The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-08-27

amortization plan. Further regulations and
limitations concerning these investments shall
be provided by law.
Section 8 (of Article 21.) Whenever the
security given for a loan is liable to dam
age or destruction by fire, the insurance
company accepting the risk shall be absolute
" liable 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 on
any property constituting security for its
loans.
Section 9 (Of Article 2I.) The Legislative
Assembly may provide other 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 investment and ad-
ministration together with the aforesaid funds
constituting the Montana Trust and Legacy
fund. but as sepsrable parts thereof, sinking
funds, permanent funds. and cumulative
funds belonging 10 the State and its political
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 Of TINS section shall
not apply to the Public School Funds of The
State. which school fund shall be admins
tered separately as already prescribed by the
constitution.
Section IL Cof Article 2I). The State shall
be entitled TO receive az compensation for
the administration Of all the funds admin
istered under this act one twentieth (l-2O)
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
Q-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 compensa-
ton Of the State. The balance OF the inter
est collected shall be the net earnings and
/ shall hn rrafTfRd nnn rata 70 aaoh and 2uo-
fund constituting the Montana Trust and
Legacy Fund that WIS in the keeping of the
State on January Ist Of that year. based on
the total thereof on that date, and shall be
added to such fund, or held available for the
beneficiaries as the case may be. Sums due
beneficiaries shall he paid out during the en-
bic.
Section IL (f Article 21.) All the net
earnings accrued TO the State Permanent
Revenue Fund shall annually be added
thereto until it has reached the sum
of One Hundred Million Dollars (slO0.-
10000 .0O). 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, 100000. There
after only one twentieth Of the annual net
earnings shall be added to the fund itself.
and the remaining nineteen twentieths shall
annually be appOrtioned to the school dis
tricts Of the State on the basis of the az
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 be used exclusively
for educational purposes. subject TO such regu-
lations and limitations as may be prescribed
by law.
Section II. (f Article 21. I'll the net
earnings accruinE TO the Permanent Revenue
Fund for the University of Montana shall
annually be added thereto until it has reached
the sum of One Hundred Million Dollars
$780, 900, OO0.OO). Thereafter only one TWEEN
teth of the annual net earnings shall be
added TO the fund itself. and the remaining
nineteen twentieths shall be appOrtioned TO
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 2I). 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 TO
the State Permanent School Fund and be-
come a Permanent and inviolabIe part there
of All contributions without a specified pur-
nent School Fund.
Section Is (f Article 2I.) Should the
time ever come when any Of the three afore-
said permanent funds become so large that
40 further increase Is necessary or desirable,
then. in such case. the Legislative Assembly
shall have power 70 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 20 be added 70 the fund itself
for the creation of other permanent revenue
funds, or for any other public purpose that II
| NAV deem wise provided hnruavor that
none OF the foregoing provisions Of this sec.
ton shall apply TO any Of these fluids until
It has reached the specific amount fixed by
this Article.
Section II (of Article 2D. The justices
of the Supreme Court of the State of Mon.
tana are hereby made and constituted a su
ton Of all the funds created or authorized
by this article and the income therefrom
During January of each year. this boarC
shall review the administration for the pre
ce6ine year. It shall decide all uncertsl1 On
disputed points arising in the adm;nistratior
OF the funds whenever requested TO 10 so by
a beneficiary, by a State Official charged
with some part of the administration of tn
fund, or any other interested party: and i
may do so upon its own initiative Il shaI
> be the duty of the supervisory board TO do
and perform all acts and things u may deem
! necessary in order to cause the board anc
: officers having direct charge of these fund.-
/ to administer the same carefully and wisely
in full compliance with the provisions of thi
@EAaA[Nh1 Al NAAI
e be enacted relating thereto. The Clerk of tn,
Supreme Court shall be Ex-Offici) Clerk o.
: this Supervisory Board.
Section 1S (of Article 21). The Levisla
e tive Assembly shall from time TO time enac.
{ such further legislation as it may deem nee
c essary 10 carry into effect the provision, o
e this article.
Section 5. Separate official ballots shall
j be provided at the general election to be mel,
n in November. 1924, which shall have prints,
@ thereon all of Article Twenty-one (2l) o
e the Constitution of the State of Montana a
: proposed by this act There shall also b
n printed on said official ballots, below th,
said article, squares and the words as fol
) lows:
o For the above written amendment
n 10 the Constitution.
Against the above written amend
o ment TO the Constitution.
e Each elector who approves this amendmen
n shall mark an K in the first square abov
printed and each eIector who rejects it shal
le mark an K in the second square.
n Section a. The votes cast for and agains
khTG nHnna-AA