The Kevin review. [volume] (Kevin, Mont.) 1922-1929, 1924-10-23

the smaller loans. The rate of In
terest shall always be a ~reasOnebl
rate, considering the character O
the loan OF investment, but differen
rates may be charged for differen
classes of loans and Investments.
Section 7 COT Article 21.) 1t j
the meaning and intention OF thii
Article that all investments OF thess
funds shall be confined excIusivel,
to safe loan investments, drawing ;
fixed rate Of interest and being in ait
of home making, farming and edu.
%cational work, or otherwise conduct &c
to the progress and well being o.
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 I'D 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 its loans.
Section 9 (of Article 21l. 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
repaid when due. The provisions of
this section shall not apply to the
School Funds of The State.
which school fund shall be admin
separately as already pre-
y ~ ~ In |
Section IL (of Article 21.) The
State shall be entitled to receive as
compensation for the administration
Of all the funds administered under
this act one twentieth (-20) of all
interest collected thereon each year.
the last day of December of each
year, the State Treasurer shall trans
fer to the State General Fund such
twentieth (1-20) of all the in
crest collected during the year, less
Ill the losses ascertained during the
rear, which losses shall be deducted
rom the one twentieth constituting
he compensation of the State. The
of the interest collected shall
,e the net earnings and shall be
,redited pro rata to each and every :.
und constituting the Montana Trust
nd Legacy Fund that was in the :
of the State on January lst ;
# hat year, based on the total there
# on that date, and shall be added
0 each such fund, or held available :
or the beneficiaries as the case may ;
e. Sums due beneficiaries shall be 7.
aid Il during the ensuing month :
f January, as far as practicable. !
Section u. (of Article I'D All :,
he net earnings accruing to tho =
tate Permanent Revenue Fund shall =
nnually be added thereto until it =
as reached the sum of One Hundred !
Dollars ($100, 900 ,0O0.00A. =
hereafter only one twentieth of the !,
nnual net earnings shall be added
} the fund itself, and the remaining ;.
twentieths of the net earn q
lgs shall be used for the general !
xpenses Of the State. ~
Section ID. (of Article 21) All :
lie net earnings accruing to the :
tate Permanent School Fund shall :,
lnually be added thereto until it
as reached the sum of Five Humid :
ID Million Dollars ($5O0,000, 0O0.-
~. Thereafter only one twentieth {
the annual net earnings shall nc
lded to the fund itself, and the
.maining nineteen twentieths shall m
be apportioned to the tt
hool districts of the State on the m
isis of the aggregate actual school of
in each district during A
e preceding school or calendar D,
ar by persons between the ages OF IN
< and eighteen years and shall be r,
ed exclusively for educational pur- W
,ses, subject to such regulations A.
d limitations as may be prescribed u
law. to
Section IA, (of Article 21) All CT
e net earnings accruing to tfeIin
ornament Revenue Fund for the of
diversity of Montana shall annually eli;
added thereto until it has reached Sa
e sum of One Hundred Million Dol Gu
s ($10O,O 900, OO0.00). Thereafter iii
ly one twentieth of the annual MT fo'
rnings shall be added to the fund III
elf, and the remaining nineteen
entieths shall be apportioned to all
: educational institutions then
uprising the University of Mon of
Ia, on the basis Of the aggregate as
.ual attendance in each institution gu
ring the preceding school or cal mi
lar year, and may be used for all Str
poses properly connected win ito
!, work of these institutions, sub
t, however. to such regulations Of
l limitations as may be pre- SAL
ibed by law. the
Is (of Article I'D When Ar
# the purpose for which a certain