Marvin Mandel, Governor                         169

"STATE ACCIDENT FUND" BE AND THEY ARE HEREBY
REPEALED AND RE-ENACTED, WITH AMENDMENTS, ALL
TO READ AS FOLLOWS:

70.

THERE SHALL BE AS PART OF THE DEPARTMENT OF
PERSONNEL A "STATE ACCIDENT FUND," FOR THE PUR-
POSE OF INSURING EMPLOYERS AGAINST LIABILITY
UNDER THIS ARTICLE AND TO THEIR EMPLOYEES AND
THEIR DEPENDENTS THE PAYMENT OF THE COMPENSA-
TION SPECIFIED IN THIS ARTICLE. SUCH FUND SHALL
CONSIST OF ALL PREMIUMS OR TAXES RECEIVED AND
PAID INTO THE FUND AND OF PROPERTY AND SECURITIES
ACQUIRED AND INTEREST EARNED THROUGH THE USE
OF MONEYS BELONGING TO THE FUND. SAID FUND SHALL
BE APPLICABLE TO THE PAYMENT OF LOSSES SUSTAINED
ON ACCOUNT OF INSURANCE AND TO THE PAYMENT OF
EXPENSES IN THE MANNER PROVIDED IN THIS ARTICLE.
WITHIN NINETY DAYS AFTER THE CLOSE OF EACH FISCAL
YEAR OF THE STATE ACCIDENT FUND, THE COMMISSION-
ERS THEREOF SHALL ASCERTAIN THE EXPENSE IN-
CURRED IN CONDUCTING AND ADMINISTERING THE
STATE ACCIDENT FUND DURING SAID FISCAL YEAR, AND
SHALL AUTHORIZE IN THE SAME MANNER AS OTHER DIS-
BURSEMENTS FROM THE STATE ACCIDENT FUND ARE
AUTHORIZED, THE AMOUNT THEREOF TO BE TRANS-
FERRED FROM SAID FUND BY THE TREASURER TO THE
STATE TREASURY TO REIMBURSE THE STATE FOR THE
MONEYS SO APPROPRIATED AND EXPENDED IN CONDUCT-
ING AND ADMINISTERING THE STATE ACCIDENT FUND
FOR SUCH FISCAL YEAR.

71.

(A) THERE IS HEREBY CREATED AS PART OF THE DE-
PARTMENT OF PERSONNEL AN AGENCY OF THE STATE
TO BE KNOWN AS THE "COMMISSIONERS OF THE STATE
ACCIDENT FUND," TO BE COMPOSED OF FIVE COMMIS-
SIONERS APPOINTED BY THE SECRETARY OF PERSONNEL,
SUBJECT TO THE APPROVAL OF THE GOVERNOR, WITH
THE POWERS AND DUTIES HEREINAFTER PRESCRIBED.
THE COMMISSIONERS SHALL BE SELECTED FROM AMONG
THE EMPLOYERS, EMPLOYEES OR OTHER CITIZENS OF
THE STATE, AS THE SECRETARY OF PERSONNEL AND THE
GOVERNOR MAY DETERMINE. [UPON JUNE 1, 1949, ALL OF
THE TERMS OF THE COMMISSIONERS IN OFFICE AS OF
THAT DATE SHALL TERMINATE AND THE GOVERNOR
SHALL APPOINT ONE COMMISSIONER WHO SHALL HOLD
OFFICE FOR A TERM OF ONE YEAR, AND ONE COMMIS-
SIONER FOR TWO, THREE, FOUR AND FIVE YEARS RE-
SPECTIVELY; THEREAFTER APPOINTMENTS] APPOINT-
MENTS SHALL BE FOR TERMS OF FIVE YEARS EACH. EACH
COMMISSIONER SHALL HOLD OFFICE UNTIL HIS SUCCES-
SOR SHALL BE APPOINTED AND SHALL HAVE QUALIFIED.
VACANCIES SHALL BE FILLED BY THE SECRETARY OF
PERSONNEL, WITH THE APPROVAL OF THE GOVERNOR,
FOR THE UNEXPIRED TERM. SAID COMMISSIONERS SHALL