383-124 Relation to unemployment trust fund. Sections 383-121 to 383-123 to the extent that they relate to the unemployment trust fund, shall be operative only so long as the unemployment trust fund continues to exist, and so long as the Secretary of the Treasury of the United States continues to maintain for the State a separate account of all funds deposited therein by the State for benefit purposes, together with the State's proportionate share of the earnings of such unemployment trust fund, from which no other state or territory is permitted to make withdrawals. If and when the unemployment trust fund ceases to exist, or the separate account is no longer maintained, all moneys, properties, or securities therein, to the credit of the unemployment compensation fund of the State, are returnable to the director of finance of the State who shall hold, invest, transfer, sell, deposit, and release such moneys, properties, or securities in a manner approved by the department of labor and industrial relations in accordance with this chapter. The moneys shall be invested in the following readily marketable classes of securities: bonds or other interest-bearing obligations of the United States, or other securities which may be acquired under the sinking fund laws of the State; provided that the investment shall at all times be so made that all the assets of the fund shall always be readily convertible into cash when needed for the payment of benefits. The director of finance shall dispose of securities or other properties belonging to the unemployment compensation fund only under the direction of the department. [L 1939, c 219, 9(d); RL 1945, 4266; RL 1955, 93-123; am L Sp 1959 2d, c 1, 27; HRS 383-124]

 

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