Section 8-408 - Discontinuance of Unemployment Trust Fund. - Maryland Statutes

§ 8-408. Discontinuance of Unemployment Trust Fund.
 

(a)  Application.- The provisions of this Part I of this subtitle that relate to the Unemployment Trust Fund shall be effective only while: 

(1) the Unemployment Trust Fund continues to exist; and 

(2) the United States Secretary of the Treasury: 

(i) keeps in the Unemployment Trust Fund a separate account for the State from which no other state is allowed to make withdrawals; and 

(ii) credits to that Account the State's share of earnings of the Unemployment Trust Fund. 

(b)  Transfer of money.- If the Unemployment Trust Fund ceases to exist or the State Unemployment Trust Fund Account no longer is kept, money, property, and securities that belong to the Unemployment Trust Fund of the State shall be transferred to the State Treasury and deposited in the Unemployment Insurance Fund. 

(c)  Fund management.- If money is deposited in the Unemployment Insurance Fund under subsection (b) of this section the State Treasurer: 

(1) shall hold, invest, transfer, sell, deposit, and release money in the Unemployment Insurance Fund in a manner that is approved by the Secretary and is in accordance with this title; 

(2) shall invest the money in readily marketable bonds or other readily marketable interest bearing obligations of: 

(i) the United States; 

(ii) the State; or 

(iii) a political subdivision of the State; 

(3) shall make investments that are readily convertible into cash when cash is needed to pay benefits; and 

(4) may dispose of securities or other property bought with money that belongs to the Unemployment Insurance Fund only under the direction of the Secretary. 
 

[An. Code 1957, art. 95A, § 10; 1991, ch. 8, § 2.]