HARRY W. NICE, GOVERNOR. 599

tated Code of Maryland, title "Unemployment Compensa-
tion", sub-title "Unemployment Compensation Fund", sub-
headings "Establishment and Control", "Accounts and De-
posit" and "Withdrawals", as said Article was enacted by
Chapter 1 of the Acts of the Extraordinary Session of De-
cember, 1936, relating to the duties of the State Treasurer
as Treasurer and custodian of the Unemployment Compen-
sation Fund.

SECTION 1. Be it enacted ly the General Assembly of Mary-
land, That Sub-sections (a), (b) and (c) of Section 9 of Arti-
cle 95A of the Annotated Code of Maryland, title "Unemploy-
ment Compensation", sub-title "Unemployment Compensation
Fund", sub-headings "Establishment and Control", "Accounts
and Deposits" and "Withdrawals", as said Article was enacted
by Chapter 1 of the Acts of the Extraordinary Session of
December, 1936, be and they are hereby repealed and re-enacted
with amendments to read as follows:

9. (a) ESTABLISHMENT AND CONTROL.

There is hereby established as a special fund, separate and
apart from all public moneys or funds of this State, an unem-
ployment compensation fund, which shall be administered by
the Board exclusively for the purposes of this Act. This fund
shall consist of (1) all contributions collected under this Act,
together with any interest thereon collected pursuant to Sec-
tion 14 of this Act; (2) all fines and penalties collected pur-.
suant to the provisions of this Act; (3) interest earned upon
any moneys in the fund; (4) any property or securities ac-
quired through the use of moneys belonging to the fund; and
(5) all earnings of such property or securities. All moneys in
the fund shall be mingled and undivided.

(b) ACCOUNTS AND DEPOSIT.

The State Treasurer shall be ex officio the Treasurer and
custodian of the Fund, who shall administer such fund in
accordance with such regulations as the Board shall pre-
scribe. He shall maintain within the fund three separate
accounts: (1) A clearing account, (2) an unemployment trust
fund account, and (3) a benefit account. All moneys pay-
able to the fund, upon receipt thereof by the Board, shall
be forwarded to the Treasurer who shall immediately
deposit them in his name as Treasurer of the said Fund in
the clearing account. Refunds payable pursuant to Section
14 of this Act may be paid from the clearing account by the
Treasurer under the direction of the Board. After clearance
thereof, all other moneys in the clearing account shall be