[§393-44]  Investment of moneys.  With
the approval of the department the director of finance may, from time to time,
invest such moneys in the premium supplementation fund as are in excess of the
amount deemed necessary for the payment of benefits for a reasonable future
period.  Such moneys may be invested in bonds of any political or municipal
corporation or subdivision of the State, or any of the outstanding bonds of the
State, or invested in bonds or interest-bearing notes or obligations of the
State (including state director of finance's warrant notes issued pursuant to
chapter 40), or of the United States, or those for which the faith and credit
of the United States are pledged for the payment of principal and interest, or
in federal land bank bonds or joint stock farm loan bonds.  The investments
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 fund only under the direction of the director of labor and industrial
relations. [L 1974, c 210, pt of §1]