1956                                            LAWS OF MARYLAND                                     Ch. 632

14.

(2) (i) The board of trustees may in its discretion
FOR PURPOSES OF ACTUARIAL VALUATION adopt a generally
accepted method [of writing up] FOR DETERMINING the [book]
value of the [common stock portion of the] assets held by
the retirement system, provided that [the annual amount of
any such write—up shall not exceed 3 per centum of the total
book value of the common stocks held as of the determination
date of the write-up. One half of the amount of any such
write-up shall be offset against the employer contributions
otherwise payable hereunder and, notwithstanding any other
provision of this article, the other half shall be
accumulated in a special account under the Accumulation Fund
to be used to provide all or part of the cost of benefit
improvements.] FOR GENERAL LEDGER ACCOUNTING AND FINANCIAL
REPORTING THE BOARD OF TRUSTEES WILL USE GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES.

SECTION 2. AND BE IT FURTHER ENACTED, That section(s)
of the Annotated Code of Maryland (as enacted by Chapter

_____ of the Acts of the General Assembly of 1978) be

repealed, amended, or enacted to read as follows:

Article 73B — Pensions

89.

(2) (j) The hoard of trustees may in its discretion
FOR PURPOSES OF ACTUARIAL VALUATION adopt a generally
accepted method [of writing up] FOR DETERMINING the [book]
value of the [common stock portion of the] assets held by
the retirement system, provided that [the annual amount of
any such write—up shall not exceed 3 percent of the total
book value of the common stocks held as of the determination
date of the write-up. One half of the amount of any such
write-up shall be offset against the employer contributions
otherwise payable hereunder and, notwithstanding any other
provision of this article, the other half shall be
accumulated in a special account under the Accumulation Fund
to be used to provide all or part of the cost of benefit
improvements.] FOR GENERAL LEDGER ACCOUNTING AND FINANCIAL
REPORTING THE BOARD OF TRUSTEES WILL USE GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES.

SECTION 3. AND BE IT FURTHER ENACTED, That section(s)
of the Annotated Code of Maryland be repealed, amended, or
enacted to read as follows:

Article 88B - State Police

56.

(2)(j) The board of trustees may in its discretion
FOR PURPOSES OF ACTUARIAL VALUATION adopt a generally
accepted method [of writing up] FOR DETERMINING the [book]