61-5A-24. Balance in previous experience-rating account used for benefits chargeable to employer making payments in lieu of contributions. Notwithstanding any provisions in this chapter, any nonprofit organization that prior to January 1, 1969, paid contributions required by chapter 61-5, and, pursuant to § 61-5A-6 or 61-5A-7, elects within thirty days after the effective date of such section, to make payments in lieu of contributions, shall not be required to make any such payment on account of any regular or extended benefits paid, on the basis of wages paid by such organization to individuals for weeks of unemployment which begin on or after the effective date of such election until the total amount of such benefits equals the amount of the positive balance in the experience-rating account of such organization.
Source: SL 1971, ch 276, § 75.
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