WM. PRESTON LANE, JR., GOVERNOR 387

11.

(a) (Duties and Powers of Board.) It shall be the duty
of the Board to administer this Article; and it shall have
power and authority to adopt, amend, or rescind such rules
and regulations, to employ such persons, make such expendi-
tures, require such reports, make such investigations, and
take such other action as it deems necessary or suitable to
that end. Such rules and regulations shall be effective upon
publication in the manner, not inconsistent with the provisions
of this Article, which the Board shall prescribe. The Board
shall determine its own organization methods of procedure
in accordance with the provisions of this Article and shall
have an official seal which shall be judicially noticed. Not
later than the 1st day of [February] January of each year,
the Board shall submit to the Governor a report covering the
administration and operation of this Article during the pre-
ceding [calendar year] fiscal year ending June 30th and
shall make such recommendations for amendments to this
Article as the Board deems proper. Such report shall include
a balance sheet of the moneys in the fund in which there
shall be provided, if possible, a reserve against the liability in
future years to pay benefits in excess of the then current con-
tributions, which reserve shall be set up by the Board in
accordance with accepted actuarial principles on the basis
of statistics of employment, business activity, and other
relevant factors for the longest possible period. Whenever
the Board believes that a change in contribution or benefit
rates will become necessary to protect the solvency of the
fund, it shall promptly so inform the Governor and the Legis-
lature, and make recommendations with respect thereto.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1950.

Approved March 28, 1950.

CHAPTER 75

(House Bill 24)

AN ACT to repeal and re-enact, with amendments, Sub-

[Strike-out - see page image for text]

EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike-out indicates matter stricken out of bill.