The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-10-17

| dBalnSf any IodH dppAiSdHl, plOfi'
ed, however, that in passing on
loan or investment, considerable
anal be given, not only to the ample
ness of the security, but also tn
character and earning capacity G
the applicant and to the purpose o
! 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 al
ways be a reasonable rate, consider
ing character of the loan or invest
ment, but different rates may bt
charged for different classes of loans
, and investments.
Section z (of Article III. Ii 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
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 S (of Article III. 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 sucn
full liability. The State may itself
provide for insurance on any proper
ty constituting security for its 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 III. The
State of Montana shall accept for in
vestment and administration Lose-
Their with the aforesaid funds constr
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 it's political
and also other funds
designated by the Legislative AS
sembly, when requested to do so by
the authorities having the care and
OF such funds. All such
funds and the accrued interest, less
The State compensation hereinafter
liked. shall be repaid when due.
The provisions of this section snail
lot apply to the Public School Funds
If The State, which school fund
shall be administered separately as
already prescribed by the constitu-
ion.
Section IL (of Article 2). The
State shall be entitled to receive as
for the administration
II all the funds administered unaer
his act one twentieth (I-zU) oil All
he interest collected thereon each
ear. On the last day of December |
II each year, the State Treasurer
hall transfer to the State General |
FUND such one twentieth 1-2O) of ali
he interest collected during the
ear, less all the losses ascertained
Turing the year, which losses shall
e deducted from the one twentieth
constituting the compensation of the
tate. The balance OF the interest
shall be the net earnings
nd shall be credited pro rata 70
ach and every fund constituting the
1ontana Trust and Legacy Fund
nat was in the keeping OF the Stale
n January LIST of that year, based
n the total thereof ON that date, and
hall be added to each such fund, or
cid available for the beneficiarles
the case may be. Sums due bene-
Charles shall be paid out during the
1suing menth of January, as far as
Section IL (of Article 2D. All
lie net earnings accruing to the
tate Permanent Revenue Fund
lall annually be added thereto unlil /,
has reached the sum OF One Hun :
ed Million Dollars (S1OO,OOO,U0U.UUy !.
hereafter only one twentieth OF the /, ,
lnuaI net earnings shall be added
the fund itself, and the remaining
neIeen twentietns OF the net earn
IS shall be used tor the general ex-
,nSes OF the State. :
Section IL tot Article III. All
Q net earnings accruing to the
ate Permanent School Fund SHAH =
lnually be added thereto until l, |.
IS reached the sum OF Five Hun.
ed Million Dollars (s5OO,O 200, 900. OO) y
hereafter only one twentieth vi :
nual net earnings shall be addeu
the fund itself, and the remaining =
neteen twentietns shall annuaIly
apportioned to the school districts
the State on the basis OF the AZ
egate actual school attendance III
ch district during the precedlns
nool or calendar year by persons
tween the ages of SIX and eighteen "a
drs and shall be used exclusively ID
educational purposes, subject 70 o.
Oh regulations and limitations as
~ be prescribed by law. II
Section IA (of Article 2D. All -
2 net earnings accruing to the Per =