52-03-06. Discontinuance of unemployment trust fund - Management of funds

52-03-06. Discontinuance of unemployment trust fund - Management of funds

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to exist, or such separate book account is no longer maintained, all moneys, properties, or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.