§ 28-42-24 - Custody and investment of fund or discontinuance of unemployment trust fund.
SECTION 28-42-24
§ 28-42-24 Custody and investment of fundor discontinuance of unemployment trust fund. – Sections 28-42-18 – 28-42-23, to the extent that they relate to theunemployment trust fund, shall be operative only so long as that unemploymenttrust fund continues to exist and so long as the Secretary of the Treasury ofthe United States continues to maintain for this state a separate book accountof all funds deposited in that fund by this state for benefit purposes,together with this state's proportionate share of the earnings of thatunemployment trust fund, from which no other state is permitted to makewithdrawals. If and when that unemployment trust fund ceases to exist, or theseparate book account is no longer maintained, all moneys, properties, orsecurities in it, belonging to the employment security fund of this state shallbe requisitioned by the director, and shall be transferred to the generaltreasurer as the custodian of the fund, who shall hold, invest, transfer, sell,deposit, and release those moneys, properties, or securities in a mannerapproved by the director in accordance with chapters 42 – 44 of thistitle. These moneys shall be invested in the classes of securities legal forthe investment of public moneys of this state, and this investment shall at alltimes be so made that all the assets of the fund shall always be readilyconvertible into cash when needed for the payment of benefits. The treasurershall dispose of securities or other properties belonging to the employmentsecurity fund only under the direction of the director.