383-122 Accounts and deposit. The director of finance shall maintain within the fund three separate accounts:

(1) A clearing account;

(2) An unemployment trust fund account;

(3) A benefit account.

All moneys payable to the fund, upon receipt thereof by the director of finance, shall be immediately deposited in the clearing account. The director of finance of the State shall be the treasurer and custodian of the fund and shall administer the fund in accordance with directions of the department of labor and industrial relations.

All moneys in the clearing account after clearance thereof shall, except as herein otherwise provided, be deposited immediately with the Secretary of the Treasury of the United States to the credit of the account of this State in the unemployment trust fund, established and maintained pursuant to section 904 of the Social Security Act, as amended, any provisions of law in this State relating to the deposit, administration, release, or disbursement of moneys in the possession or custody of this State to the contrary notwithstanding. Refunds of contributions payable pursuant to section 383-76 and section [383-7(a)(6)] may be paid from the clearing account or the benefit account. The benefit account shall consist of all moneys requisitioned from the State's account in the unemployment trust fund in the United States treasury. Except as herein otherwise provided, moneys in the clearing and benefit accounts may be deposited in any depositary bank in which general funds of the State may be deposited, but no public deposit insurance charge or premium shall be paid out of the fund. Moneys in the clearing and benefit accounts shall not be commingled with other state funds, but shall be maintained in separate accounts on the books of the depositary bank. The money shall be secured by the depositary bank to the same extent and in the same manner as required by the general depositary law of this State; and collateral pledged for this purpose shall be kept separate and distinct from any collateral pledged to secure other funds of the State. The director of finance shall be liable on the director's official bond for the faithful performance of the director's duties in connection with the unemployment compensation fund provided for under this chapter. The liability on the official bond shall be effective immediately upon the enactment of this provision. All sums recovered on such surety bond for losses sustained by the unemployment compensation fund shall be deposited in the fund. [L 1939, c 219, 9(b); am L 1941, c 304, 1, subs 29; RL 1945, 4264; RL 1955, 93-121; am L Sp 1959 2d, c 1, 14, 27; am L 1963, c 114, 1; HRS 383-122; gen ch 1985; am L 1987, c 119, 6]

 

 

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