MARVIN MANDEL, Governor                       1359

duties as pilots as herein after defined and who prior to becoming
inactive or disabled were full member pilots of the Association of
Maryland Pilots.

(b)    The balance of said money available for distribution, after
the payment of all expenses, shall be distributed monthly in accord-
ance with the bylaws of the Association of Maryland Pilots among
the regular working [full member pilots] lawfully licensed pilots
of the Association; provided, however that the board of supervisors
of the Association of Maryland Pilots is empowered, authorized and
directed to deduct from such money collected and before such
monthly distribution among the regular working [full member]
lawfully licensed pilots, a certain percentage of said money, said per-
centage to be fixed by the Board of Examiners of Maryland Pilots to
be set aside in a separate or reserve fund for replacement and
repairs of major equipment. [Such deductions for replacement and
repair reserve shall be in addition to and exclusive of any deduction
made by the Association of Maryland Pilots under its bylaws. The
supervision, maintenance and direction of the repair and replacement
fund herein referred to shall be vested in the Board of Examiners
of Maryland Pilots.] The Board of Examiners of Maryland Pilots
shall hold said replacement and repair funds in trust for the benefit
of the Association of Maryland Pilots. In making investments or re-
investments of the funds the Board of Examiners of Maryland Pilots
shall not be limited or restricted to property of the character
designated as strictly suitable for the investment of trust funds by
any law of the State of Maryland, but is hereby expressly authorized
and empowered to invest or hold such property as may be, in its
opinion, be desirable, considering the nature and purposes of the
trust; or may at its election, place the management and control of
the fund, or a portion thereof, in a bank or trust company subject to
state or federal regulation. The assets held in trust under the au-
thority of this section shall not be subject to attachment or execution.

(c)    A pilot shall be [considered] deemed to be inactive within
the meaning of this section from and after the last day of the
month (i) in which such pilot attains the age of seventy (70) years,
or (ii) in which such pilot elects to be placed upon the inactive
list after having been a full member pilot of the Association of
Maryland Pilots for twenty-five (25) years or more. A pilot shall
be considered permanently incapable of performing his duties within
the meaning of this section from and after the [last day of the
month in] date upon which (1) said pilot has been certified as such
by two doctors selected by the Board of [Pilot] Examiners of Mary-
land Pilots and until such incapacity ceases to exist, or, (2) said
pilot's federal or State license has been revoked for reasons of physi-
cal disability and until such license or licenses hav