The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-08-29

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LOAF CT investment, consideration
-nall be given, not only to the ample
ness of the security, but also Oh,
character ard earning capacity d
the applicant and to the purpose 81
the loan; and provided further tnai
so long as the available funds are
inadequate to meet tile demand, pre-
ference shall be given 10 the smaller
loans The rate OF interest shall al
ways be a reasonable rae, consider.
ing Character OF the loan or invest
ment. but different rates may be
charged for different classes OF loans
and investments.
Section z tol Article III. 1t is the
meaning and intention OF this Arti-
Gle that ali investments Of these
! funds shall be confined exclusively
to safe loan investments, drawing a
fixed rate of interest and being III
aid of home making, farming and cd
Vocational work, or otherwise con-
duciye to the progress and well be
ing of society.
All long term investments shall be
on the amortization plan Further
regulations and limitations concern
i ing these investments shall be pro
yided by law.
Section (of Article III. When
ever the security given for loan is
liable to the damage or destruction
by fire, the insurance company az
cepting the risk shall be absolutely
liable to the State for the fun a.
mount of the policy, and The policy
itself shall specifically recite such
full liability The state may itself
provide for insurance on any proper
ty constituting security for its loans.
Section (of Article ~. The
Legislative Assembly may provide
other and additional ways and means
for beginning or increasing any oil
the funds created or authorized BY
this Article
Section 10 (of Article 21). The |
State Of Montana shall accept for IN
vestment and administration toge
ther with the aforesaid funds consti- /
tuting the Montana Trust and Lei
gacy fund, but as separate parts /
thereof, sinking funds, permanent
funds, and cumulative funds belong
ing to the State and it's political
subdivisions, and also other funds
designated by the Legislative AS
sembly, when requested to do so by
the authorities having the care ana
custody OF such funds. All such
funds and the accrued interest. less
the State compensation hereinafter
fixed. shall be repaid when due
The provisions of this section shall
not apply to the Public School Funds
Of The State, which school fpud
shall be administered separately as
already prescribed BY the constitu-
ton.
Section II (of Article 2D. The
state shall be entitled to receive as ;
for the administration
If all the funds administered under {
his act one twentieth (1-2O) of all Z
he interest collected thereon each
ear. On the last day of December
# each year. the State Treasurer S
hall transfer to the State General q
fund such one twentieth (l20) Of all
he interest collected during the
year, less all the losses ascertained 9
Turing the year, which losses shall ,
'e deducted from the one twentieth
constituting the compensation oil the 1
state, The balance of the interest !
collected shall be the net earnings p
nd shall be credited pro rata d
ach and every fund constituting the I
1ontana Trust and Legacy Fund >
hat was in the keeping OF the state
a January lst OF thar year, based .
II the total thereof on that date. ana h
hall be added to each such fund. or a
cid available for the beneficiaries e
S the case may be. Sums due bene- Y
Charles shall be paid out during the N
nsuing month of January, as far as 81
racticable. A
Section 10 (of Article 21) All VI
re net earnings accruing to the n
tate Permanent Revenue Fund u
lall annually be added thereto IN IL II
has reached the sum OF One Hum Il
red Million Dollars ($1O0, 900. O09.0Jj
hereafter only one twentieth OF t.g I'll
lnuai net earnings shall be added q
the fund itself, and tie remaining az
neteen twentieths Of the net earn y
gs shall be used for the general ex a
snses of the State. nj
Section IL COT Article 2D. All III
g net earnings accruiug to the
ate permanent School fund sh.lI "a
lnually be added thereto until + fiji
IS reached the sum OF Five HIM Al
ed Million Dollars $500 1000 600 90, Oh
hereafter only one twentieth 81
nual net earnings shall be ADDED 50
the fund itself, and the remaini.v
neteen twentieths shall annua.
apportioned to the school districts IT.
the State on the basis OF the ~
egate actual school attendance HI
eh district during the preeednlg
hool or calendar year by persons
tween the ages Of six and eight eli lie
ars and shall be used excIusis siy Au
! educational purposes, subject q
Oh regulations and limitations as
" be prescribed by law. fof
Section IA (of Article III. An LIST
, net earnings aceruing to the Pe. ste
nent Revenue Fund for the Uni- on
'sity OF Montana shall annually be- To
led thereto until it has reached pal
, sum of One Hundred Million net
liars (Sl00,000,0 0000) Thereafter yea
" one twentieth Of the annual net Ian
'nings shall be added to the fund Ca