PHILLIPS LEE GOLDSBOROUGH, ESQ., GOVERNOR. 1625

ployer employing not less than fifteen hundred (1500) em-
ployees may establish an insurance fund from sums contrib-
uted by himself and his employees upon condition that he under-
take and agree to make up any deficiency in insurance benefits
that may arise out of the inadequacy of such fund. Such fund
shall be inviolably appropriated as a trust fund for the purposes
of such insurance and shall not be invested otherwise. Provis-
ion shall be made for the election by the insured employees of
an advisory committee, which shall be kept informed regarding
the state of the insurance fund, and shall have the right to exam-
ine the books kept in connection therewith. Such books shall
also be subject to the inspection of the Insurance Commissioner
of this State in the same manner as books of insurance com-
panies .doing business in this State.

Upon the request of the employer or upon the request of the
advisory committee, the Insurance Commissioner shall act as
depository of the securities in which such funds may be invested.

If any employer desires to discontinue an insurance fund
maintained by him, or if he discontinues his business without
transferring the same to a successor or assign, taking over and
agreeing to maintain such fund, he shall notify the Insurance
Commissioner of his purpose, who shall thereupon supervise the
disposition of the insurance fund. Such fund shall be distrib-
uted among those equitably entitled to it according to their
contribution (not taking into consideration expenses of the man-
agement), and where those entitled to any part of the fund can
not be .discovered or ascertained the money remaining unclaimed
shall be paid into the Insurance Department, to be held and
disposed of as may be provided by law.

The Insurance Commissioner shall be entitled to be paid out
of such fund the reasonable expenses of his supervision, includ-
ing a compensation not to exceed ten dollars per day for the time
of any person or persons (other than a salaried employee of his
office) employed by him for the purpose of such supervision
necessarily spent in connection therewith.

Compensation Regardless of Negligence.
SEC. 3. Such insurance shall cover the risk of personal
injury by accident arising out of and in course of the employ-
ment resulting in death, provided death occur within twelve
months from the time of such injury, or resulting in disability,
whether the same be total or partial, permanent or temporary.
But no one shall be entitled to any benefit hereunder where the
injury is the result of the employee's intoxication, or wilful and
deliberate act or deliberate intention to produce, such injury.