Section 1388 - Invalidity of actsIf the Social Security Act, 42 U.S.C. chapter 7, or the Federal Unemployment Tax Act, 26 U.S.C. chapter 23, shall be finally held and determined to be wholly invalid or shall be repealed, then this chapter shall become wholly inoperative and ineffective except that the Commissioner shall :
(1) recover any monies on deposit with the U.S. Secretary of the Treasury and redistribute all monies on hand to contributors in proportion to contributions received under the direction of a presiding judge of a Superior Court upon an action brought by the Commissioner against five or more employers; and(2) take any other actions necessary or proper to liquidate assets and discharge the Commissioner's obligations pursuant to this chapter.Amended by 2024 , No. 85, § 224, eff. 7/1/2024.Amended 1959, No. 329 (Adj. Sess.), § 22, eff. 3/1/1961; 1961, No. 210, § 15, eff. 7/11/1961.