To the extent of the compensation and benefits paid or payable to an employee or his dependents from the uninsured employers’ fund, the fund, by subrogation, shall be entitled to all the rights, powers and benefits of the employee or his dependents against the employer arising under the provisions of chapter 15 of Title 34 of the Revised Statutes; and in any case or situation contemplated by section 34:15-40 of the Revised Statutes, the fund, shall have the same rights as the employer.

L.1966, c. 126, s. 14.