§ 1388 - -Invalidity of acts - Vermont Statutes

§ 1388. -Invalidity of acts

If the federal Social Security Act or the federal Unemployment Tax Act shall be finally held and determined to be wholly invalid or shall be repealed, then this chapter shall become wholly inoperative and ineffective except only that thereafter the commissioner shall continue in office for the purpose of (1) recovering any moneys on deposit with the secretary of the treasury of the United States and the redistribution to contributors of all moneys on hand in proportion to contributions received, said redistribution to be under the direction of a presiding judge of a superior court upon an action brought by the commissioner against five or more employers, and (2) doing any other act or thing necessary or proper to liquidate assets and discharge obligations of the office. (Amended 1959, No. 329 (Adj. Sess.), § 22, eff. March 1, 1961; 1961, No. 210, § 15, eff. July 11, 1961.)