506                               Laws of Maryland                        [Ch. 389

State of Maryland, or political sub-divisions of the State of Mary-
land; and provided further, that such investment shall at all times
to 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
Treasurer shall dispose of securities or other properties belonging
to the unemployment [compensation] insurance fund only under the
direction of the Board.

7 (c) (4) (iii) The contribution rates assigned under the afore-
going provisions of sub-sections 7 (c) (4) (i) and (ii) shall be subject
to the following adjustments upon satisfaction of the conditions set
forth herein below:

(1)   For any calendar quarter, when, as of the beginning of the
first day of the preceding calendar quarter, the total amount avail-
able for benefits in the Maryland Unemployment [Compensation]
Insurance Fund is a sum which exceeds 10% of the total payrolls
paid by all employers during the first four of the last five completed
calendar quarters, which payrolls were subject to contributions and
reported to the Board, all contribution rates shall be reduced by 0.3
EXCEPT THAT THOSE CONTRIBUTION RATES WHICH ARE
ALREADY SET AT 0.3 shall be reduced only by 0.1 and those con-
tribution rates Which are already set at 0.2 shall not be further re-
duced. Provided, any employer whose benefit ratio is calculated under
the provisions of sub-section 8 7(c) (4) (i) and (ii) exceeds 3% shall
not be entitled to any reduction in contribution rate hereunder.

(2)   For any calendar quarter, when, as of the beginning of the
first day of the preceding calendar quarter, the total amount avail-
able for benefits in the Maryland Unemployment [Compensation]
Insurance Fund is a sum which equals or exceeds 7.5 % but does not
exceed 10% of the total payrolls paid by all employers during the
first four of the last five completed calendar quarters, which payrolls
were subject to contributions and reported to the Board, all contri-
bution rates as shown in the table in sub-section 7(c) (4) (ii) shall
prevail ;

(3)   For any calendar quarter, when as of the beginning of the
first day of the preceding calendar quarter, the total amount avail-
able for benefits in the Maryland Unemployment [Compensation]
Insurance Fund is a sum which equals or exceeds 6% but is less than
7.5% of the total payrolls paid by all employers during the first four
of the last five completed calendar quarters, which payrolls were
subject to contributions and reported to the Board, all contribution
rates shall be increased by 0.3 except those contribution rates which
are established at 0.2 shall be increased by 0.1 and those contribution
rates which are established at 2.7 shall not be further increased.

(4)   For any calendar quarter, when, as of the beginning of the
first day of the preceding calendar quarter, the total amount avail-
able for benefits in the Maryland Unemployment [Compensation]
Insurance Fund is a sum which exceeds 5% but is less than 6% of
the total payrolls paid by all employers during the first four of the
last five completed calendar quarters, which payrolls were subject to
contributions and reported to the Board, all contribution rates shall
be increased by 0.6 except that those contributions rates which are
already set at 0.2 shall be increased by 0.4 and those contribution
rates which are established at 2.4 shall be increased by 0.3 and those