The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-10-22

limitations concerning these investments shall
be provided b. Law.
Section 8 (of Article 21.) Whenever the
security given for a loan IS liable TO DAM
age nr destruction by fire. the insurance
company accepting the risk shall be absolute
y liable to the State for the full amount
of the policy. and the policy itself snail
specifically recite such full liab;!ity. The
State may itself provide for insurance on
any property constituting security 1or It's
loans.
Section Q COZ Article 2l) 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 adj
ministration together with the aforesaid funds
constituting the Montana Trust and Legacy
fund. but as scparable parts thereof sinking
funds. permanent funds, and cumulative
funds belonging to the State and its political
subdivisions, and also other funds designated
b. 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 this section shall
not apply to the Public School Funds of The
/ State, which school fund shall be adm:nls-
tered separately as already prescribed b. the
constitution.
Section IL (of Article 21). The State shall
be entitled to receive as compensation Tor
liz AAAAAA aNADAs Va OH Na- @A4@N8 10
istered under this act one twentieth (-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
/ U-2O) 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 ard
shall be credited pro rata to each and every
] fvrn1 constitutions the Mnnfann Trrr-f aud
! 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 such fund, or held available for the
beneficiaries as the case may be. Sums due
beneficiaries shall be paid out during the en-
suing month Of January as far as practica-
bic.
Section u Cof Article 2I.) All the net
earnings accrued to the State Permanent
Revenue Fund shall annually be added
thereto until il has reached the sum
on One Hundred Million Dollars t$lOo;-
900. 600. OO). 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 TO the general expenses CT tn Sta-e-
Section Is (of Article 21D. 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
rcd Million Dollars $500, 900. 900. OO). 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 70 the school dis
tricts Of the State or the basis OF the ag-
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 Il, (f Article 2D. All the net
earnings accruing 20 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
+ $500. 900. 100000 Thereafter oily one TWEEN
tieth of the annual net earnings shall be
added 70 the fund itself. and the remaining
nineteen twentictas shall he apportiOned 20
all the educational Institutions then cOmDris
ing the University OF Montana. on the basis
Of the aggregate actual attendance in each
institution during the preceding school OF
calendar year. and may be used for all pur-
poses properly connected with the work 81
these institutions. subject, however. 10 sAch
regulations and limitations as may be pre-
scribed by law.
Section Is (of Article 21). Whenever the
purpose for which p certain contribution was
made has been accomplished. or can 10 longer
be ascertained or followed. then the total
amount OF such fund shall be transferred 60
the State Permanent School Fund and be-
come a Permanent and inviOlabIe part there
Of All contributions without a specified pur-
pose shall be credited to the State Perma-
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
no further increase Is necessary or desirable,
then, in such case. the Legislative Assembly
shall have power TO provide for the use OF
all of the net income from such fund for the
purpose for which IL was created, or IL may
use the one twentieth of the annual net in
come which was to be added to the fund itself
for the creation of other permanent revenue
Iunds' or Tor any other public purpose that II
may deem wise: provided. however. 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
Section II (of Article 2r. The Justice.
Of the Supreme Court Of the State Of Nor
tana are hereby made and constituted Il SUI
pervisory board over the entire adm istra
ton OF all the funds created or authorize
by this article and the income theresrom
During January of each year. this boarC
shall review the administration fcr the Pre-
ceoir2 year. It shall decide all uncertain o.
disputed points arising in the adm. :nistratior
Of the funds whenever requested 20 10 50 ~
a beneficiary, by a State Official charge
with some part of the administration of tb'
fund, or any Other interested rarity and j
may do so uTo7 is own initiative i shsl
be the duty OF the supervisory board to d.
ana perform all acts and th,.ys y may ceen
necessary in order 20 cause the board an,
Officers having direct charge Of these funds
to administer the same carefully and wisely
in full compliance with the provisions Of thi
article and such further legislatio as ma,
be enacted relating thereto. TIE Clerk OF tn,
Supreme Court shall be Ex-Offici1 Clerk O
this Supervisory Board.
Section IS (of Article 2l). The Legisla
tive Assembly shall from time TO time enac
such further legislation as It may dem nee
essary to carry into effect the provisions o
this article.
: Section 3. Separate official ballots shal
be provided at the general election to be me-,
in November. 1924. which shall have printe,
= thereon all Of Article Twerty-one j2) O
the Constitution Of the State or Montana a
proposed by this act. There shall also b.
! printed on said official ballots, below IN
said article. squares and the words As fol
lows:
For the above written amendmen
D to the Constitution.
Against the above written amend
] meat to the Constitution.
Each electOr who approves this amendment
Q shall mark an x in the first square abov
. printed. and each elector who rejects it shal
= mark an Y -, 4bo gaoo-I -