Belt Valley times. [volume] (Armington, Mont.) 1894-1977, 1924-10-30

Imsen)s tu n&lmimAsznT fkss zasss@ ,s.aesssI
sadly, and b asszAAv. Co.'S mak @ensaimm
h@re09 az SazeR@sm directed. ssshs@e'
A9s@eveE. % khe pswqislnha aHad Mussax
ftoms OF thla Act
Section 3 fof Article Gfl. H@
original @xaAoufka OF ain contribution
Ter ghe State Rmxgmmmmsak n@weazzs
Fused. for the State paxmmmassk gxehns
. ksxzAd. MMzszE0x gAA NnxmAmmasse mmvxssss
Fund For enc Unswwwassy ae kEasfmsza
SHAH he added 10 @meM fmsssAa s.eas>essk
|iw@ly mmd b@esmza fszmammnmhla an3 n
vsplabAe paxsB thereof. Cmnfwahmsimn.
tor oth@R nhS@ctA mamw e0mEmRm a xrn
vinaon 10 Cha affect tkmk Tia net eaTn
llnwa therwox. or CART of khs net aaru
in&a, shall BE- m&aaa 20 slse rrineinn
lfoR cexaain lsn@fA 81 eSrna.~ ar sznEi
4 haa remehed q emrkain araoussf. a.
until lhe happnnim@ Of eaFtmin event
bat such contingent evans sknII nat i.
more remote than permitted BY the
laws ekfnctinR parpetuities. hus NJ
eouuibution containing such nrovis.
ion &C 70 accumulation shnn s. se.
cepted BY the State until Il has been
hereinafter constituted. which board
stAfAtA IS " ~ WI 20 AGI|IA Any NWLu
contribution that Il may deem unwise.
Section (of Article 21). The
State Treasurer shall keep q perman-
emit record Of 81 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
lasting memorial 10 the givers and
their interest in society. The EeRis-
lative Assembly shall from time 20
time make provision for suitable pub
lefty concerning these benefactors Of
their feIlowsnen.
Section 5 (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 all the funds administered under
this article. An these funds shall be
invested as one common fund 10 be
known and designated as the Mon
tann Trust and Legacy Fund. In case
any contribution Is in some other form
than cash, such board shall convert II
into cash as soon as practicable.
Section 8 fof Article 21). All
investments Of these funds shall be
saissly and conservatively made. Pref
erzice shall be given to long term
leans secured by first mortgages on
tlwn and city homes or on cultivated
and producing farms In this State !
free from all prior liens and encum-
and also to Montana Bonds 1
issued for educational purposes. All
such loans and bonds shah be payable I
On the amortization plan. No loan IN I
which the security Is a mortgage shall I
exceed fifty per cent Of the actual /
ASH value of the real estate given as
security. No farm loan shall be for
/ longer period than forty years. and
10 loan secured on residence property i
Ihah be for q longer period than TWEEN
y years. No loan secured on town or
.ity property shall be made until the
particular town or city and subdivi-
lion thereof in which Il is located has
been accepted and approved by the
State Board, having charge Of the in-
'estment, as permanently established, Il
laving an assured future and being
a every way safe security for these (
Investments, Investment may also be
made IN other safe interest bearing !
ecurities; provided, however, that no
art Of such funds shall ever be In !
ested IN obligations Of the State Of
fontana, except general fund war {
ants which win be paid within one
ear from the time of the Investment. !
70 discrimination shall ever be
hown for or against any loan appIi- q
ant. provided, however, that In pass 4
1g on q loan or investment, consider Y
ton shall be given, not only TO the A
mpienesN Of the security, bat also q
be character and earning capacity of :
be applicant and to the purpose OF !
he loan; and provided further that
D long as the available funds are In J
deQuate to meet the demand, prefer s
nee shall be given TO the smaller q
lans. The rate Of interest shall al Q
'ays be q reasonable rate. consider {
liz the character Of the loan or IN {
but different rates NAV be l
harged for different classes OK loans b
I'D Investments. I
Section z (Of Article 21). 1t IA lc
Ne meaning and intention Of this Ar 9
Gle that all investments Of these (
snds shall be confined exclusively .
,fe Joan investments. drawing q fixed {
lte of interest and being In aid Of 4
1me making. farming and edueation- 2
work, or otherwise conducive to u
le progress and well being Of So {.
city. p
All long term Investments shall be q
] the amortization plan Further q
'gulations and limitations concern g
& these Investments shall be pro- Z
ded by law. cI
Section (of Article 21). When a
'er the security given for loan Is 8
bile TO damage or destruction by =
re, the insurance company accept b
& the risk shall be absolutely liable o.
the State for the full amount Of the
'licy. and the policy itself shall spe- L
ficaIly recite such full liability The q
ate may itself provide for insurance n
any property constituting security e
: its loans.
Section 8 (of Article 21). The lo
.giszative Assembly may provide q
her and additional ways and means "
Z beginning or increasing any Of oz