§383-122  Accounts and deposit.  The
director 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 receipt
thereof by the director of finance, shall be immediately deposited in the
clearing account.  The director of finance of the State shall be the treasurer
and custodian of the fund and shall administer the fund in accordance with
directions of the department of labor and industrial relations.



All moneys in the clearing account after
clearance thereof shall, except as herein otherwise provided, be deposited
immediately with the Secretary of the Treasury of the United States 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, 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 State
to the contrary notwithstanding.  Refunds of contributions payable pursuant to
section 383-76 and section 383-7(6) may be paid from the clearing account or
the benefit account.  The benefit account shall consist of all moneys requisitioned
from the State's account in the unemployment trust fund in the United States
treasury.  Except as herein otherwise provided, moneys in the clearing and
benefit accounts may be deposited in any depositary bank in which general funds
of the State may be deposited, but no public deposit insurance charge or
premium shall be paid out of the fund.  Moneys in the clearing and benefit
accounts shall not be commingled with other state funds, but shall be
maintained in separate accounts on the books of the depositary bank.  The money
shall be secured by the depositary bank to the same extent and in the same
manner as required by the general depositary law of this State; and collateral
pledged for this purpose shall be kept separate and distinct from any collateral
pledged to secure other funds of the State.  The director of finance shall be
liable on the director's official bond for the faithful performance of the
director's duties in connection with the unemployment compensation fund
provided for under this chapter.  The liability on the official bond shall be
effective immediately upon the enactment of this provision.  All sums recovered
on such surety bond for losses sustained by the unemployment compensation fund
shall 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 L
1963, c 114, §1; HRS §383-122; gen ch 1985; am L 1987, c 119, §6]