The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-10-22

surance on any property constituting
security for its loans.
! Section Q. {of Article 2l). The leg
islative Assembly may provide Other
and additional ways and means fol
beginning or increasing any of the
funds created or authorized by thi:
Article.
4 Section 10. (of Article 2l). The
State of Montana shall accept for in,
lyestment and administration together
with the aforesaid funds constituting
the Montana Trust and Legacy fund
but as separable parts thereof, sink.
ing funds permanent funds, and cum.
ulative funds belonging to the State
and its political subdivisions, and also
other funds designated by the Legis-
lstive Assembly, when requested to dc
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 pro-
| visions of this section shall not apply
to the Public School Funds Of The
State, which school fund shall be ad.
ministered separately as already pre-
scribed by the constitution.
Section IL. (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 (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 Geneal
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 deduct
ed 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 LIST of that
year, based on the total thereof on
that date, and shall be added to each
such fund, or held available for the
beneficiaries as the case may be.
Sums due beneficiaries shall be paid
out during the ensuing month of jan
uary, as far as practicable.
Section ~. (of Article 2l). All the
net earnings accruing to the State
Permanent Revenue Fund shall an
nually be added thereto until it has
reached the sum Of One, Hundred Mil
lion Dollars ($i000,0 00.00). There
after only one twentieth of the an
nual net earnings shall be added to
the fund itself, and the remaining
nineteen twentieths Of the net earn
ings shall be usd for the general ex-
penses of the State.
Section 10. Tor Article 2D. All
the net earrings accruing to the State
| Permanent School Fund shall annual
ly be added thereto until it has reach
ed the sum of Five Hundred Million
Dollars ($500,000,0 0000) Thereafter
only one twentieth of the annual net
earnings shall be added to the fund
itself, and the remaining ninteen TWEEN
tieths shall annually be apportioned
to the school districts Of the State or
the basis Of the aggregate actual
| school attendance in each district dur
ing the preceding school or calendar
year by persons between the ages o.
six and eighteen years and shall b.
used exclusively for educational pur'
poses, subject to such regulations and
limitations as may be prescribed BY
law,
Section IA. (of Article ely. All the
net earnings accruing to the perman
ent Revenue Fund for the Universit,
fof Montana shall annually be added
thereto until 1t has reached the sum Of
One Hundred Million Dollars ($l00,
900 000.00). Thereafter only ont
twentieth Of the annual net earningl
shall be added to the fund itself, and tn
remaining nineteen twentieths shall b.
apportioned to all the educational ms
titutions then comprising the Universe
| ty of Montana, on the basis Of the ag
gregate actual attendance in each in
stitution during the preceding schoo
or calendar year, and may be used TO
all purposes properly connected witt
the work Of these institutions, sub
iect, however, to such regulations am
limitations as may be prescribed b.
law.
Section Is. (of Article 21). When
ever the purpose for which certail
contribution was made has been &C
complished, or can no longer be ascer
tanned or followed, then the tota
amount of such fund shall be trans
ferred to the State Permanent Schoo
Fund and become a Permanent and in
violable part thereof. All contribu
tions without specified purpose shal
be credited to the State Permaren
, School Fund.
, Section l6. (of Article 21). Shout
. the time ever come when any Of tn
J three aforesaid permanent funds be
come SO large that no further increas
is necessary or desirable, then, in sue
case, the Legislative Assembly shal
. have power to provide for the use O
all of the net income from such fun
! for the purpose for which 1t was ere
: ated, or it may use the one twentiet
/ Of the annual net income which was t
] be added to the fund itself for TIL
J creation of other permanent revenu
r funds, or for any other public purpos
that 1t may deem wise; provide,
! however, that none of the foregoin
E provisions Of this section shall appI
/ to any Of these funds until 1t ha
\ reached the specific amount fixed b
: his Article.
e Section IL. (of Article 21). TIL
e Justices of the Supreme Court of III
8 State of Montana are hereby mao
S and constituted supervisory boar