(A) Any nonprofit organization that prior to January 1, 1969, paid contributions required by § 41-31-10 and, pursuant to § 41-31-620, elects within thirty days after January 1, 1972, to make payments in lieu of contributions, is not required to make any such payment on account of any regular or extended benefits paid, on the basis of wages paid by the organization to individuals for weeks of unemployment which begin on or after the effective date of the election until the total amount of the benefits equals the amount of the positive balance in the experience rating account of the organization.

(B) Any nonprofit organization which has elected to become liable for payments in lieu of contributions under the provisions of §§ 41-31-620 and 41-31-630 and thereafter terminates the election shall become an employer liable for the payments of contributions upon the effective date of the termination but no such employer’s tax rate thereafter may be less than tax rate class twelve until there have been twenty-four consecutive calendar months of coverage. Upon termination of the election to reimburse the department in lieu of contributions, if the employer was previously an employer liable for contributions, the previously established contributory account will be reopened.