§40-3-606. Benefit account.
264 words·~1 min read·
/ok/title-40-labor/40-3-606·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BENEFIT ACCOUNT. The benefit account shall consist of all moneys requisitioned from this state's account in the unemployment trust fund in the United States Treasury. Moneys in the clearing and benefit account may be deposited in any depository 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 depository bank. Such moneys shall be secured by said depository bank by collateral in the full amount of funds on deposit. Such security shall consist of
(1)United States Government obligations, direct or guaranteed, and
(2)direct obligations of the State of Oklahoma. Such collateral security shall be pledged at not to exceed the face value of the obligation and shall be kept separate and distinct from any collateral security pledged to secure other funds of the state. The State Treasurer
shall be liable on his official bond for the faithful performance of his duties in connection with the unemployment compensation fund. Such liability on the official bond shall be effective immediately upon the enactment of this provision, and such liability shall exist in addition to any liability upon any separate bond existent on the effective date of this provision, or which may be given in the future. All sums recovered for losses sustained by the fund shall be deposited therein. Added by Laws 1980, c. 323, § 3-606, eff. July 1, 1980.