The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-10-24

dSdlnSt any iOdn dppllCdnls provo
ed, however, that in passing on
loan or investment, considerable
ANAL be given, not only to the ample
ness of the security, but also tn
character and earning capacity O
the applicant and to the purpose o
the loan; and provided further tina
so long as the available funds arr
inadequate to meet the demand, pre-
ference shall be given to the smaller
loans. The rate of interest shall al
ways be a reasonable rate, consider
Ing character of the loan or invest
ment, but different rates may be
charged for different classes of loans
and investments.
Section lof Article 21l. Ii is the
meaning and intention of this Artl-
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 we'll be
ing of society.
All long term investments shall be
on the amortization plan. Further
| regulations and limitations concern
vided by law.
| Section (of Article 21). When
ever the security given for 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 its loans.
Section 8 (of Article 21). The
Legislative Assembly may provide
other and 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 in
vestment and administrator toge-
tner with the aforesaid funds consul
tuting 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 |
sembly, 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 compensation hereinafter
fixed, shall be repaid when due.
The provisions of this section snail |
not apply to the Public School FUNDS
of The State, which school fund
snail 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
OF all the funds administered unuer
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 General
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
De deducted from the one twentieth
constituting the compensation OF the
state. The balance OF the Interes,
collected shall be the net earnings
and shall be credited pro rata 70
each and every fund constituting the
Montana Trust and Legacy Fund
hat was In the keeping of the State
IN January LIST of that year, based ,,
IN the total thereof on that date, and
hall be added to each such fund. or
leld available for the beneficiarles
IS the case may be. Sums due bene- J
iciaries shall be paid out during tue
nsuing month of January, as far as
practicable.
Section IL (of Article 21). All
he net earnings accruing to the ! !,
state Permanent Revenue Fund
hall annually be added thereto unlI :
has reached the sum OF One Hun
red Million Dollars (Sl00,0OO. 900. 90, q
hereafter only one twentieth of tine =
nnuaI net earnings shall be adaeu :
the fund itself, and the remaining :
1neteen twentieths OF the net earn
lgs shall be used for the general ex- d
enses OF the State. u
CSSNANA 10 WI 1lllClG az. All
lie net earnings accruing to the
tate Permanent Scnool FUND sha.l =
be added thereto until Il =
as reached the sum OF Five Hun. y
ed Million Dollars (S50O, 00O, OOOOO) u
hereafter only one twentieth vi
lhual net earnings shall be auued
the fund Itself, and the remalI.us =,
.neteen twentleths small annual,
apportioned TO the school distrlc.s
the State on the basis OF the az
'egate actual school attendance 10
ich district during the precedlns
'nool or calendar year by persons
tween the ages of six ana eighteen Ia
ears and shall be used excius1,eiy pa
r educational purposes, subject 70 OF
ch regulations and limitations as
ay be prescribed by law. I'D
Section Ia (of Article III. All -
g net earnings accruing to the Per :
anent Revenue Fund Tor the Unl-
fsity OF Montana shall annually be =
ded thereto until 1t has reached ~ ~
e sum of One Hundred Million =
liars 100000, 100000. Thereafter