§ 99-k. Child performer's holding fund. 1. There is hereby established in the joint custody of the state comptroller and the commissioner of taxation and finance a special revenue fund known as the "child performer's holding fund".

2. Such fund shall consist of revenues received and interest accrued pursuant to part seven of Article 7 of the estates, powers and trusts law, and all other monies appropriated, credited, or transferred thereto from any other fund or source pursuant to law.

3. Monies of the fund shall be distributed to the child performer upon receipt of the child performer trust fund pursuant to part seven of Article 7 of the estates, powers and trusts law. The comptroller shall notify the commissioner of the department of labor within thirty days of receipt of the funds and the child performer's name and last known address. Within thirty days of receipt of the funds, the comptroller shall give notice to the parent or guardian about funds and the procedures to transfer funds from the comptroller to the child performer trust fund account in the name of the child performer. Monies not claimed shall be used solely to fund programs for the health, education and welfare of child performers. The comptroller shall submit a report about the child performer's holding fund to the governor, the temporary president of the senate and the speaker of the assembly concerning the implementation of this section.