1.  Twenty-four months after the date when contributions first accrue under this chapter, benefits become payable from the Fund, except that wages earned for services performed in the employ of an employer, as defined in the Railroad Unemployment Insurance Act, approved June 25, 1938, being c. 680, 52 Stat. 1094, and also designated as 45 U.S.C. § 351 et seq., must not be included to determine eligibility under paragraph (d) of subsection 1 of NRS 612.375 or total amount of benefits under NRS 612.355, with respect to any benefit year commencing on or after July 1, 1939, nor may any benefits with respect to unemployment occurring on and after July 1, 1939, be payable on the basis of such wages under NRS 612.335 to 612.365, inclusive.

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2.  All benefits must be paid through the offices of the Division in accordance with such regulations as the Administrator may prescribe.