The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-08-15

a5alnsf any s1an applicant: nrov;,
ed, tYweyer, that in passing ON
+ loaA q investment, consideratio
snall be given, not only to the a,onle
ness of the security, but also ~
character and earning capacitv .
4 tie applicant and to the purnosa y
: the loan; and provided further Tss
q so long as the available funds ar,
4 nadeS qate TO meet Che demard .rs
: ference shall be given to the smaIla,
, loans. The rate OF inlardst eli -
! ways be a reasonable rate. conside,.
, ing character Of the loan or invest.
ment. but different rates nav ia
charged for different classes of iosns
and investments.
Section Z (of Article 21j. If is tba
meaning and intention of this Arti.
Gle that all investments of tbesa
funds shall be confined exclgs{vel,,
TO safe loan investments, drawing =
fixed rate of interest and helm IN
aid of home making, farming and ea-
ucational work. or otherwise coo-
duclye to the progress and well he
ing Of society. "
All long term investments shall ho
on the amortization plan. Further
regulations and limitations concar,,
ing these investments shall be nro-
yided by law -
Section (of Article 2D. Whom.
ever the security given for a loan is
liable to the damage or destruction
by fire, the insurance COMPANY 40
ceptlng the risk shall be absolutely
llaDle to the State for the full p
mount OF the policy, ana the policy /
Itseh shall specifically recite sucb 4
iull LIABILITY The State NAV itsalf
provide for insurance on any prone7-
" constituting security for it's hans
section (of Article 2D. The
Legislative Assembly may provide
other ana additional ways and means
Ior beginning or Increasing any- 81
the funds created or auehorigei IL
this Article.
Section 10 (of Article sa u
state Of Montana shall aeoant FL, =,
yestment and adninis.raf4ea
,ner win the aforesaid funds consti
yullHs me montana Trust and Ie-
sacy Ltnu, but as separate parts
.hereoi' sinking funds, permansn
elus' ana cumulative funds balo. j
ng to the State and it's r9litiesl
,OpuIVlslchs, and also other .fund4
designated by the LegislaAwa 400
empty, When requested to do So Is
ne authorities having the caro- onT /.
ustody OF such un6s All j
lnds and the accrued IN rse4 +
ne state conformation hersinaffes d
Aed. sfaI be Repaid when 5rs
ne provisions Of this section eba1
OF Apply 10 tha sUbiie School F-
me state, which se1os
iah be Administered seaaraselv os
ready prescribed by tile cons.it-.
Section II (of Article 81 T5o an
,ate shall be entitled to receive Is iii
for the administration ell
an tne funds administered under X
IS ace one twentieth d-20 of All
interest collected thereon each ag
ar' IN the last day OF December Sh
seach year, the State Treasurer de-
d. transfer 10 the State General tht
ma such one twentieth {l-2O) of All
: interest collected during fha &C,
ar less all the losses ar ar4a;neS of
rms me year which losses shall S
"e~Uciea from the one twentietb fec
is1ituthg the compensation Of tFS fro
,19' the balance OF the Interest pro
iected snail be the NET earninos "A
shah be credited pro ~, :, UN
II and every fund constitutine tbo ST.
ntana Trust and Legacv I7nnS l.
: was IA the keeping Of the STATE sta
January lst Of thar year RIaed her,
the total thereof on that date. and Il
= Ds auuea to each such fund or emit
available for The beneficiaries Qua
-ne case may be- Sums due benz Nor
res snail be paid out during to std
ms month OF january as far as Add
'sicable. vidl
sction y Cof Article 2D. An mini
net earnings accruing To +bs Dom
Permanent Revenue J5und the
annvaiiy be aided hereto ~ Il Rev,
as reached the sum eF One H,n- ST
Mliiion Dollars (s100,019.000 oar she
eater only one twentieth OF ina Ftnc
~ net earnings snail be added and
ne fund itself, and tla rer-as.f5.r Gene
cen twentieths of the net earn ana
snail be used for the general ~ mini.
es OF the State Thos
.uon 10 fof Article 2l). All nv
=, ''--s,o d-cfuilg to the
=, permanent School Fund shan liked
ally De added thereto until Il alont
,escned the sum of Five HIM. this
Dollars $500, 600, OOO.OO) CIT
carer only ere twentieh ~ STAT
u nes earnings shall be added
iuHu ltseit and the REMAINING
cen twentieths shall annually first
peItiOnsd 10 the school disf.ic-.
state on the basis Of the ~
-e actual school attendance e.
district during tie preeeding A t
or calendar year ~ persons fields
sn me ages Of SIX ana eightee1 of Jof
any snai be used miles
10 ,.oii'i purposes, subject 10 sideral
e prescribed by law sfvb1o
W fNftieie 1li All the ne,
3 earnings uccrfffftr ~ tt,, 49,,