SEC. 71-5-453. Accounts and deposits.
The state treasurer shall be the ex officio treasurer and custodian of the fund, and shall administer such fund in accordance with the directions of the commission, and shall issue his warrants upon it in accordance with such regulations as the commission shall prescribe. He shall maintain within the fund three (3) separate accounts: (a) a clearing account, (b) an unemployment trust fund account, and (c) a benefit account. All moneys payable to the fund, upon receipt thereof by the commission, shall be forwarded to the treasurer, who shall immediately deposit them in the clearing account. Refunds payable pursuant to section 71-5-383 may be paid from the clearing account upon warrants issued by the treasurer under the direction of the commission. Transfers pursuant to section 71-5-114 of all interest, penalties and damages collected shall be made to the special employment security administration fund as soon as practicable after the end of each calendar quarter. All other moneys in the clearing account shall be immediately deposited with the secretary of the treasury of the United States of America to the credit of the account of this state in the unemployment trust fund, established and maintained pursuant to section 904 of the Social Security Act, as amended, any provisions of law in this state relating to the deposit, administration, release, or disbursement of moneys in the possession or custody of this state to the contrary notwithstanding. The benefit account shall consist of all moneys requisitioned from this state's account in the unemployment trust fund. Except as herein otherwise provided, moneys in the clearing and benefit accounts may be deposited by the treasurer, under the direction of the commission, in any bank or public depository 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. The state treasurer shall be liable on his official bond for the faithful performance of his duties in connection with the unemployment compensation fund under this chapter.
SOURCES: Codes, 1942, Sec. 7395; Laws, 1940, ch. 295; 1958, ch. 536, Sec. 1(b); 1964, ch. 448, Sec. 1(b); 1982, ch. 383, Sec. 4, eff from and after July 1, 1982.