HARRY W. NICE, GOVERNOR. 17

custody. All warrants issued by the Treasurer for the
payment of benefits and refunds shall bear the signature
of the Treasurer and the counter-signature of a member
of the Board or its duly authorized agent for that purpose.
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 unemployment trust
fund, as provided in subsection (b) of this section.

(d) MANAGEMENT OF FUNDS UPON DISCONTIN-
UANCE OF UNEMPLOYMENT TRUST FUND.

The provisions of subsections (a), (b), and (c) to the
extent 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 earn-
ings 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book account is no longer maintained, all moneys, proper-
ties, or securities therein, belonging to the unemployment
compensation fund of this State shall be transferred to
the State Treasury and deposited in the unemployment
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 accord-
ance with the provisions of this Act: PROVIDED, That
such moneys shall be invested in the following readily
marketable classes of securities: Bonds or other interest-
bearing obligations of the United States of America, the
State of Maryland, or political 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 belonging to the
unemployment compensation fund only under the direc-
tion of the Board,