The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-10-24

loan or investment, considerable
ANAL be given, not only to the ample
ness of the security, but also tn
character and earning capacity {
the applicant and TO the purpose c
the loan; and provided further tina
so long as the available funds ar
inadequate to meet the demand, pre-
ference shall be given to the smalle
loans. The rate of interest shall a.
ways be a reasonable rate, consider
ing character of the loan or invest
ment, but different rates may b.
charged for different classes of loanl
and investments.
| Section (of Article 2D. 1t is the
Gle that all investments of these
funds shall be confined exclusively
to safe loan investments, drawing a
fixed rate of interest and being in
aid of home making, farming and ed
ucational work, or otherwise con-
ducive to the progress and well be-
ing of 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 (of Article 21). When
ever the security given for a loan is
liable to the damage or destruction
by fire, the insurance company ac-
cepting the risk shall be absolutely
liable to the State for the full a.
mount of the policy, and the policy
itself shall specifically reclte sucn
full liability. The State may itself
provide for insurance on any proper
ty constituting security for its loans.
Section 8 (of Article 2D. The
Legislative Assembly may provide
other and additional ways and means
for beginning or increasing any Oh
the funds created or authorized by
this Article.
Section 10 (of Article 21). H.
State of Montana shall accept Tor M
vestment and administrator .oso-
ther with the aforesaid funus constl-
tuting the Montana Trust ana Lee
gacy fund, but as separate parts
thereof, sinking funds, permanent
funds, and cumulative funds belo4,-
ing to the State and its political
subdivisions, and also other funds
designated by the Legislative AS
sembly, when requested to do so by
the authorities having the care and
custody OF such funds. All such
funds and the accrued interest, less
the State compensation hereinafter
fixed, shall be repaid when due.
nf n
not apply to the Public School Funds
of The State, which school fund
shall be administered separately as
already prescribed by the constitu-
ton.
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 (1-20) OF All
the interest collected thereon eacn
year. On the last day of December
Of each year, the State Treasurer
shall transfer to the State General |
Fund such one twentieth (1-20) OF all
the interest collected during the
year, less all the losses ascerraineu
during the year, which losses shan
be deducted from the one twentieth
constituting the compensation OF tie
state. The balance OF the interest," |
collected shall be the net earnings |
and shall be credited pro rdta 10 |
each and every fund constituting the
Montana Trust and Legacy Funa
hat was in the keeping OF the state
IN January LIST OF that year, baseu
IN the total thereof on that date, ana
shall be added to each such fund, or
leld available for the beneficiarIes
Is the case may be. Sums due bene-
lciaries shall be paid out during tne
ensuing month of January, as far as
Section IL (of Article 2D. All
he net earnings accruing to the
state Permanent Revenue Fund
hall annually be added thereto until
has reached the sum OF One Hun
red Million Dollars ($100, 000, 100000
hereafter only one twentieth of the
nnuaI net earnings shall be addeu
0 the fund itself, and the remaining
ineteen twentieths of the net earn
ngs shall be used for the general ex-
enses of the State.
Section IL (of Article 2I). All
ne net earnings accruIng to the
tate Permanent School Fund shall
be added thereto until IL
as reached the sum of Five Hun
red Million Dollars (s500,0O0, 100000
hereafter only one twentieth Of
nnual net earnings shall be added
the fund itself, and the remaining
lneteen twentieths shall annually
e apportioned to the school districts
/ the State on the basis of the az
regate actual school attendance In
ach district during the preceding
chool or calendar year by persons
stween the ages of six and eighteen
ears and shall be used exclusively
'r educational purposes, subject TO !
lch regulations and limitations as
ay be prescribed by law.
Section Ia (of Article 2D. All
lie net earnings accruing to the Per- 5
anent Revenue Fund TOR the UnI- :
srsity OF Montana shall annually be ;
lded thereto until it has reached :
.e sum OF One Hundred Million {
ollars (s100,00O,0000 Thereafter
lly one twentieth of the annual net !,
lrnfngs shall he added IN tho f,nu