Belt Valley times. [volume] (Armington, Mont.) 1894-1977, 1924-10-02

cfea)s to @dmininter the aanae p@x@el
uallys and 20 apply the NET earning
thereof ms therein directed, mnh5@e
hewevoas 20 tine provisions and limltz
tiQua Of this Act
6ec&ion 8 fof Article 21). IN
original amOunEs Of all contribution
For ehe State psFznanenk neenau
Fund for kase State parnnmmsnk Eeh0n
Fund, and for &he Permanent nmvemu
4 Fund Tor the University az MomRmssa
aAau be added "a sach funds respect
lively and become tnsepnrnbla ard In
lvioiahAe parsn &hereof. Contributions
for other objects may con&min : mn0
vision 10 khe effect that thn maf earn s
in9a thereof or p@rt Of the net earn
ingas shall be added 70 the prineipa
Tor certain length Of time. or unit
Il has reached certain amount. 81
until the happening Of a eertmin event
but such contingent event shall not b.
more remote than permitted BY ina
laws afxecting pexpefuitiee; bat no
contribution containing r%~h pr0via-
ion as 70 accumulation snAll be &C
cepted BY the State until it has been
approved by the supervisory board
hereinafter constituted, which board
shall have power to reject any such
contribution that Il may deem unwise.
Section 4 (of Article 2I). The
State Treasurer shah keep a perman-
ent record Of all such gifts, dona-
tons, grants and legacies, showing
the names Of the givers, the purpose
Of the contribution, and other essen
tial facts relating thereto. A dupIi-
cate Of this record shall be kept BY
the Secretary Of State. These rec
ords shall be preserved perpetually as
a lasting memorial TO the givers and
their interest in society. The Legis-
lative Assembly shall from time to
time make provision for suitable pub
licity concerning these benefactors Of
their feIIowmen.
Section S (of Article 21). The
same State Board and officers that
have charge of the investment and
administration of the Public School
Fund Of the State shall have charge
Of the investment and administration
Of ail the funds administered under
this article. All these funds shall be
invested as one common fund TO be
known and designated as the Mon
lama Trust and Legacy Fund. In case
any contribution is in some other form |
than cash, such board RhmM convert IL |
INTO cash as soon IS practicable.
Section fof Article 81 Ali
Investments Of these funds shall be /
Iafely and c0nseryatiyely made. Pref |
srence ehalI be given to long term /
oans secured BY first mortgages on
own and city homes or on cultivated
md producing farms in ehis State
Is..e &v.,~~ i. II ...ss... 3s....~ - .~.-~s..a
Frances, and also 70 Montana Bonds
ssued for educational purposes. All
uch loans and bonds nhan he payable
N the amortization plan No loan In
which the security Is . mortgage shall
xceed fifty per cent Of the actual +
ash value Of the real estate given as
ecuxity. No farm loan shall be for
longer period than forty years, and
o loan secured on residence property
hall be for longer period than TWEEN
y years. No loan secured on town or
ity property shall be made until the
articular town or city and subdivi.
ion thereof in which it Is located has
cen accepted and approved BY che
tate Board having charge Of the IN
estment, rs permanently established,
aving an assured future and being
i every way safe security for these
ivestments Investment may also be !
lade in other safe interest bearing
provided, however, that no
art Of such funds shall ever be in
asted IN obligations of the State Of I
Lontana, except general fund war {
lnts which win be paid within one Z
ear from the time Of the investment.
o discrimination shall ever be {
lown for or against any loan apple e
mt: provided, however, that in pass ?
& on a loan or investment, consider
'ion shall be given, not only to the 9
npleness Of the security, but also 9
e character and earning capacity Of 2
70 applicant and TO the purpose of 3
e loan; and provided further that
long as the available funds are M y
lequate to meet the demand, prefer ,
Ice shall be given to the smaller q
ans. The rate Of interest shall al 2
avs be 3 reasonable rate, consider q
2 the character Of the loan or in- q
but different rates may be 4
arged for different Glasses or loans 2
ID Investments. I,
Section (of Article 21). It is q
e meaning and intention Of this Ar 2
lie that all investments Of these \
nds shall be confined exclusively
fe loan investments, drawing q fixed q
te Of interest and being In aid Of u
me making. farming and education e
work, or otherwise conducive To- z
e progress and well being Of So =
'ty. p
An long term investments shall be n
the amortization plan. Further g
gulations and limitations concern g
I these investments shah be pro q
led by Law. &C
Section 8 lof Article 21). When q
~ the security given for loan is @
BILE 30 damage or destruction By II
e, the insurance company accept Ds
, the risk shall be absolutely liable o.
the State for the full amount Of the
hey, and the policy itself shall spe- Il
icaIly recite such full liability. The or
zte maaY itself provide for insurance ~
any property constituting security re
It's loans.
section 9 (of Article 21). The 70
gislafive Assembly may provide 81.
YER and additional wmys and means w.
beginning or increasing any Of O.
funds created or authorized bW ~