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Session Laws, 1957
Volume 640, Page 508   View pdf image (33K)
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508                               Laws of Maryland                        [Ch. 389

in the State Treasury, except that moneys in this fund shall not be
commingled with other State funds, but shall be maintained in a
separate account on the books of a depository bank. Such moneys
shall be secured by the depository in which they are held to the same
extent and in the same manner as required by the general depository
law of the State and collateral pledged shall be maintained in a
separate custody account. The State Treasurer shall be liable on his
official bond for the faithful performance of his duties in connection
with the unemployment [compensation] insurance administration
fund provided for under this Act. Such liability on the official bond
shall be effective February 14, 1941, and such liability shall exist in
addition to any liability upon any separate bond existent on February
14, 1941, or Which may be given in the future. All sums recovered
on any surety bond for losses sustained by the unemployment [com-
pensation] insurance administration fund shall be deposited in said
fund.

13 (b) Reimbursement of Fund.

If any moneys [received after June 30, 1941, from the Social
Security Board under Title III of the Social Security Act,] in the
Unemployment Insurance Administration Fund, paid to this State
under Title III of the Social Security Act, as amended,
or any un-
encumbered balances in the Unemployment [Compensation] Insur-
ance
Administration Fund as of that date, or any moneys granted
after that date to this State pursuant to the provisions of the
Wagner-Peyser Act, [or any moneys made available by this State
or its political sub-divisions and matched by such moneys granted to
this State pursuant to the provisions of the Wagner-Peyser Act,] are
found by the [Social Security Board] Secretary of Labor, because of
any action or contingency, to have been lost or been expended for
purposes other than, or in amounts in excess of, those found neces-
sary by the [Social Security Board] Secretary of Labor for the
proper administration of this Act, it is the policy of this State that
such moneys shall be replaced by moneys appropriated for such pur-
pose from the general funds of this State to the Unemployment
[Compensation] Insurance Administration Fund for expenditure
as provided in sub-section (a) of this Section. Upon receipt of notice
of such a finding by the [Social Security Board] Secretary of Labor
the Board shall promptly report the amount required for such re-
placement to the Governor and the Governor shall at the earliest
opportunity, submit to the Legislature a request for the appropria-
tion of such amount. [This sub-section shall not be construed to
relieve this State of its obligation with respect to funds received
prior to July 1, 1941, pursuant to the provisions of Title III of the
Social Security Act.]

Sec. 2. And be it further enacted, That this Act shall take effect
on June 1, 1957.

Approved March 28, 1957.

 

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Session Laws, 1957
Volume 640, Page 508   View pdf image (33K)
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