36                                LAWS OF MARYLAND                        [CH. 12

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 108 (12) and 115 (2) of Article 77 of the Annotated
Code of Maryland (1957 Edition), title "Public Education", sub-title
"Teachers' Retirement System", be and they are hereby repealed and
re-enacted with amendments, to read as follows:

108.

(12) "Regular interest" for the Annuity Savings Fund shall mean
interest at the rate of four per centum per annum compounded
annually for members who became such on or before June 30, 1955;
and shall mean interest at the rate of three per centum per annum
compounded annually for members becoming such on and after
July 1, 1955. "Regular interest" for the Annuity Reserve Fund, the
Pension Accumulation Fund and the Pension Reserve Fund shall
mean interest at such rate as may be set from time to time by the
board of trustees in accordance with Section 115, Sub-section (2) of
this article, as amended from time to time.

115.

(2) Allowance of interest.—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. "Regular
interest" for the Annuity Savings Fund is defined in Section 108
Sub-section (12) of this Article. "Regular interest" for the Annuity
Reserve Fund, the Pension Accumulation Fund and the Pension
Reserve Fund shall mean such per centum rate to be compounded
annually as shall be determined by the board of trustees annually
after taking into consideration the actual interest earnings of the
system for the preceding years and the probable earnings of the sys-
tem to be made in the future; such rates shall be limited to a minimum
of three per centum and a maximum of four per centum. The amounts
so allowed shall be due and payable to said funds, and shall be an-
nually credited thereto by the board of trustees from interest and
other earnings on the moneys of the Retirement System. Any addi-
tional 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.

Sec 2. And be it further enacted, That this Act shall take effect
June 1, 1958.

Approved March 6, 1958.

CHAPTER 12
(House Bill 20)

AN ACT to repeal and re-enact, with amendments, Sub-sections (3)
(a), (3) (g), (3) (h) and (4)(a) (4) of Section 116 of Article 77 of

EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.