The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1937-01-07

Act. This fund shall consist of Cd
all contributions collected under
this Act, together with any interest
thereon collected pursuant to Sec
ton IA of this Act; CD all fines and
penalties collected pursuant to the
provisions of this Act; CD interest
earned upon any moneys in the
fund; (4) any property or securities
acquired through the use of moneys
belonging to the fund; and 60 all
earnings of such property or securi-
ties. All moneys in the fund shall
be mingled and undivided except as
otherwise provided in section 4.
| CD Accounts and Deposits. The
State Treasurer shall be ex officio
the treasurer and custodian of the
fund, who shall administer such
fund in accordance with the direc-
tons of the commission and shall
issue his warrants upon it in &C
cordance with such regulations as
the commission shall prescribe. He
shall maintain within the fund three
separate accounts; Cd a clearing
account, CD an unemployment trust
fund account, and CD a benefit &C
count. 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 &C
count. Refunds payable pursuant to
section IA of this Act may be paid
from the clearing account upon
warrants issued by the treasurer
under the direction of the commits
sion. After clearance thereof, all
other moneys in the clearing &C
count shall be Immediately deposit
ed with the Secretary of the Treas
ury 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 pro-
visions of law in this State relating
to the deposit, administration, re-
lease, or disbursement of moneys in
the possession or custody of this
State to the contrary notwithstand-
ing. The benefit account shall con-
siSt of all moneys requisitioned from
this States account in the unem-
ployment trust fund, and shall be
used exclusively for the payment
of benefits as provided in this Act
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 banks 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 treasurer shall
give separate bond conditioned
upon the faithful performance of
his duties as custodian of the fund
in an amount fixed by the commits
sion and in a form prescribed by
law or approved by the Attorney
General. Premiums for said bond
shall be paid from the administra-
ton fund.
Co Withdrawals. Moneys shall
be requisitioned from this States
account in the unemployment trust
fund solely for the payment of
benefits and in accordance with
regulations prescribed by the COM
mission. The commission shall
from time to time requisition from
the unemployment trust fund such
amounts, not exceeding the amounts
standing to its account therein, as
1T deems necessary for the payment
Of benefits for a reasonable future
period. Upon receipt thereof the
treasurer shall deposit such moneys
in the benefit account and shall
issue his warrants for the payment
OF benefits solely from such benefit
account. Expenditures of such
moneys in the benefit account and
refunds from the clearing account
shall not be subject to any pro-
visions of law requiring specific ap-
preparations or other formal re-
lease by State officers of money in
their custody. All warrants issued
by the treasurer for the payment
of benefits and refunds shall bear
the signature of the treasurer and
the counterSignature of a member
OF the commission or its duly
authorized agent for that purpose.
Any balance of moneys requisitioned
from the unemployment trust fund
. which remains unclaimed or unpaid
in the benefit account after the ex-
piration of the period for which
such sums were requisitioned shall
either be deducted from estimates
for, and may be utilized for the pay
!; ment Of, benefits during succeeding
periods, or, in the discretion of the
commission, shall be re-deposited
with the Secretary of the Treasury
Of the United States of America, to
the credit of this States account in
the unemployment trust fund, as
provided in subsection (b) of this
section.
Section 4. CONTRIBUTIONS.
; (aD Payments. Cd On and after
January 1, 1886, contributions shall
accrue and become payable by each
employer for each calendar year in
which he is subject to this Act, with
respect to wages payable for en-
ployment Gas defined in Section 2
CID occurring during such calendar
year. Such contributions shall be-
come due and be paid by each en-
ployer to the commission for the
fund in accordance with such regu-
lations as the commission may pre-
scribe, and shall not be deducted,
in whole or in part, from the wages
Of individuals in his employ. No
rule of the commission shall be put
in force which will permit the pay
ment of such contribution at a
time or under conditions which will
not allow the employer to take
credit for such contribution against
the tax imposed by Title TX of the
Social Security Act.
CD In the payment of any con-
tribution, a fractional part of cent
shall be disregarded unless it
amounts to one-half cent or more,
in which case it shall be increased
to one cent.
(b) Rate of Contribution. Each
employer shall pay contributions
equal to the following percentages of
wages payable by him with respect
to employment:
| Cd Nine-tenths Of one per