The Kevin review. [volume] (Kevin, Mont.) 1922-1929, 1924-10-16

mand, preference shall be given t
the smaller loans. The rate OF III
, terest shall always be a ~reasonabl
), rate, considering the character 0
9 the loan or investment, but differen
rates may be charged for differen
classes of loans and investments.
Section 7 (of Article 21.) 1t il
the meaning and intention of thi'
Article that all investments of these
; funds shall be confined exclusively
to safe loan investments, drawing ;
fixed rate of interest and being in ale
of home making, farming and edu.
cational work, or otherwise conduc1ye
to the progress and well being Oh
society.
All long term investments shall be
on the amortization plan. Further
regulations and limitations concern
ing these investments shall be pro-
vided by law.
Section 8 (of Article 21.) When
ever the security given for a loan is
liable to damage or destruction by
fire, the insurance company accept
ing the risk shall be absolutely liable
to the State for the full amount OF
the policy, and the policy itself shall
specifically recite such full liability.
The State may itself provide for in
surance on any property constituting
security for it's loans.
Section 9 (of Article 21}. The
other and additional ways and means
for beginning or increasing any Of
the funds created or authorized by
this Article.
Section 10 (of Article 21). ThS
State of Montana shall accept for in
vestment and administration together
with the aforesaid funds constituting
the Montana Trust and Legacy fund.
but as s%eparable parts thereof, sink
ing funds, permanent funds ARD
cumulative funds belonging to the
State and it's political subdivisions,
and also other funds designated Ey
the Legislative Assembly, when re-
quested to do 80 by the authorities
having the care and custody of such
funds. All such funds and the ac-
crued interest, less the State com
pensation hereinafter fixed, shall be
when due. The provisions of
section shall not apply to the
Public School Funds of The State
school fund shall be admin
separately as already pre-
by the constitution.
Section IL (of Article 21.) The
State shall be entitled to receive as
compensation for the administration
IF all the funds administered under
his act one twentieth (-20) of all
interest collected thereon each year.
On the last day of December of each
year, the State Treasurer shall trans
to the State General Fund such Z
me twentieth (1-20) of all the in
crest collected during the year, less :
IL the losses a~scertained during the
ear, which losses shall be deducted :
the one twentieth constituting :
he compensation of the State. The
alance of the interest collected shall 6
e the net earnings and shall be !,
pro rata to each and every !.
ind constituting the Montana Trust Il
nd Legacy Fund that was in the :
of the State on January lst \
f that yea based OIL the total there =
f on that date, and shall be added :
0 each such fund, or held available 9
the beneficiaries as the case may =
Sums due beneficiaries shall be =
aid out during the ensuing month =
{ January, as far as practicable. Z
Section IL. (of Article I'D All :
lie net earnings accruing to the :,
tate Permanent Revenue Fund shall =
1nually be added thereto until it =.
as reached the sum of One Hundred ~
illion Dollars ($1O0, 600, 000.00l. -
hereafter only one twentieth of the !,
lnual net earnings shall be added
the fund itself, and the remaining :,
twentieths of the net earn e.
gs shall be used for the general ~
,penses of the State. ~
Section 13. (of Article 21) All -
e net earnings accruing to the =
ate Permanent School Fund shall -,
be added thereto until it
IS reached the sum of Five Humid =
d Million Dollars (S5OO, 100000
y. Thereafter only one twentieth c
the annual net earnings shall nc
.ded to the fund itself, and the
naming nineteen twentieths shall mi
be apportioned to the tn
hooI districts of the State on the M
sis of the aggregate actual school Of
tendance in each district during All
2 preceding school or calendar mr.
by persons between the ages OF in,
and eighteen years and shall be Re
ed exclusively for educational pur- w
SEES, subject to such regulations Al
d limitations as may be prescribed TN
law. To
IA, (of Article 21) All Cit
net earnings accruing to tho in
rmanent Revenue Fund for the of
iversity of Montana shall annually cha
added thereto until it has reached Sal
sum of One Hundred Million Dol cu1
($100, 600, 000.00). Thereafter izil
y one twentieth of the annual not for
nings shall be added to the fund BE
If, and the remaining nineteen
shall be apportioned to all s
educational institutions then s
Uprising the University of Mon of
a, on the basis Of the aggregate as
lal attendance in each institution que
ing the preceding school or cal nit
ar year, and may be used for all Sta
poses properly connected win tior
work of these institutions, sub s
!, however, to such regulations of
limitations as may be pre- san
bed by law. the.
Is (of Article 21.) When Art
: the purpose for which a certain ("
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