HERBERT R. O'CONOR, GOVERNOR. 621

(c) (1) An employing unit, not otherwise subject to 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
during January of such year 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 serv-
ices performed by the 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 services 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 during January of such year it has filed with the Board a
written notice to that effect.

UNEMPLOYMENT COMPENSATION FUND

9. (d) Management of Funds Upon Discontinuance of Un-
employment Trust Fund. The provisions of Sub-sections (a),
(b), and (c) to the extent that they relate to the unemploy-
ment trust fund, shall be operative only so long as such un-
employment 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 pur-
poses, together with this State's proportionate share of the
earnings of such unemployment trust fund, from which no
other State is permitted to make withdrawals. If and when
such unemployment trust fund ceases to exist, or such sepa-
rate book account is no longer maintained, all moneys, prop-
erties, or securities therein, belonging to the unemployment
compensation fund of this State shall be transferred to the
State Treasury and deposited in the unemployment compen-
sation 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 Act; provided, that such moneys shall be
invested in the following readily marketable classes of securi-