The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-08-06

time make provision for suitable pub
licity concerning these benefactors O.
their fellowmen.
Section 5 (of Article 21). The sam,
State Board and officers that hav,
charge of the investment and admins
tration Of the Public School Fund OF
the State shall have charge Of the in
vostment and administration of tn.
the funds administered under this Ar.
ticle al these funds shall be invest.
ed as common fund 60 be known and
designated as the Montana Trust and
Legacy Fund. In case any contribu-
tien is IN sorac other form than cash
such board shall convert it into cash
rs soon as practi-able.
Section tof Article 2D). All in
FeatNeas 81 these DUMAS shall be
sate'y aal ,oastlt atiNey wade Pref
egelice shall Be given 70 iuns term
0ens secured ~ fast mortgages ON
toHa aai s-ty on "a cultivated aid
producing lalns ia TINS State free
.sam alf prior liens and encumhrances,
sAd alsg g .don.@aa Bonds issued for
educational Proposes. All such loans
aaa bonds sll.li he payable on the an-
irritation plan. No loan in which
the setgrity IS q mortgage shall cx-
coed f.fty FER cent of the actual cash
elue Of the real estate given as Sc
suriiy Ne farm loan shall be for a
longer period than forty years, and
40 loan secdied on residence property
shall be for a longer period than
twenty years. No loan secured on
Town or city property shah be made
until the particular town or city and
subdivision thereof in which it is To-
Gated has been accepted and approved
by the State Board, having charge of
the investment, as permanently es-
tahlished, having an assured future
and being in every way safe security
Tor these investments. Investment
may also be made in other safe in
terest bearing securities; provided,
however, that no part Of such funds
shall ever be invested in obligations
of the State of Montana except gen
eral fund warrants which will be paid
within one year from the time Of the
investment. No discrimination shall
be given not only to the ampleness OF
the security, but also the character
and earning capacity Of the applicant
and to the purpose of loan; and pro-
vided further that so long as the
available funds are inadequate to
meet the demand, preference shall be
given to the smaller loans. The rate
of interest shall always be a reason
able rate, cnsidering the chacter of
the loan or investment, but different
rates may be charged for different
classes of loans and investments.
Section 7 (of Article 21). 1t Is
the meaning and intention of this Ar
ticle that all investments of these
funds shall be confined exclusively
to safe loan investments, drawing n
fixed rate of interest and being in aid
of home making, framing and edu-
cational work, otherwise conductive
to the progress and well being of So
ciety.
All long trem investments shall be
on the amortization plan. Further
regulations and limitations concern
ing these investments shall be pro-
yided by law.
Section (of Article ely. When
ever the security given for a loan is
liable to damage or destruction by
fire, the insurance company accepting
the risk shall be absolutely liable to
the State for the full amount Of the
policy, and the policy itself shall spe-
recite such full liability. The
State may itself provide for insurance
on any property constituting securi-
ty forts loans.
Section 8 (of Article 21)). The
Legislative Assembly may provide
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). The
State of Montana shall accept for in
yestment and administration togeth-
err with the aforesaid funds consti-
tuting the Montana thrust and Leg
acy fund, but as separable parts
sinking funds, permanent
funds, and cumulative funds belong
ing to the State and its political sub
divisions, and also other funds deslg-
mated by the Legislative Assembly,
when requested TO do SO by the auth
critics having the care and custody
of such funds. All such funds and
the ACQUIRED 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 fund shall be administer
cd separately as already prescribed
by the constitution.
Section II (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 (l-20) Of all
the interest collected thereon each
year. On the last day Of December
Of each year, the Stae Treasurer shall
transfer to the State General Fund
such one twentieth (1-20) Of all the
interest collected during the year, less
I'll the loses ascertained during the
year, which losses shall be deducted
from the one twentieth constituting
the compensation Of the State. The
balance Of the interest collected shall
be the net earnings and shall be cred
tied pro rata to each and every fund
constituting the Montana Trust and
Legacy Fund that was in the keeping
of the State on January 1st of that
year. based on the total thereof on
that date, and shall be added to each
fund. or held available for the bene-
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