3530 ARTICLE 95A

subdivisions of the State of Maryland; and provided further, That such
investment shall at all times 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 be-
longing to the unemployment compensation fund only under the direction
of the Board.

(e) (Railroad Unemployment Insurance.) Notwithstanding any re-
quirements of the foregoing sub-sections of this section, the Board shall,
prior to whichever is the later of (1) thirty days after the close of this ses-
sion of the Legislature and (2) July 1, 1939, authorize and direct the
Secretary of the Treasury of the United States to transfer from this State's
account in the Unemployment Trust Fund, established and maintained
pursuant to Section 904 of the Social Security Act as amended, to the
Railroad Unemployment Insurance Account, established and maintained
pursuant to Section 10 of the Railroad Unemployment Insurance Act,
an amount hereinafter referred to as the preliminary amount; and shall,
prior to whichever is the later of (1) thirty days after the close of this
session of the Legislature and (2) January 1, 1940, authorize and direct
the Secretary of the Treasury of the United States to transfer from this
State's account to said Unemployment Trust Fund to said Railroad Un-
employment Insurance Account an additional amount, hereinafter referred
to as the liquidating amount. The Social Security Board shall determine
both such amounts after consultation with the Board and the Railroad
Retirement Board. The preliminary amount shall consist of that propor-
tion of the balance in the Unemployment Compensation Fund as of June
30, 1939, as the total amount of contributions collected from "employers"
(as the term "employer" is defined in Section 1 (a) of the Railroad Unem-
ployment Insurance Act) and credited to the Unemployment Compensa-
tion Fund bears to all contributions theretofore collected under this Article
and credited to the Unemployment Compensation Fund. The liquidating
amount shall consist of the total amount of contributions collected from
"employers" (as the term "employer" is defined in Section 1 (a) of the
Railroad Unemployment Insurance Act) pursuant to the provisions of
this Article during the period July 1, 1939, to December 31, 1939,
inclusive.

Administration.

1936 (Dec. Sp. Sess.), ch. 1, sec. 10. 1937, ch. 314, sec. 10.

10. (a) (Unemployment Compensation Board.) The adminstration
of this Article is hereby placed under the direction and supervision of the
Unemployment Compensation Board which Board shall consist of a Chair-
man and two associate members, who shall each take the oath prescribed
by the Constitution before entering upon the duties of his office. William
Milnes Maloy shall be the first Chairman of the Board and shall hold
office until June 1, 1943; Joseph P. McCurdy shall be an associate mem-
ber of the Board, and shall hold office until June 1, 1939; and Russell S.
Davis shall be the other member, and shall hold office until June 1, 1941.
Upon the expiration of each of said terms, the Governor, by and with the
advice and consent of the Senate, shall appoint a successor who shall hold
office for the term of six years, and until his successor is duly appointed
and qualified. Any vacancy occurring during a term shall be filled by the
Governor, by and with the advice and consent of the Senate, for the unex-