HARRY W. NICE, GOVERNOR. 15

this Act, which files with the Board its written election
to become an employer subject hereto for not less than two
calendar years, shall, with the written approval of such
election by the Board become an employer subject hereto
to the same extent as all other employers, as of the date
stated in such approval, and shall cease to be subject hereto
as of January 1 of any calendar year subsequent to such
two calendar years, only if at least thirty days prior to
such 1st day of January, it has filed with the Board a
written notice to that effect.

(2) Any employing unit for which services that do not
constitute employment as defined in this Act are performed,
may file with the Board a written election that all such
services performed by individuals in its employ in one or
more distinct establishments or places of business shall be
deemed to constitute employment for all the purposes of
this Act for not less than two calendar years. Upon the
written approval of such election by the Board, such ser-
vices shall be deemed to constitute employment subject to
this Act from and after the date stated in such approval.
Such services shall cease to be deemed employment subject
hereto as of January 1 of any calendar year subsequent
to such two calendar years, only if at least thirty days
prior to such 1st day of January such employing unit has
filed with the Board a written notice to that effect.

UNEMPLOYMENT COMPENSATION FUND.
9. (a) ESTABLISHMENT AND CONTROL.

There is hereby established as a special fund in the State
Treasury, separate and apart from all public moneys or
funds of this State, an unemployment 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 section 14 of
this Act; (2) all fines and penalties collected pursuant to
the provisions of this Act; (3) interest earned upon any
moneys in the fund; (4) any property or securities
acquired 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