46 LAWS OF MARYLAND [CH. 8

generally to the granting of interest on the contributions of mem-
bers in active service.

SECTION 1. Be it enacted by the General Assembly of Maryland,,
That Section 49 (12) and Section 55 (2) of Article 88B of the Anno-
tated Code of Maryland (1957 Edition and 1961 Supplement), title
"State Police", sub-title "State Police Retirement System", be and
they are hereby repealed and re-enacted, with amendments, to read
as follows:

49.

(12) "Regular Interest" for the Annuity Savings Fund shall mean
interest at [such] the rate [as may be set from time to time by the
Board of Trustees in accordance with Section 55 of this Sub-title J
of four per centum per annum compounded annually for members
who became such on or before June 30, 1955; and for all other mem-
bers shall mean interest at a rate per centum per annum compounded
annually as may be set from time to time by the Board with a mini-
mum rate of three per centum per annum and a maximum rate of
four per centum per annum. "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 55,
Sub-section (2) of this Article, as amended from time to time.

55.

(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 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 the 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 rates shall be
limited to a minimum of three per centum and a maximum of four
per centum 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. ]

The Board of Trustees annually shall allow Regular Interest on
the mean amount for the preceding year in each of the Funds except
the Annuity Savings Fund and the Expense Fund. ^(<Regular Interest"
for the Annuity Savings Fund is defined in Section 49, 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