and expectancy
of the members of the system as he shall recommend and the
Board of Trustees shall authorize, for the purpose of. deter-
mining the proper mortality and service tables to be prepared
and submitted to the Board of Trustees for adoption. Having
regard to such investigation and recommendation, the Board
of Trustees shall adopt for the retirement system such mor-
tality and service tables as shall be deemed necessary and
certify the rates of contribution payable under the pro-
visions of this sub-title.

(16) In the year nineteen hundred and fifty-three and at
least once in each five-year period thereafter, the actuary
shall make an actuarial investigation into the mortality,
service and compensation experience of the members and bene-
ficiaries of the retirement 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 adopt for the retire-
ment system such mortality, service and other tables as shall
be deemed necessary and shall certify the rates of contribu-
tion payable under the provisions of this sub-title.

(17) 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 retirement system.

52. (Management of Funds. ) (1) The Board of Trustees
shall be the trustees of the several funds created by this sub-
title as provided in Section 53 of this sub-title, and shall have
full power to invest and re-invest such funds, subject to all
the terms, conditions, limitations and restrictions imposed
by the law of Maryland upon domestic life insurance com-
panies in the making and disposing of their investments; and
subject to like terms, conditions, limitations and restrictions,
said trustees shall have full power to hold, purchase, sell,
assign, transfer and dispose of any of the securities and in-
vestments in which any of the funds created herein shall have
been invested, as well as the proceeds of said investments 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