BLAIR LEE III, Acting Governor                          521

THAT THE STATE TREASURER AT ALL TIMES SHALL HAVE COMPLETE
CUSTODY OF THE SECURITIES PLACED IN THE PARTNERSHIP NAME,
AND THAT SUCH PARTNERSHIP MAY ACT ONLY AS THE AGENT OF THE
BOARD OF TRUSTEES, AND SHALL CONTAIN SUCH OTHER TERMS AND
CONDITIONS AS THE ATTORNEY GENERAL MAY DEEM APPROPRIATE.
THE PARTNERSHIP IS HEREBY FURTHER AUTHORIZED TO ENTER INTO
AGREEMENTS WITH VARIOUS BANKS OR OTHER FINANCIAL
INSTITUTIONS TO GUARANTEE THE SIGNATURES MADE ON BEHALF OF
THE PARTNERSHIP.

83. MEMBERSHIP.

THE MEMBERSHIP OF THIS RETIREMENT SYSTEM SHALL BE
COMPOSED AS FOLLOWS:

(1)    PERSONS BECOMING TEACHERS AFTER ESTABLISHMENT;
VETERANS OF WORLD WAR II EXCEPTED. —ALL PERSONS WHO BECOME
TEACHERS AFTER THE DATE AS OF WHICH THE RETIREMENT SYSTEM IS
ESTABLISHED, EXCEPT THOSE SPECIFICALLY EXCLUDED UNDER
SUBSECTION (3) OF THIS SECTION, SHALL BECOME MEMBERS OF THE
RETIREMENT SYSTEM AS A CONDITION OF THEIR EMPLOYMENT, UNLESS
THAT TEACHER ELECTS TO PARTICIPATE IN AN OPTIONAL RETIREMENT
PROGRAM AS PROVIDED IN §110 OF THIS ARTICLE. HOWEVER, THIS
SECTION SHALL NOT APPLY TO VETERANS OF WORLD WAR II WHO ARE
NOT ELIGIBLE TO BECOME MEMBERS OF THE RETIREMENT SYSTEM
BECAUSE OF SOME PHYSICAL DISABILITY WHICH DISQUALIFIES THEM
FOR MEMBERSHIP, AND THOSE VETERANS WHO HAVE COMPLETED THE
COURSES OF STUDY REQUIRED FOR TEACHING AND HAVE PASSED THE
REQUIRED EXAMINATIONS SHALL BE ELIGIBLE FOR TEACHING
POSITIONS IN THE STATE REGARDLESS OF THEIR ABILITY TO BECOME
MEMBERS OF THE RETIREMENT SYSTEM. ANY PERSON, EMPLOYED
DURING THE PERIOD JULY 1, 1970 THROUGH JUNE 30, 1972, WHO
ELECTED NOT TO JOIN THE RETIREMENT SYSTEM, SHALL BECOME A
MEMBER ON THE TWO YEAR ANNIVERSARY DATE OF HIS EMPLOYMENT.
THE RATE OF CONTRIBUTION OF THAT EMPLOYEE SHALL BE
DETERMINED AT THE TIME HE ACTUALLY JOINS THE SYSTEM, AND MAY
NOT BE REDUCED FOR REASON OF SERVICE PRIOR TO JOINING.
HOWEVER, ANY SUCH EMPLOYEE MAY PURCHASE CREDIT FOR SERVICE
BEFORE JOINING BY PAYING THE CONTRIBUTIONS DUE, BASED ON THE
RATE DETERMINED UNDER §89(1) (A) OF THIS SUBTITLE FOR HIS
AGE AT THE DATE OF MEMBERSHIP WITHOUT REGARD TO THE MAXIMUM
RATE OF 5 PERCENT OF EARNABLE COMPENSATION, PLUS INTEREST
ON THOSE CONTRIBUTIONS. THIS PURCHASE MAY BE MADE AT ANY
TIME PRIOR TO RETIREMENT.

(2)    TEACHERS AND PERSONS ON WAITING LIST AT TIME OF
ESTABLISHMENT. —-ALL PERSONS WHO ARE TEACHERS ON THE DATE
AS OF WHICH THE RETIREMENT SYSTEM IS ESTABLISHED, INCLUDING
THOSE WHO ARE ON THE "WAITING LIST" AND ELIGIBLE FOR
RETIREMENT, AND WHO ARE NOT BENEFICIARIES OF ANY OTHER
RETIREMENT SYSTEM, EXCEPT THOSE SPECIFICALLY EXCLUDED UNDER
SUBSECTION (3) OF THIS SECTION, SHALL BECOME MEMBERS AS OF
THAT DATE UNLESS WITHIN A PERIOD OF 30 DAYS NEXT FOLLOWING,
ANY SUCH TEACHER SHALL FILE WITH THE BOARD OF TRUSTEES ON A
FORM PRESCRIBED BY SUCH BOARD A NOTICE OF HIS ELECTION NOT
TO BE COVERED IN THE MEMBERSHIP OF THE SYSTEM AND A DULY
EXECUTED WAIVER OF ALL PRESENT AND PROSPECTIVE BENEFITS
WHICH WOULD OTHERWISE INURE TO HIM ON ACCOUNT OF HIS