The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-08-08

shall be given, not only to the ample
ness of the security, but also tn
character and earning capacity 0
the applicant and to the purpose 0
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 smaller
loans. The rate of interest shall al
ways be a reasonable rate, consider
ing character of the loan or invest
ment, but different rates may be
charged for different classes of loans
| and investments.
| Section (of Article III. 1t is the
meaning and intention of this Arti
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
vocational 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 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 recite such
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 of
the funds created or authorized by
this Article.
Section 10 (of Article 21). The
State of Montana shall accept for in
vestment and administration toge-
Their with the aforesaid funds consti-
tuting the Montana Trust and Lee
gacy fund, but as separate parts
thereof, sinking funds, permanent
funds, and cumulative funds belong
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.
The provisions of this section shall
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
for the administration |
of all the funds administered under |
this act one twentieth (1-20) of all |
the interest collected thereon each |
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 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 credited pro rata TO
each and every fund constituting the
Montana Trust and Legacy Fund
hat was in the keeping of the State
IN January 1st of that year, based
IN the total thereof on that date, and
shall be added to each such fund, or
held available for the beneficiaries
Is the case may be. Sums due bene-
fciaries shall be paid out during the
ensuing month of January, as far as
Section IL (of Article 21. 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, 200, 100000
thereafter only one twentieth of the
nnual net earnings shall be added
0 the fund itself, and the remaining
ineteen twentieths of the net earn
1gs shall be used for the general ex-
enses of the State.
Section ID (of Article 2D. All
ne net earnings accruing to the
tate Permanent School Fund shall
be added thereto until il
as reached the sum of Five Hun. I
red Million Dollars $500, 0O0, 900. 0O)
hereafter only one twentie h of
nnual net earnings shall be added
} the fund itself, and the remaining
ineteen twentieths shall annually 1
g apportioned to the school districts
the State on the basis of the ag-
regate actual school attendance in
ach district during the preceding
,hool or calendar year by persons I
stween the ages of six and eighteen Q
ears and shall be used exclusively n
If educational purposes, subject to s
lch regulations and limitations as c
ay be prescribed by law.
Section IA (of Article 2D. All &
e net earnings accruing to the Per-
anent Revenue Fund for the Uni fl
,rsity of Montana shall annually be a
lded thereto until it has reached u
e sum of One Hundred Million a
ollars 100000, 100000. Thereafter !,
lily one twentieth of the annual net
rnings shall be added to the fund
self, and the remaining nineteen
shall be apportioned to
A.