Okla. Stat. tit. 40, § 40-3-606
This is the official text of Okla. Stat. tit. 40, § 40-3-606, part of Oklahoma’s Stat. tit. 40, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 40,." Browse the sections below, each linked to its official government source.
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Benefit account
Official statutory text
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
Oklahoma Statutes - Title 40. Labor Page 153
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.
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
Oklahoma Statutes - Title 40. Labor Page 153
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.
Status: in_force · Read it on the official government site
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