                                 CODE OF VIRGINIA

CLEARING ACCOUNT; PAYMENT TO CREDIT OF FEDERAL UNEMPLOYMENT TRUST FUND (§
60.2-301)

All taxes and other moneys required by this title to be paid to the Unemployment
Compensation Fund and collected by the Commission, and any interest or earnings
upon any moneys or property belonging to the fund shall, promptly upon
collection, be paid into the state treasury and credited to the clearing
account. Any interest collected on taxes shall be paid into the Special
Unemployment Compensation Administration Fund continued by § 60.2-314. Refunds,
except for interest collected payable pursuant to § 60.2-524, may be paid from
the clearing account. After clearance thereof, all other moneys in the clearing
account, including undeliverable payments, shall immediately be paid over to the
Secretary of the Treasury of the United States, to the credit of the
Unemployment Trust Fund established by the Social Security Act, to be held for
the Commonwealth upon the terms and conditions provided in the Social Security
Act.

HISTORY: Code 1950, § 60-91; 1968, c. 738, § 60.1-107; 1986, c. 480; 1993, c.
249; 1995, c. 515.