J. MILLARD TAWES, GOVERNOR                               101

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 108 (12) of Article 77 of the Annotated Code of Mary-
land (1960 Supplement), title "Public Education", sub-title "CHAP-
TER 8. TEACHERS' CERTIFICATES, SALARIES AND PEN-
IONS", SUB-HEADING "Teachers' Retirement System", be and is
hereby repealed and re-enacted, with amendments, to read as follows: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 an-
nually 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.] and for all other members 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 minimum rate of three per centum per
annum and a maximum rate of four per centum per annum. "Regu-
lar Interest" for the Annuity Reserve Fund, the Pension Accumu-
lation 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. NOTWITHSTANDING ANY PROVI-
SION OF THIS SECTION TO THE CONTRARY, THE RATE OF
INTEREST CREDITED IN THE ANNUITY SAVINGS FUND
TO THE ACCOUNTS OF ACTIVE MEMBERS WHO BECAME
SUCH ON OR AFTER JULY 1, 1955, SHALL NOT EXCEED
THREE PER CENTUM PER ANNUM, UNLESS THE ACTUAL
AVERAGE YIELD ON THE INVESTMENTS OF THAT FUND
FOR THE SAME PERIOD HAS EXCEEDED THE RATE OF
THREE PER CENTUM PER ANNUM TO THE SAME EXTENT
AS CREDITED; PROVIDED, FURTHER, THAT THE MAXIMUM
INTEREST RATE CREDITED SHALL REMAIN FOUR PER
CENTUM PER ANNUM.

As to any member who after June 1, 1958, leaves, and is no longer
in active service as a teacher, the rate or regular interest credited
to the member's accumulated contributions from the time of his
leaving shall be three per centum.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1961.

Approved March 23, 1961.

CHAPTER 112
(Senate Bill 10)

AN ACT to repeal and re-enact, with amendments, Section 1 (12)
and Section 13 (2) of Article 73B of the Annotated Code of Mary-
land (1957 Edition and 1960 Supplement), title "Pensions", sub-
title "In General", amending the laws concerning crediting of
interest to the accounts of members in active service under the
State Employees' Retirement System and relating generally to