HERBERT R. O'CONOR, GOVERNOR. 911

his rate from the date the transfer occurred through the
next June 30 shall be a recomputed rate based on the com-
bined experience of his predecessors as of the regular com-
putation date for the fiscal year in which the transfer
occurred.

In all cases, from and after July 1 following the transfer,
the successor's rate of contribution for each fiscal year
shall be based on his experience with pay rolls and benefits
combined with the experience of his predecessor or prede-
cessors, as of the regular computation date for that fiscal
year. A successor employer shall be deemed to have met
the requirements of sub-section (c) (3) of this Section if
he or any one of his predecessors has had the 36-month
experience with benefit charges and the 4-year experience
with pay rolls which is required by sub-section (c) (3), and
if his pay roll for the preceding calendar year did not
exceed 150 per cent of his or his predecessor's pay roll in
the calendar year 1940. In the event any employer did not
report a pay roll for the year 1940, the pay roll for the first
calendar year thereafter reported shall be substituted for
the year 1940.

7. (c) (7) As used in this sub-section:
(i) The term "fiscal year" means the 12-month period
from July 1 of each year through June 30 of the next year.

(ii) The term "computation date" with respect to rates
of contribution for any fiscal year means March 31 of the
preceding fiscal year.

(iii) The term "annual pay roll" means the total amount
of wages for employment paid by an employer within any
calendar year with respect to which contribution have
been paid on or before the computation date.

(iv) The term "principal base period employer" means
the employer by whom an individual was paid the largest
amount of his base period wages.

(v) The term "base period wages" means the wages paid
to an individual during his base period for insured work.

UNEMPLOYMENT COMPENSATION FUND

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 unemployment compensation fund, which shall be ad-
ministered by the Board exclusively for the purposes of
this Act. This fund shall consist of (1) all contributions
collected under this Act; (2) interest earned upon any
moneys in the fund; (3) any property or securities acquired
through the use of moneys belonging to the fund; (4)