Section 553. Disposition of moneys collected

1. Depository. All moneys
  collected as contributions, interest and penalties  under  this  article
  shall  be  deposited  in  a  bank,  trust  company  or  industrial  bank
  designated by the state comptroller. All moneys so  deposited  shall  be
  credited  immediately to the account of the unemployment insurance fund,
  except as provided in subdivision two of this section.
    2. Interest and penalties. The commissioner shall certify periodically
  to the depository the  amount  of  interest  and  penalties  which  were
  imposed   and  collected  under  title  six  of  this  article  and  the
  department's share of the penalties imposed and  collected  pursuant  to
  paragraph  one  of  subsection (v) of section six hundred eighty-five of
  the tax law and deposited pursuant to subdivision one of this section. A
  sum equal to the total amount of interest and penalties certified by the
  commissioner, less the penalties collected pursuant to paragraph (b)  of
  subdivision  two  of section five hundred eighty-one of this article and
  the department's share of the penalties collected pursuant to  paragraph
  one  of subsection (v) of section six hundred eighty-five of the tax law
  shall thereupon be credited to the special fund established pursuant  to
  section  five hundred fifty-two of this article. The penalties collected
  pursuant to paragraph (b) of subdivision two  of  section  five  hundred
  eighty-one  of  this article and the department's share of the penalties
  collected pursuant to paragraph one of subsection  (v)  of  section  six
  hundred  eighty-five  of  the tax law shall thereupon be credited to the
  unemployment insurance control fund established pursuant to section five
  hundred fifty-two-b of this article.