shall be at the time of his appointment an academic principal, and one shall be at the time of his appointment a teacher engaged in teaching in an elementary school. At least one of such members shall be a woman teacher in the public schools. Such appointments shall be made within ten days after this act takes effect. The members of such board first appointed shall hold office for terms of one, two, three, four and five years from January 1, 1912, to be designated by the Commissioner of Education when he appoints such members. Their successors shall be appointed for terms of five years. A vacancy occurring in the office of any member shall be filled for the unexpired term. [Added by L. 1911, ch. 449.]

§ 1103 Vacancies; resignations; removal from office. A vacancy in the office of a member of the board shall be created by death, resignation, refusal to serve, removal from office, or absence from the State for a period of one year. A member of such board may resign by written resignation submitted to the Commissioner of Education and accepted by him. The Commissioner of Education may remove a member of such board for cause, after service upon him of written charges and an opportunity to be heard in defense thereof. [Added by L. 1911, ch. 449.]

8 1104 Officers of board; salaries and expenses; meetings. There shall be a president, vice president and secretary of such board, to be elected by a majority vote of the members of the board. The president and vice president shall be elected for terms of one year. The term of office of the secretary shall be fixed by the board. The secretary need not be a member of the board. His salary or compensation shall be prescribed by the board, not exceeding two thousand dollars a year, subject to the approval of the Commissioner of Education. The members of the board shall serve without compensation, but they shall be entitled to their expenses actually incurred in attending the meetings of the board and in performing services as members thereof.

The board shall meet annually in the Education Building at Albany, on the second Wednesday in January, and shall have stated meetings at the same place, at least once in each three months, as determined by the regulations of the board. If a member of the board be absent from two consecutive stated meetings without a reasonable excuse for such absence, accepted by the board, his office shall be declared vacant by the Commissioner of Education, upon notice being received by him of such unexcused absences, and such

vacancy shall be filled as hereinbefore provided. [Added by L. 1911, ch. 449.]

§ 1105 State Treasurer ex-officio treasurer of fund; investments. The State Treasurer shall be ex-officio treasurer of the retirement fund and shall be the custodian thereof. The moneys belonging thereto shall be deposited by him in banks or trust companies and the law relating to the deposit of state funds in such banks and trust companies shall apply so far as may be to the deposit of moneys belonging to the said retirement fund. The state teachers retirement fund board shall determine from time to time as to what portion of the retirement fund shall be permanently invested. Such fund shall only be invested in those securities in which the trustees of a savings bank may invest the moneys deposited therein, as provided by section 146 of the banking law. When such board shall determine that any portion of said fund should be so invested, it shall by resolution, duly adopted by a majority vote of the members of the board, direct the treasurer to invest such portion of the fund in any of said securities. [Added by L. 1911, ch. 449.]

§ 1106 Powers of board. The state teachers retirement fund board, subject to the provisions of this article and of any other statute, shall have power:

1 To appoint and employ such officers and employees as may be necessary to carry into effect the provisions of this article, and fix their compensation.

2 To prescribe the duties of its secretary and other officers and employees.

3 To conduct investigations into all matters relating to the operation of this article, and subpoena witnesses and compel their attendance to testify before it in respect to such matters, and any member of the board may administer oaths or affirmations to such witnesses.

4 To require boards of education, trustees, and other school authorities, and all officers, having duties to perform in respect to contributions by teachers to the retirement fund, to report to the board from time to time, as to such matters pertaining to the pay ment of such contributions, as it shall deem advisable, and may prescribe the form of such reports.

5 To draw its warrants upon the State Treasurer for the payment of annuities to teachers who have been retired as provided in this article, and for the purchase of such securities as the board shall have decided to purchase as provided in this article. No

payments shall be made from the teachers retirement fund except by warrant signed by the president of the board, drawn after resolution duly adopted at a meeting of the board by a majority of its members, which adoption shall be attested by the secretary of the board. [Added by L. 1911, ch. 449.]

§ 1107 Rules of board. The state teachers retirement fund board shall make rules not inconsistent with the provisions of this article which, when approved by the Commissioner of Education, shall have the force and effect of law. Such rules shall

1 Provide for the conduct and regulation of the meetings of the board and the transaction of the business thereof.

2 Provide for the enforcement and carrying into effect of the provisions of this article.

3 Prescribe the manner of payment of contributions by teachers to the retirement fund, and the payment of annuities therefrom. 4 Establish a system of accounts showing the condition of such fund, and receipts and expenditures.

5 Prescribe the method of making payments from such fund to annuitants and giving receipts for such payments.

6 Prescribe the forms of warrants, vouchers, receipts, reports and accounts to be used by annuitants and officers having duties to perform in respect to such fund.

7 Regulate the duties of boards of education, trustees, and other officers imposed upon them by this article, in respect to the contributions by teachers to the retirement fund, and the deduction of such contributions from teachers' salaries. [Added by L. 1911, ch. 449.1

§ 1108 Contributions to fund; deductions from salaries. All teachers employed in the public schools in this State except in those counties, districts or cities in which provision is already made by statute for the retirement of public school teachers and the payment of annuities or pensions to such teachers, who enter into contracts for such employment after the date on which this act takes effect, shall contribute to the teachers retirement fund one per centum of the salaries to be paid to such teachers annually according to the terms of such contracts. District superintendents of schools shall contribute to such funds one per centum of the salaries received by them for their services, either from the State or from the towns comprising their supervisory districts, as provided by law. On and after such date all such contracts shall be deemed to have been made subject to the provisions of this article, and the requirement as to such contri

bution shall become a part of and enter into all such contracts. All school districts and cities shall contribute to such fund an amount equal to one and one-half per centum of the total salaries paid teachers in such districts and cities, to be deducted from the public moneys apportioned thereto by the commissioner of education.

Boards of education, trustees and other school authorities having duties to perform in respect to the payment of salaries to public school teachers in their districts or cities, shall cause to be deducted from each warrant or order issued to any of such teachers for the payment of the salary of such teachers, the amount due by such teachers to the teachers retirement fund. The Commissioner of Education shall cause to be deducted from the salaries paid to teachers employed in schools on the Indian reservations and to district superintendents of schools the amount required to be contributed by them to the teachers retirement fund, and shall cause the same to be paid into such fund. [Added by L. 1911, ch. 449, and amended by L. 1913, ch. 511; L. 1914, ch. 44, and L. 1920, ch. 752, in effect August 1, 1920.]

§ 1108-a Method of payment into state treasury. 1 The district superintendent of each supervisory district shall include in his annual report to the Commissioner of Education, a statement showing the amount required to be deducted from the salaries of teachers in each school district under his supervision, under section 1108 of this act.

2 The superintendent of schools of each city shall also include in his annual report to the Commissioner of Education, a statement showing the amount required to be deducted under the provisions of section 1108 of this act from the salaries of teachers employed in such city.

3 The district superintendent of each supervisory district and the superintendent of each city shall file with the treasurer of the county in which such supervisory district or city is located, a statement showing the amount respectively reported by them to the Commissioner of Education as provided in subdivisions 1 and 2 of this section as being the amount required to be deducted from the salaries of teachers in their respective supervisory districts and cities under the provisions of section 1108 of this act. Such statements to the county treasurer shall also respectively show the aggregate amount required to be so deducted from the salaries of teachers employed in each town in such supervisory district and from the salaries of teachers employed in each city.

4 The district superintendent of each supervisory district shall file with the supervisor of each town within such supervisory district at the time he files his certificate of apportionment of public school moneys, a statement showing the amount required to be deducted from the salaries of the teachers employed in each school district in such town. The superintendent of each city shall file with the chamberlain or treasurer of such city a duplicate of the certificate which he is required to file with the county treasurer under subdivision 3 of this section.

5 When the Commissioner of Education apportions the money appropriated by the Legislature for the support of common schools to the several counties of the State, he shall cause to be determined from the official reports of district and city superintendents the amount required to be deducted from the salaries of the teachers employed in each county who come under the provisions of this act as required by section 1108, and also the amount to be contributed by the school districts and cities, in which such teachers are employed, as provided by said section 1108.

6 The Commissioner of Education shall include in the certificate which he files with the Comptroller showing the amount of state funds apportioned for the support of common schools to each county, a statement showing the amount required to be deducted from the salaries of teachers in each of such counties, and the amount to be contributed by the school districts and cities in which such teachers are employed, as required under section 1108 of this act.

7 The Comptroller shall issue his warrant to the State Treasurer directing such treasurer to credit to the retirement fund created herein from the appropriation for the support of common schools an amount equal to the aggregate amount required to be deducted from the salaries of teachers in the several counties of the State together with the aggregate amount of the contributions. required to be made by the school districts and cities in which such teachers are employed, as shown by the certificate of the Commissioner of Education filed with him as directed in subdivision 6 of this section.

8 The Comptroller, in issuing his warrant to the State Treasurer for the payment to each county of that portion of the moneys appropriated for the support of common schools and payable on or before March first of each year, shall deduct therefrom an amount equal to the amount required to be deducted from the salaries of teachers, and the amount required to be contributed by the