Section 54: Depositaries; insurance charge; commingling funds
93 words·~1 min read·
/ma/part-i/title-xxi/chapter-151a/54·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 54. Except as otherwise provided in this chapter, moneys in the clearing and benefit accounts and the contingent fund may be deposited in any depositary bank in which general funds of the commonwealth may be deposited, but no public deposit insurance charge or premium shall be paid out of the Unemployment Compensation Fund or the contingent fund.
Moneys in the clearing and benefit accounts and the contingent fund shall not be commingled with other funds of the commonwealth, but shall be maintained as separate accounts on the books of the depositary bank.