§383-122  Accounts and deposit.  Thedirector of finance shall maintain within the fund three separate accounts:

(1)  A clearing account;

(2)  An unemployment trust fund account;

(3)  A benefit account.

All moneys payable to the fund, upon receiptthereof by the director of finance, shall be immediately deposited in theclearing account.  The director of finance of the State shall be the treasurerand custodian of the fund and shall administer the fund in accordance withdirections of the department of labor and industrial relations.

All moneys in the clearing account afterclearance thereof shall, except as herein otherwise provided, be depositedimmediately with the Secretary of the Treasury of the United States to thecredit of the account of this State in the unemployment trust fund, establishedand maintained pursuant to section 904 of the Social Security Act, as amended,any provisions of law in this State relating to the deposit, administration,release, or disbursement of moneys in the possession or custody of this Stateto the contrary notwithstanding.  Refunds of contributions payable pursuant tosection 383-76 and section 383-7(6) may be paid from the clearing account orthe benefit account.  The benefit account shall consist of all moneys requisitionedfrom the State's account in the unemployment trust fund in the United Statestreasury.  Except as herein otherwise provided, moneys in the clearing andbenefit accounts may be deposited in any depositary bank in which general fundsof the State may be deposited, but no public deposit insurance charge orpremium shall be paid out of the fund.  Moneys in the clearing and benefitaccounts shall not be commingled with other state funds, but shall bemaintained in separate accounts on the books of the depositary bank.  The moneyshall be secured by the depositary bank to the same extent and in the samemanner as required by the general depositary law of this State; and collateralpledged for this purpose shall be kept separate and distinct from any collateralpledged to secure other funds of the State.  The director of finance shall beliable on the director's official bond for the faithful performance of thedirector's duties in connection with the unemployment compensation fundprovided for under this chapter.  The liability on the official bond shall beeffective immediately upon the enactment of this provision.  All sums recoveredon such surety bond for losses sustained by the unemployment compensation fundshall be deposited in the fund. [L 1939, c 219, §9(b); am L 1941, c 304, §1,subs 29; RL 1945, §4264; RL 1955, §93-121; am L Sp 1959 2d, c 1, §§14, 27; am L1963, c 114, §1; HRS §383-122; gen ch 1985; am L 1987, c 119, §6]