§ 52-03-06 — Discontinuance of unemployment trust fund - Management of funds

North Dakota § 52-03-06

• Jurisdiction: North Dakota
• Title 52: Social Security
• Ch. 52-03: Unemployment Compensation Fund

Text

The provisions of this chapter, to the extent that they relate to the unemployment trust fund,
are operative only as long as such unemployment trust fund continues to exist and as the
secretary of the treasury of the United States continues to maintain for this state a separate
book account of all funds deposited therein by this state for benefit purposes, 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to exist, or such separate book account is no longer maintained, all moneys, properties, or
securities therein belonging to the unemployment compensation fund of this state must be
transferred to the treasurer of the unemployment compensation fund, who shall hold, invest,
transfer, sell, deposit, and release such moneys, properties, or securities in a manner approved
by the bureau in accordance with the provisions of the North Dakota unemployment
compensation law. Such moneys must be invested in bonds or other interest-bearing obligations
of the United States or of the state of North Dakota. Such investments must be made so that all
the assets of the fund shall always be readily convertible into cash when needed for the
payment of benefits. The treasurer shall dispose of the securities or other properties belonging
to the unemployment compensation fund only under the direction of the bureau.