HARRY HUGHES, Governor

1521

(b)    The State Treasurer shall be ex officio the
treasurer and custodian of the fund, who shall administer
such fund in accordance with such regulations as the
Executive Director shall prescribe. He shall maintain
within the fund three separate accounts: (1) A clearing
account, (2) an unemployment trust fund account, and (3) a
benefit account. All moneys payable to the fund, upon
receipt thereof by the Executive Director, shall be
forwarded to the Treasurer who shall immediately deposit
them in his name as treasurer of the said fund in the
clearing account. Interest, penalties and fines shall be
paid from the clearing account to the Special Administrative
Expense Fund. Refunds payable pursuant to §§ 15 and 20(g)
[(7) (B)] (8) (I) of this article may be paid from the
clearing account[,] or the benefit account by the Treasurer
under the direction of the Executive Director. After
clearance thereof, all other moneys in the clearing account
shall be immediately deposited with the Secretary of the
Treasury of the United States of America to the credit of
the account of this State in the unemployment trust fund,
established and maintained pursuant to § 904 of the Social
Security Act, as amended, any provisions of law in this
State relating to the deposit, administration, release, or
disbursement of moneys in the possession or custody of this
State to the contrary notwithstanding. The benefit account
shall consist of all moneys requisitioned from this State's
account in the unemployment trust fund. Moneys in the
clearing and benefit accounts may be deposited by the
Treasurer under the direction of the Executive Director in
any bank or public depository in which general funds of the
State may be deposited but no public deposit insurance
charge or premium shall be paid out of the fund. The
Treasurer shall give a separate bond conditioned upon the
faithful performance of his duties as custodian of the fund
in an amount fixed by the Executive Director and in a form
prescribed by law or approved by the Attorney General.
Premiums for said bond shall be paid from the Administration
Fund.

(c)    (1) Moneys shall be requisitioned from this
State's account in the unemployment trust fund solely for
the payment of benefits and for the payment of refunds
pursuant to §§ 15 (b) and 20 (g) [(7) (B)] (8) (I) and in
accordance with regulations prescribed by the Executive
Director, except that money credited to this State's account
pursuant to § 903 of the Social Security Act, as amended,
shall be used exclusively as provided in subsection (d) (2)
of this section. The Executive Director shall from time to
time requisition from the unemployment trust fund such
amounts, not exceeding the amounts standing to its account
thereof, as he deems necessary for the payment of such
benefits and refunds for a reasonable future period. Upon
receipt thereof the Treasurer shall deposit such moneys in
the benefit account for the payment of benefits and refunds
solely from such benefit account.

12.