§383-124  Relation to unemployment trust
fund.  Sections 383-121 to 383-123 to the extent that they relate to the
unemployment trust fund, shall be operative only so long as the unemployment
trust fund continues to exist, and so long as the Secretary of the Treasury of
the United States continues to maintain for the State a separate account of all
funds deposited therein by the State for benefit purposes, together with the
State's proportionate share of the earnings of such unemployment trust fund,
from which no other state or territory is permitted to make withdrawals.  If
and when the unemployment trust fund ceases to exist, or the separate account
is no longer maintained, all moneys, properties, or securities therein, to the
credit of the unemployment compensation fund of the State, are returnable to
the director of finance of the State who shall hold, invest, transfer, sell,
deposit, and release such moneys, properties, or securities in a manner
approved by the department of labor and industrial relations in accordance with
this chapter.  The moneys shall be invested in the following readily marketable
classes of securities:  bonds or other interest-bearing obligations of the
United States, or other securities which may be acquired under the sinking fund
laws of the State; provided that the investment shall at all times be so made
that all the assets of the fund shall always be readily convertible into cash
when needed for the payment of benefits.  The director of finance shall dispose
of securities or other properties belonging to the unemployment compensation
fund only under the direction of the department. [L 1939, c 219, §9(d); RL
1945, §4266; RL 1955, §93-123; am L Sp 1959 2d, c 1, §27; HRS §383-124]