Section 57. In the event of the provisions contained in section fifty-six becoming operative
(a) The commissioner shall from time to time requisition from the state treasurer as treasurer ex officio of the trust fund such amounts of moneys as he deems necessary for the payment of benefits for a reasonable time and immediately deposit same in the benefit account for the purpose of paying benefits under the provisions of this chapter.
(b) An investment board of three members, hereinafter called the board, the membership of which shall be as provided in the following sentence, is hereby created, and shall be responsible for directing how and to what extent the fund shall from time to time be held, deposited and invested under this chapter. The board shall consist of the state treasurer, the commissioner and the chairman of the state advisory council or their authorized representatives. The board shall perform its duties by the recorded vote of any two of its members and under rules to be adopted by it. Except as otherwise provided in this section and as the board may from time to time determine, not less than twenty nor more than forty per cent of the fund shall either be deposited with the federal reserve bank of Boston, if said bank is authorized to receive and to pay interest on such deposits, or shall be deposited by the commissioner, or shall, at the direction of the board, be held in ear-marked cash either by the commissioner or by the federal reserve bank of Boston, if said bank is authorized to hold such funds for the commonwealth, or in other safe depositories selected by the board. Except as otherwise provided in said section fifty-six, the balance of the fund shall at the direction of the board be invested in any or all of the classes of securities therein referred to. If the fund is so invested, the board may purchase and sell such securities therefor at current market prices, may invest and reinvest the fund from time to time in its discretion, and may, in its discretion, borrow against its investments for current payments. To enable the board to perform its duties under this section, the commissioner shall furnish the board with any necessary assistance duly requested by the board and approved by the commissioner.
Structure Massachusetts General Laws
Part I - Administration of the Government
Title XXI - Labor and Industries
Chapter 151a - Unemployment Insurance
Section 2 - Service Deemed ''employment''; Exclusions
Section 3 - Service Within and Without Commonwealth Included in ''employment''
Section 4a - Service Included in Employment; American Employer; State
Section 6 - Service Not Included in ''employment''
Section 6a - Other Service Not Included in ''employment''
Section 8 - Employing Units Subject to Statute
Section 8a - Other Employing Units Subject to Statute
Section 8b - Domestic Service and Agricultural Labor; Employer
Section 8c - Crew Leaders; Definition; Employees of Crew Leaders
Section 9 - Individuals Employed by Unit in Several Places
Section 11 - Ceasing to Be Subject to Statute on Application
Section 12 - Determination Whether Employer Within Statute; Review; Double Costs; Reconsideration
Section 14a - Nonprofit Organizations and Governmental Employers
Section 14b - Liability for Payments; Credits; Adjustments
Section 14c - Contributions by Governmental Employers; Rated Governmental Employers
Section 14e - Economic Development Fund
Section 14f - Unemployment Trust Fund; Report Concerning Fund Average and Actual Balance
Section 14j.5 - Excise Paid on Employee Wages
Section 14k - Federal Loan Interest Fund
Section 14l - Work Force Training Contribution Paid by Employers
Section 14m - Benefits Paid to Employees of Indian Tribes
Section 14n - Assignment of Contribution Rates and Transfer of Accounts
Section 14o - Fraud Penalty Fund
Section 14p - Registration of Employers; Reporting of Employee Information
Section 15a - Collection of Payments; Levy Upon Depositary Accounts; Liability of Depositaries
Section 17 - Priority of Claims
Section 19 - Final Payment to Foreign Corporations or Non-Residents; Certificate
Section 20 - Compromise With Employers; Statement of Commissioner Filed
Section 21 - Deductions From Income Returnable for Taxation
Section 22 - Payment of Benefits in General
Section 23 - Payment of Benefits; Waiting Period
Section 24 - Eligibility for Benefits
Section 24a - Seasonal Employment
Section 25 - Disqualification for Benefits
Section 26 - Unemployment Benefits Received or Sought Under Laws of Another State or United States
Section 28 - Wages Not Included in Determination of Eligibility for Benefits
Section 29b - Child Support Obligations; Disclosure; Deductions
Section 29d - Worksharing Program; Application and Approval of Worksharing Plan; Benefits
Section 29e - Notification to Claimants; Tax Liability and Withholding
Section 29f - Uncollected Overissuance of Food Stamp Coupons; Disclosure; Deductions
Section 30a - Extended Benefits Program
Section 31 - Benefits in a Subsequent Benefit Year
Section 40 - Application for Review
Section 41 - Review by Board; Procedures; Findings of Fact; Decision; Judicial Review
Section 42 - Judicial Review; Procedures; Appeals; Rules
Section 42a - Commissioner Represented by Attorney General or Designated Attorney
Section 42b - Modification or Reversal of Decision; Recovery of Payments
Section 45 - Records and Reports of Employing Units; Verification
Section 47 - False Statements or Misrepresentations; Punishment; Evidence; Restitution
Section 47a - Utterance or Delivery of Insufficient Funds Check With Intent to Defraud; Punishment
Section 51 - Requisition From Trust Fund; Transfer to Commissioner
Section 53 - Unclaimed Balance in Benefit Account
Section 53a - Unemployment Trust Fund; Money Credited to Commonwealth's Account; Use; Records
Section 54 - Depositaries; Insurance Charge; Commingling Funds
Section 55 - Bond of Commissioner; Premiums Paid From Administrative Account
Section 57 - Requisitions From State Trust Fund; Investment Board; Deposits; Investments; Assistance
Section 58 - Employment Security Administration Account; Monies Received; Disposition
Section 58a - Contingent Fund; Establishment; Composition; Expenditures; Transfer
Section 59 - Liability on State Treasurer's Bond
Section 60 - Federal Moneys Allotted to Commonwealth Paid Into Accounts
Section 62 - State Advisory Council; Duties, Powers and Reports
Section 64a - List of Employers Qualified for Exemption Under Sec. 5i of Chapter 59; Confidentiality
Section 67 - Estimate of Liability of Employer Failing to Make Report or Return; Collection
Section 68 - Payment of Benefits Due a Deceased or Mentally Incapacitated Person
Section 69a - Charging Off Uncollectible Amounts
Section 69b - Set-Off Against Refunds; Notice; Review
Section 70 - Extent of Application of Rulings
Section 71 - Reconsideration of Determinations; Limitations; Notice; Appeals
Section 71a - Definitions Applicable to Secs. 71b to 71g
Section 71b - Closing of Facility; Report; Certification; Notice; Hearing; Appeal
Section 71d - Reemployment Assistance Program
Section 71e - Reemployment Assistance Fund; Health Insurance Benefits Fund
Section 71f - Eligibility for Reemployment Assistance Benefits
Section 71g - Eligibility for Health Insurance Benefits
Section 71h - Plant Closing Employers; Bills for Reemployment Assistance Benefits
Section 72 - Jurisdiction of Action to Enforce Statute; Entry Fee in Actions and Proceedings