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

Hess VI the SSCulityf Jul aloO III
character and earning capacity Q
the applicant and to the purpose 0
the loan, and provided further tina
SO long as the available tunds ar
inadequate to meet the demand, pre-
ference shall be given TO the smaile
loans. The rate of interest snail al
ways be a reasonable rate, consider
ing character of the loan or invest
ment, but different rates may BIZ
charged for different classes OF loans
and investments.
Section Z TOT Article 2ll. 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.
ever the security given for a 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 It's loans
Section 8 (of Article 2I). The
Legislative Assembly may provide
other and additional ways and means
tor beginning or increasing any Oh
the funds created or authorized by
this Article.
Section 10 (of Article III. The
State of Montana shall accept for in
vestment and administration Losv-
tner with the aforesaid funds consII-
turIng 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
Subdivisions, and also other FUNDS
designated by the Legislative AS |
sembiy, when requested to do so by /
the authorities having the care anu /
custody OF such funds. All sucn /
funds and the accrued interest, less
the State compensation hereinafter
fixed. shall be repaid when due.
The provisions OF this section snail I
not apply to the Public School FUNDS
OF The State, which school 1unu
shall be administered separately as
prescribed by the constitu-
ton.
Section IL (of Article 21). The
State shall be entitled to receive as
for the administration
0f all the funds administered unuer
ms act one twentieth (I-20J OF All
he interest collected thereon eacn
1ear On the last day OF DECEMBER
If each year, the State Treasurer
hall transfer to the State General
fund such one twentieth (1-20) OF ali
he interest collected during the
rear, less all the losses ascerCaineu
turing the year, which losses snail
De deducted from the one twentieth
constituting the compensation OF the
otaLe. Inc balance OF the interes.
collected shall be the net earnlnse
md shall be credited pro rata 80
ach and every fund constituting the
Montana Trust and Legacy Fund
hat was in the keeping OF the StaLe
N January list OF that year, baseu
n the total thereof ON that date, ana
hall be added to each such fund, ur
ED available for the beneficIarles
S the case may be. sums due bene-
cIaries snail be paid out during tie
nsulng month of January, as lar as
Section II (of Article III. All
ne net earnings accrulng TO tue ,
tate Permanent Revenue funu
hall annually be added thereto unu :
has reached the sum OF one Hun
RED Million Dollars (Sl0U,00O, UUU. 90 Z
hereafter only one twentieth OF tAe :
nnuaI net earnings snail be adueu
the fund itself, and the remaining
neteen twentietns OF the net earn
IS snail be used tor the general ex-
snses OF the STATE. =
section IL tot Article III. All !
e net earnings accruIng to the
ate Permanent Scnool tund shal - !.
lnually be added thereto until /, =
Us reached the sum OF Five Hun. ~
ed Million Dollars (s500,000, 000.O0 u
hereafter only one twentieth ui !
lnual net earnings shall be auueu .
the fund Itself, and the remaining
neteen twentleths shall amman, :,
apportioned to the school districts
the State on the basis OF the az.
egate actual school attendance IN
Oh district during the preceding
hool or calendar year by persons
tween the ages of SIX and eighteen
drs and shall be used exclusively III
+ educational purposes, subject 10 U
ch regulations and limitations as
iy be prescribed by law.
Section IA (of Article III. All y,
, net earnings accrulng to the Per ~ ~
lnent Revenue Fund for the Uni =,
fsity OF Montana shall annually be 90
ded thereto until it has reached ~,
2 sum of One Hundred Million :.
liars 100000, 100000. Thereafter % %
~ one twentieth of the annual net -
Inings shall be added to the fund ~
elf, and the remaining nineteen -
shall be apportioned To 20,
EI