The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-10-31

mall be given, not only to the ample
ness of the security, but also tn
character and learning capacity c
the applicant and to the purpose Q
the loan; and provided further tina
so long as the available funds ar
made xuate to meet the demand, pre-
ference shall be given 10 the smalle
loans The rate of interest shall al
ways be reasonable rate, consider
ing character of the loan or .invesl
ment. but different rates may b,
charged for different classes of loani
and Investments.
Section tot Article I'll. 1t is the
meaning and Intention of this Artl
| Gle that all investments OF thest
funds shall be confined exclusively
to safe loan investments, drawing q
fixed rate of interest and being in
aid of home making, farming and ed
ucational 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
Section 8 (of Article 2D. 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 Oh
the funds created or authorized by
this Article.
Section 10 (of Article 21). The
State of Montana shall accept for IN
yestment and administrator lose-
tner with the aforesaid funds constr
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 its political
subdivisions, and also other funus
designated by the Legislative AS
sembly, when requested to do so by
the authorities having the care anu
custody or 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
not apply to the Public School Funus
OF The State, which scnooI Iunu
shall be administered separately as
already prescribed by the constitu-
ton.
Section IL (of Article 2I. The |
State shall be entitled to receive as
for the administrator
OF all the funds administered unuer !
TINS 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 ascertaineu
during the year, which losses SHAH /
be deducted from the one twentieth
state. Inc balance of the Interes,
collected shall be the net earnings
and shall be credited pro rata ~
each and every fund constituting the
Montana Trust and Legacy f'und
that was in the keeping OF the StaLe
on January LIST of that year, based
On the total thereof on that date, ana
shall be added to each such fund, or
held available for the beneficiarles
IS the case may be. Sums due bene-
lclarles snail be paid out during the
ensuing month of January, as far as
Section IL (of Article 2L. All
he net earnings accrulng to the
state Permanent Revenue Fund
hall annually be added thereto unln
has reached the sum OF One Hun
red Million Dollars ($100, 900, O0U.UUJ
thereafter only one twentieth OF the
nnuai net earnings shall be adaeu
the fund itself, and the remaining
Ineteen twentietns of the net earn
lgs shall be used for the general ex-
enses of the State.
Section IL (of Article 21). All
~ ANSb NNi hih6o. dICl uiuB 10 Tile L. /
tate Permanent School tund shanl
nnually be added thereto until ii
as reached the sum of Five Hun.
red Million Dollars $500, 0OO, 900. OO)
hereafter only one twentieth vi
nnual net earnings shall be auued
the fund itself, and the Remaining
ineteen twentleGhs shall annual,
c apportioned to the school distric,s
the State on the basis of the az
egate actual school attendance Ia
ach district during the preceding
;nool or calendar year by persons
5tween the ages of six and eighteen Z
ears and shall be used exclusively =
n educational purposes, subject 10 Q
loh regulations and limitations as
ay be prescribed by law. y
Section ID (of Article 21). All :
lie net earnings accruing to the Per.
dnent Revenue Fund for the Uni
9rsity of Montana shall annually be !
ided thereto until it has reached !.
e sum of One Hundred Million
Jllars ($100,00g,000.00 Thereafter
iiV one fWantiath of fho ono,,at a