Section 144 of the Retirement and Social Security Law empowers the Director of the New York State Social Security Agency to prescribe such regulations as may be required for the effective administration of the provisions of article 3 of the Retirement and Social Security Law. Both the State and its political subdivisions must deposit with the agency contributions with respect to wages of its employees so covered. Section 138 of the Retirement and Social Security Law directs that the deposit be made at such time or times as the director of the agency may prescribe in his regulations. Section 140 of the Retirement and Social Security Law provides for recovery of those amounts due from political subdivisions, which are unpaid after the due date for their payment, with interest computed at the rate established by the Federal Social Security Act (section 418 of title 42 of the United States Code). This Part is promulgated to establish a procedure for the deposit of contributions by the State and its political subdivisions with the agency.