[§393-44]  Investment of moneys.  Withthe 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 theamount deemed necessary for the payment of benefits for a reasonable futureperiod.  Such moneys may be invested in bonds of any political or municipalcorporation or subdivision of the State, or any of the outstanding bonds of theState, or invested in bonds or interest-bearing notes or obligations of theState (including state director of finance's warrant notes issued pursuant tochapter 40), or of the United States, or those for which the faith and creditof the United States are pledged for the payment of principal and interest, orin federal land bank bonds or joint stock farm loan bonds.  The investmentsshall at all times be so made that all the assets of the fund shall always bereadily convertible into cash when needed for the payment of benefits.  Thedirector of finance shall dispose of securities or other properties belongingto the fund only under the direction of the director of labor and industrialrelations. [L 1974, c 210, pt of §1]