UNEMPLOYMENT COMPENSATION 3529

The benefit account shall consist of all moneys requisitioned from this
State's account in the unemployment trust fund. Moneys in the clearing
and benefit accounts may be deposited by the Treasurer under the direc-
tion of the Board in any bank or public depository in which general funds
of the State may be deposited, but no public deposit insurance charge or
premium shall be paid out of the fund. The Treasurer shall give a sepa-
rate bond conditioned upon the faithful performance of his duties as
custodian of the Fund in an amount fixed by the Board and in a form pre-
scribed by law or approved by the Attorney General. Premiums for said
bond shall be paid from the administration fund.

(c) (Withdrawals.) Moneys shall be requisitioned from this State's
account in the unemployment trust fund solely for the payment of bene-
fits and in accordance with regulations prescribed by the Board. The
Board shall from time to time requisition from the unemployment trust
fund such amounts, not exceeding the amounts standing to its account
thereof, as it deems necessary for the payment of benefits for a reasonable
future period. Upon receipt thereof the Treasurer shall deposit such
moneys in the benefit account for the payment of benefits solely from such
benefit account. Expenditures of such moneys in the benefit account and
refunds from the clearing account shall not be subject to any provisions of
law requiring specific appropriations or other formal release by State
officers of money in their custody. All checks issued by the Treasurer
for the payment of benefits and refunds shall bear the signature, or fac-
simile signature, of the Treasurer, and be countersigned by the duly
authorized agent or agents, of the Board; and all such checks shall be issued
only upon the warrant of the Board signed by at least one of the members
of said Board. Any balance of moneys requisitioned from the unemploy-
ment trust fund which remains unclaimed or unpaid in the benefit account
after the expiration of the period for which such sums were requisitioned
shall either be deducted from estimates for, and may be utilized for the
payment of, benefits during succeeding periods, or, in the discretion of the
Board, shall be redeposited with the Secretary of the Treasury of the
United States of America, to the credit of this State's account in the unem-
ployment trust fund, as provided in sub-section (b) of this section.

(d) (Management of Funds upon Discontinuance of Unemployment
Trust Fund.) The provisions of subsections (a), (b), and (c) to the ex-
tent that they relate to the unemployment trust fund, shall be operative
only so long as such unemployment trust fund continues to exist and so
long as the Secretary of the Treasury of the United States of America
continues to maintain for this State a separate book account of all funds
deposited therein by this State for benefit purposes, together with this
State's proportionate share of the earnings of such employment trust fund,
from which no other State is permitted to make withdrawals. If and when
such unemployment trust fund ceases to exist, or such separate book
account is no longer maintained, all moneys, properties, or securities
therein, belonging to the unemployment compensation fund of this State
shall be transferred to the State Treasury and deposited in the unemploy-
ment compensation fund. The Treasurer shall hold, invest, transfer, sell,
deposit, and release such moneys, properties, or securities in a manner
approved by the Board, in accordance with the provisions of this Article:
Provided, That such moneys shall be invested in the following readily
marketable classes of securities: Bonds or other interest-bearing obliga-
tions of the United States of America, the State of Maryland, or political