The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-10-01

amortization plan. Further regulations ano
limitations concerning these investments shall
be provided b. law.
Section 5 (of Article 2I.) Whenever the
security given for a loan is liable to dam
age ar destruction by fire. the insurance
company accepting the risk shall be absolute
l. liaole 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 insurance OF
any property constituting security for it
loans.
Section 9 (of Article 21.) The Legislative
Assembly may provide ether additional ways
and means for beginning or increasing any
of the funds created OF authorized by this
Article.
Section 10 (f Article 21.) The State of
Montana shall accept for investment and ad-
ministration together with the aforesaid funds
constituting the Montana Trust and Legacy
fund. but as separable parts thereof, sinking
funds, permanent funds, and cumulative
funds belonging 70 the state and It's ~pOiitica!
subdivisions, and also other funds designated
By the Legislative Assembly. 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 com
pensatiOn hereinafter fixed. shall be repaid
when due. The provisions o. this section shall
not apply to the Public School Funds OF The
State. which school fund shall be admins
;cred separately as already prescribed By the
constitution.
Section IL Cf Article 2Ij. The State shall
be entitled to receive rs compensation for
the administration of all the funds admin
istered under this act one twentieth (l-22l
of ali the interest collected thereOa each
year. On the last day Of December of each
year. the State Treasurer shall transfer TO
the State General Fund such one twentieth
G-20) of all the interest collected dur.:g the
the year. which losses shall be deducted from
the one twentieth constituting the compensa-
ton of the State. The balance of the inter.
est collected shall be the net earnings and
shall be credited pro rata to each and every
fund constituting the Montana Trust and
Legacy Fund that was in the keeping Of the
State on January LIST of that year, based on
the total thereof on that late, and shall be
added to such fund. or held available for the
beneficiaries as the case may be. Sums due
beneficiaries shall be paid out during the en-
suing month of January as far As practical
bic.
Section II (of Article 2I) All the net
earnings accrued to the State Permanent
Revenue Fund shall annually be added
OF One Hundred Million Dollars $780,
600. 600. O0). Thereafter only one twentieth
of the annual net earnings shall be
added to the fund itself. and the remaining
nineteen twentieths of the net earnings shall
be used for the general expenses OF the State.
Section 10 (of Article 21). All the net
earnings accruing to the State Permanent
School Fund shall annually be added thereto
until It has reached the sum of Five Humid
red Million Dollars $500. 900. OO0.O0). There
after only one twentieth Of the annual net
"a ANH-oS cH-A - $1,000 NN AN-N -
and the remaining nineteen twentieths shall
annually be apportioned TO the school dis
tricts of the State on the basis of the ag-
gregate actual school attendance in each dis
trict during the preceding school or calendar
year by persons between the ages Of six and
eighteen years and shall he used exclusively
for educational purposes, subject to such regu-
latiOns and limitations as may be prescribed
by law.
Section Il. Cof Article 2D. All the net
earnings accruing TO the Permanent Revenue
Fund for the University of Montana shall
annually be added thereto until il has reached
the sum of One Hundred Million Dollars
$1,000 100000. Thereafter only one TWEEN
tieth Of the annual net earnings shall be
added TO the fund itself. and the remaining
nineteen twentieths shall be apportioned to
all the educational institutions then compris
ing the University of Montana. on the basis
Of the aggregate actual attendance in each
institution during the preceding school or
calendar year. and may be used for all pur-
poses properly connected with the work Of
these institutions, subject, however, to such
regulations and limitations as may be pre-
scribed by law.
Section IS (of Article 2l). Whenever the
purpose for which a certain contribution was
made has been accomplished. or can no longer
be ascertained or followed, then the total
amount Of such fund shall be transferred 70
the State Permanent School Fund and be-
come n Permanent and inviolabIe part there
of All contributions without a specified pur-
pose shall be credited 70 the State Perma-
nent School Fund.
SecLlOn 10 (t ArCicle Ill should the
tirHe ever come when any of the three afore-
said permanent funds become so large that
no further increase is necessary or desirable,
then. in such case, the Legislative Assembly
shall have power TO provide for the use OF
all of the net income from such fund for the
purpose for which it was created, or il may
use the one twentieth Of the annual net in.
come which was 70 be added 70 the fund itself
for the creation of other permanent revenue
funds, CT for any other public purpose that II
may deem wise; provided. however. that
none of the foregoing provisions Of this sec.
ton shall apply 20 any Of these fluids until
it has reached the specific amount fixed b.
this Article.
Section II (of Article 2D. The Justices
= tana are hereby made and constituted a 81
= pervisory board over the entire adm pistra
I ton OF all the funds created or authorize,
e by this article and the income tharafrom
= shall review the administration for the pre-
t ce6ing year. II shall decide all uncerts,l O
! disputed points arising in the administrator
! of the funds whenever requested TO 10 50 by
\ a beneficiary, by a State Official charged
with some part Of the administrative of tn,
fund, or any other interested rarty ard j
I may do so upon its own initiative It shall
be the duty of the supervisory board to Dc
e and perform all acts and thipgs u may deem
] necessary in order to cause the board an:
3 officers having direct charge of these fund
+ to administer the same carefully and Wisel,
= in full compliance with the provisions of thi
5 article and such further Legislation as ma,
G be enacted relating thereto. The Clerk OF tn
= Supreme Court shall be Ex-Offici1 Clerk o
g this Supervisory Board.
Section IS (of Article 2l). The Legisla
e tive Assembly shall from time to tina enac
2 such further legislation as it may deem nee
c essary to carry into effect the provisions 0
q this article.
i Section 3. Separate official ballots shall
Il be provided at the general election to be nell
n in November. 1924. which shall have prints
e thereon ali Of Article Twenty-one (o1} o
e the Constitution of the State Of Montana q
T. proposed by this act. There shall also b
h printed on said official ballots, below tn
said article. squares and the words as fol
5 lows:
y For the above written amendmen
n to the Constitution.
II Against the above written amend
- ment to the Constitution.
Each elector who approves this amendmer
shall mark an x in the first square aboy
!" printed, and each elector who rejects il sha