It is hereby declared to be the purpose and intention of the General Assembly that the provisions of this chapter are severable and that the invalidity or ineffectiveness of any provision or provisions of such chapter shall not affect the validity or operative force of the remainder of the chapter except only that it is the legislative intent that the whole chapter shall fail if any one or more of the following and only of the following provisions, are finally determined to be invalid and ineffective:

(1) the exaction of contributions from employers as provided in sections 1321-1327 of this title;

(2) the requirement contained in section 1359 of this title providing for the deposit with the Secretary of the Treasury of the United States of all monies received in the Unemployment Fund and the use of monies requisitioned from the Secretary of the Treasury;

(3) the provisions of subdivision 1344 (a)(2)(C)-(E) of section 1344 of this title relating to the denial of compensation upon refusal to accept new work under certain circumstances;

(4) the provisions of section 1377 of this title barring vested rights under this chapter;

(5) the provisions of sections 1386-1388 of this title with respect to suspension or termination of operation of this chapter or parts thereof in the event of modification or invalidity of the Act of Congress designated as the Social Security Act.