The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-08-13

All 4DlE III Investments cAd u Va AAl
amortization plan. Further regulations and
limitations concerning these investments shall
be provided By law.
Section S (of Article 9I.l Whenever the
security given for a loan Is liable 70 dam
age or destruction by fire. the insurance
company accepting the risk shall be absolute
~ liable 70 the State for the full amount
Of the policy. and the policy itself shall
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 (f 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 separabie parts thereof, sinking
funds. permanent funds, and cumulative
funds belonging to the State and its political
subdivisions. and also other funds designated
By the Legislative Assembly, when requested
TO do so b. 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 admins
tered separately as already prescribed by the
constitution
Section IL (of Article 2I). The State shall
/ be entitled 70 receive as compensation for
the administration of all the funds admin
istered under this act one twentieth (1-2O)
Of all the interest collected thereon each
year. On the last day OF December of each
| year, the State Treasurer shall transfer 20
/ the State General Fund such one twentieth
| (1-20) OF all the interest collected during the
| year, less ali 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 be credited 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 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 practical
bic.
Section p tof Article 21.) All the net
earnings accrued TO the State Permanent
thereto until it has reached the sum
OF One Hundred Million Dollars $780,
3 900. OO). Thereafter only one twentieth
Of the annual net earnings shall Be-
added 20 the fund itself. and the remaining
nineteen twentieths of the net earnings shall
be used for the general expenses OF the State.
Section - (f Article 2D. 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, O0O.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 appOTtiOned to the school dis
tricts Of the State on the basis of the ag-
Create 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. (of Article 21). All the net
earnings accruing 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
I 100000 900. 00). Thereafter only one TWEEN
tieth OF the annual net earnings shall be
added 20 the fund itself. and the remaining
nineteen twentieths shall be appOrtioned to
ali the educational institutions then compris
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 Cof Article 21). Whenever the
purpose for which a certain contribution was
made has been accomplished. OF can no longer
be aseertained or followed, then the total
amount Of such fund shall be transferred 70
the State Permanent School Fund and be-
come a Permanent and inviolabIe part there
Of All contributions without a specified pur-
49, SA DC lAeG W SMG ONdDE EGEmd-
nent School Fund.
Section Is (Of Article 2I.) Should the
time ever come when any Of the three afore-
said permanent funds become so large that
then, in such case, the Legislative Assembly
shall have power 20 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 to be added TO the fund itself
for the creation of other permanent revenue
i E--1m - - =
may deem wise; provided, however. that
none OF the foregoing provisions of this sec
ton shall apply TO any Of these fluids until
il has reached the specific amount fixed by
this Article.
Section IT Cof Article 21). The justices
OF the Supreme Court Of the State of Mon
tana are hereby made and constituted a SUI
! p%ervisory board over the entire adm,aistra-
ton or all the funds created or authorized
By this article and the income therefrOm.
T During January Of each year. this board
s'@ll review the administration for the pre-
ce6ing year. It shall decide al uncertain On
disputed points arising in the administration
of the funds whenever requested 70 10 so by
a beneficiary. by a State Official charged
with some part of the administration Of the
fund. or any other interested party: and IL
may do so upon its own initiative It shall
be the duty of the supervisory board TO do
and perform all acts and things u may ceem
necessary in order TO cause the board and
officers having direct charge Of these funds
to administer the same carefully and wisely
in full compliance with the provisions Of this
article and such further legislation as may
be enacted relating thereto. The Clerk Of the
Supreme Court shall be Ex-Offici1 Clerk Of
this Supervisory Board.
Section is (of Article 21). The LeZisla-
tive Assembly shall from time 20 time enact
such further legislation as it may deem nee
essary 70 carry into effect the provision, Of
this article.
Section 8. Separate official ballots shall
be provided at the general election TO be neId
in November. 1924, which shall have printed
thereon all Of Article Twenty-one (2D Of
the Constitution of the State Of Montana as
proposed b. this act. There shall also be
printed on said official ballots, below the
said article. squares and the words as fol-
lows:
For the above written amendment
TO the Constitution.
ii Against the above written amend
ment to the Constitution.
Each eleetor who approves this amendment
shall mark an X in the first square above
printed. and each elector who rejects II shaU
mark an K in the second square
Section 4. The votes cast for and AGAINST
1 this proposed amendments uhSU II -