1.  The provisions of NRS 612.585, 612.590 and 612.595, to the extent that they relate to the Unemployment Trust Fund, are operative only so long as the Unemployment Trust Fund continues to exist and so long as the Secretary of the Treasury continues to maintain for this State a separate book account of all money deposited therein by this State for benefit purposes, together with this State’s proportionate share of the earnings of the Unemployment Trust Fund, from which no other state is permitted to make withdrawals.

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2.  If and when the Unemployment Trust Fund ceases to exist, or such separate book account is no longer maintained, all money, properties or securities therein belonging to the Unemployment Compensation Fund of this State must be transferred to the State Treasurer as treasurer of the Unemployment Compensation Fund, who shall hold, invest, transfer, sell, deposit and release such money, properties or securities in a manner approved by the Administrator in accordance with the provisions of this chapter. Investments must at all times be so made that all the assets of the Fund are always readily convertible into cash when needed for the payment of benefits.

3.  The State Treasurer shall dispose of securities or other properties belonging to the Unemployment Compensation Fund only under the direction of the Administrator.