The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-09-05

character and earning capacity .
the applicant and to the purpose 0
the loan and provided further tia
so long as the available funds arr
illade4uate to meet the demand, pre-
terence shall be given 10 the smaller
loans. The rate OF interest snail al
ways be 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 Z (J1 Article I'll. IL is the
meaning and intention OF this Arti-
Gle that all investments OF these
funds shall be confined exclusively
70 safe loan investments, drawing a
fixed rate OF interest and being IN
and OF home making, farming and cd
ucational work, or otherwise CON
duciye 10 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 3 (of Article 2l). When
ever the security given for a loan IS
liable TO the damage or destruction
by fire, the insurance company az
ceptlng the risk shall be absolutely
liable to the State Tor the full a.
mount OF The policy, and the policy
itself shall specifically reclte such
full liability The State may itself
provide for insurance on any proper
" constituting security for its loans
Section 8 (of Article 21) The
Legislative Assembly may provide
other and additional ways and means
Tor beginning or increasing any OF
the funds created or authorized by
this Article.
Section 10 (of Article 21) The
State Of Montana shall accept Tor in
Festment and administration tose-
tner with the aforesaid funds constr
tuting the Montana Trust and Lee
gacy fund, but as separate parts
thereon, sinking funds, permanent
funds, and cumulative funds belong
ing to the State and its political
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
he State compensation hereinafter
liked. shall be repaid when due
The provisions OF this section shall
lot apply to the Public School Funds +
ii The State, which school fund
shall be administered separately as
already prescribed by the constitu-
ion
Section II (of Article 81. The
State shall be entitled to receive as
for the administration
i all the funds administered under
his act one twentieth Q-20) Of all
he interest collected thereon each
ear. On the last day OF December
i each year, the State Treasurer
hall transfer to the State General
fund such one twentieth t1-20) OF all
he interest collected during tie
ear, less all the losses ascertainea
Iuring the year, which losses shall
le deducted from the one twentieth
the compensation Oh the
tate. Inc balance OF the interes.
objected shall be the nel earnings
nd shall be credited pro rata 10
ach and every FUND constituting the
lontana Trust and Legacy Fund
nat was in the keeping OF the Sta,e
n January lst OF that year, based
II the total thereof on that date, and
hall be added to each such fund or
cid available for the beneficiaries
S the case may be. Sums due bene-
ciarles snail be paid out during tie
nsuing month Of January, as far as
~
Section II (of Article 21). All
10 net earnings accruing to the
tate Permanent Revenue Fund
lall annually be added thereto unln
has reached the sum OF One Hum
red Million Dollars ($100,00O,000.OOJ
hereafter only one twentieth OF the !
lnuai net earnings shall be added 4
the fund itself, ana the remaining .
neteen twentieths OF the net earn
IS shall be used for the general ex-
snses Of the State
Section 10 (of Article III. An
e net earnings accrung to the
ate Permanent School Fund SHAH I
lnually be added thereto until q
IS reached the sum Of Five Hun. 4
ed Million Dollars (S500,O0O, 0O0.0O)
hereafter only one twentieth III
inual net earnings shall be aided :
the iund itself, and the remaining
neteen twenticths shall aanusts.y
apportioned 10 the school districts
the state on the basis OF the az
cgate actual school attendance in
on district during the preceding
4ooi or calendar year by persons
tween the ages OF SIX and eighteen L
ars and shall be used exclusively q
educational purposes, subject o
On regulations and limitations az
~ be prescribed by law. q
Section II (of Article 2D. All z
e net earnings accruing to the lei 81
inent Revenue Fund Tor tie I'm y.
rsity d Montana snail annually 81
ded thereto until it has reached Di
. sum OF One Hundred Aliilion n
liars (S100, 10000. Thereaiter V
~ one twentieth OF the annual net 70
snings shan be added to the funu
eli, and Tie remaining nineteen #
entieths snail he apportlcned 10 "
the educational institutions then
uprising The University ol moA-
la, on the basis Of the aggregate
.ual attendance III each instiltt.o., "a