52-03-03. Accounts to be kept within unemployment compensation fund

52-03-03. Accounts to be kept within unemployment compensation fund

The bureau shall maintain within the unemployment compensation fund the following

separate accounts:

1. The clearing account.

2. The unemployment trust fund account.

3. A benefit account.

All moneys payable to the fund, upon receipt thereof by the bureau, must be deposited

immediately in the clearing account. Refunds payable pursuant to section 52-04-14 may be paid

from the clearing account. After the clearance thereof, all other moneys in the clearing account

must be deposited immediately 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 section 904 of the Social Security Act [42 U.S.C. 1104], as amended,

notwithstanding 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.

The benefit account must consist of all moneys requisitioned from the state's account in the

unemployment trust fund. Except as otherwise provided in the North Dakota unemployment

compensation law, moneys in the clearing and benefit accounts must be deposited by the

bureau in separate interest-bearing accounts at the Bank of North Dakota, but no public deposit

insurance charge or premium may be paid out of the fund.