38                                LAWS OF MARYLAND                          [CH. 28

came 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.

54.

(2). The Board of Trustees annually shall allow regular inter-
est 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 Trustees 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, and any excess of earnings over such
amount required shall be deductible from the amounts to be con-
tributed by the State.

Regular interest shall mean such per centum rate to be com-
pounded annually as shall be determined by the Board of Trustees
to be equitable, in its judgment, to both the employees and taxpayers
of the State, after taking into consideration the actual interest earn-
ings of the system for the preceding years and of the probable earn-
ings of the system to be made in the future. Such rate shall be
limited to a minimum of three per centum and a maximum of four
per centum [, with the latter rate applicable during the first year
after the date of establishment. ] for members who become such on
or before June 30, 1955, and shall be limited to a maximum of three
per centum for members becoming such on and after July 1, 1955.

SEC. 2. And be it further enacted, That this Act shall take effect
July 1, 1955.

Approved February 22, 1955.

CHAPTER 28
(House Bill 13)

AN ACT to repeal and re-enact, with amendments, Sections 34-46,
inclusive, of Article 81 of the Annotated Code of Maryland (1951
Edition), title "Revenue and Taxes", Sections 34-43, inclusive,
being under the sub-title "Assessors and Discovery of Taxable
Property", and Sections 44-46, inclusive, being under the sub-title
"Record of Assessments", clarifying the application of said sec-
tions to the Department of Assessments and to the Board of
Municipal and Zoning Appeals in Baltimore City and correcting
a cross reference in Section 41 thereof.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That Section 34-46, inclusive, of Article 81 of the Annotated Code 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.