542

LAWS OF MARYLAND

Ch. 22

EXECUTED BY ANY TWO OF THE FOLLOWING: ASSISTANT SECRETARY OF
PERSONNEL FOR RETIREMENT SYSTEMS, INVESTMENT ADMINISTRATOR
AND/OR MORTGAGE ATTORNEY.

(2)   ALLOWANCE OF INTEREST. —ANNUITY SAVINGS FUND IS
DEFINED IN §81 SUBSECTION (12) OF THIS SUBTITLE. "REGULAR
INTEREST" FOR THE PURPOSE OF THE ACTUARIAL VALUATIONS SHALL
MEAN SUCH PERCENTAGE RATE OR RATES TO BE COMPOUNDED
ANNUALLY AS SHALL BE DETERMINED BY THE BOARD OF TRUSTEES
ANNUALLY AFTER TAKING INTO CONSIDERATION THE ACTUAL INTEREST
EARNINGS OF THE SYSTEM FOR THE PRECEDING YEARS AND THE
PROBABLE EARNINGS OF THE SYSTEM TO BE MADE IN THE FUTURE;
SUCH RATES SHALL BE LIMITED TO A MINIMUM OF 3 PERCENT AND
MAXIMUM OF 5 PERCENT.

(3)   STATE TREASURER AS CUSTODIAN; PAYMENTS FROM FUNDS.
—THE TREASURER OF THE STATE OF MARYLAND SHALL BE THE
CUSTODIAN OF THE SEVERAL FUNDS. ALL PAYMENTS FROM SAID
FUNDS SHALL BE MADE BY HIM OR BY A DEPUTY TREASURER, ONLY
UPON VOUCHERS SIGNED BY TWO PERSONS DESIGNATED BY THE BOARD
OF TRUSTEES. A DULY ATTESTED COPY OF A RESOLUTION OF THE
BOARD OF TRUSTEES DESIGNATING SUCH PERSONS AND BEARING ON
ITS FACT SPECIMEN SIGNATURES OF SUCH PERSONS SHALL BE FILED
WITH THE TREASURER AS HIS AUTHORITY FOR MAKING PAYMENTS UPON
SUCH VOUCHERS. NO VOUCHER SHALL BE DRAWN UNLESS IT HAS
PREVIOUSLY BEEN AUTHORIZED BY RESOLUTION OF THE BOARD OF
TRUSTEES.

(4)    AVAILABLE CASH. --FOR THE PURPOSE OF MEETING

DISBURSEMENTS FOR PENSIONS, ANNUITIES, AND OTHER PAYMENTS
THERE MAY BE KEPT AVAILABLE CASH, NOT EXCEEDING 10 PERCENT
OF THE TOTAL AMOUNT IN THE SEVERAL FUNDS OF THE RETIREMENT
SYSTEM, ON DEPOSIT IN ONE OR MORE BANKS OR TRUST COMPANIES
OF THE STATE OF MARYLAND, ORGANIZED UNDER THE LAWS OF THE
STATE OF MARYLAND, OR OF THE UNITED STATES, PROVIDED, THAT
THE SUM ON DEPOSIT IN ANY ONE BANK OR TRUST COMPANY SHALL
NOT EXCEED 2 5 PERCENT OF THE PAID-UP CAPITAL AND SURPLUS OF
SUCH BANK OR TRUST COMPANY.

(5)   TRUSTEES AND EMPLOYEES NOT TO HAVE INTEREST IN
PROFITS OF INVESTMENTS. EXCEPT AS OTHERWISE HEREIN
PROVIDED, NO TRUSTEE AND NO EMPLOYEE OF THE BOARD OF
TRUSTEES SHALL HAVE ANY DIRECT INTEREST IN THE GAINS OR
PROFITS OF ANY INVESTMENT MADE BY THE BOARD OF TRUSTEES, NOR
AS SUCH RECEIVE ANY PAY OR EMOLUMENT FOR HIS SERVICES. NO
TRUSTEE OR EMPLOYEE OF THE BOARD SHALL, DIRECTLY OR
INDIRECTLY, FOR HIMSELF OR AS AN AGENT IN ANY MANNER USE THE
SAME, EXCEPT TO MAKE SUCH CURRENT AND NECESSARY PAYMENTS AS
ARE AUTHORIZED BY THE BOARD OF TRUSTEES; NOR SHALL ANY
TRUSTEE OR EMPLOYEE OF THE BOARD OF TRUSTEES BECOME AN
ENDORSEE OR SURETY, OR IN ANY MANNER AN OBLIGOR FOR MONEY
LOANED OR BORROWED FROM THE BOARD OF TRUSTEES.

89. METHOD OF FINANCING.

ALL OF THE ASSETS OF THE RETIREMENT SYSTEM SHALL BE
CREDITED ACCORDING TO THE PURPOSE FOR WHICH THEY ARE HELD TO
ONE OF THREE FUNDS, NAMELY, THE ANNUITY SAVINGS FUND, THE