The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-10-08

All long term investments shall be on the
amortization plan. Further regulations and
limitations concerning these investments snail
be provided by law.
Section s (of Article 2I.) Whenever the
security given for a loan is liable to dam
age or destruction by fire. the insurance
company accepting the risk shall be absolute
" liaole TO the State for the full amount
of the policy. and the policy itself shall
specifically recite such full liability. The
state may itself provide for insurance or
any property constituting security for its
loans.
Section 9 TOT Article 2l.) The Legislative
Assembly may provide other additional ways
and means for beginning or increasing any
of the funds created or authorized by this
Article.
Section 10 (of Article 2l.) The State OF
Montana shall accept for investment and ad-
ministration together with the aforesaid funds
constituting the Montana Trust and Legacy
fund, but as separabie parts thereof, sinking
funds, permanent funds. and cumulative
funds belonging 70 the state and its p%Olitica.
subdivisions. and also other funds designated
by the Legislative Assembly, when requested
TO DO so by the authorities having the care
and custody of such funds. All such funds
and the accrued interest. less the state COM
penSatiOn hereinafter fixed, shall be repaid
when due. The provisions of this section shall
not apply 10 the Public School Funds OF The
State, which school fund shall be admins
tered separately as already prescribed by the
constitution.
Section II (of Article 2lJ. The state shall
be entitled 70 receive A. compensation FOR
the administration of ali the funds admin
istered under this act one twentieth tl-20D
of all the interest collected thereon each
year. On the last day of December Of each
year. the State Treasurer shall transfer 70
the State General Fund such one twentieth
G-2O) OF all the interest collected during the
year, less all the losses ascertaired during
the year. which losses shall be deducted from
the one twentieth constituting the compensa-
41Dw &c A.. CN.Aa IT, h.1a-., 1f Aka anHow-
est collected shall be the net earnings and
shall be credited pro rata to each and every
fund constituting the Montana Trust and
Legacy Fund that was in the keeping of the
State on January lst of that year. based on
the total thereof on that date, and shall be
added to such fund, or held available for the
beneficiaries as the case may be. Sums due
beneficiaries shall be paid out during the en-
suing month of January as far as practical
BILE.
Section u Cof Article 2I) All the net
earnings accrued to the State Permanent
Revenue Fund shall annually be added
thereto until it has reached the sum
Of One Hundred Million Dollars $500.
600, O0O. O0). Thereafter only one twentieth
Of the annual net earnings shall Be
added to the fund itself. and the remaining
nineteen twentieths of the net earnings shall
be used for the general expenses of the State.
Section Is (Of Article 21). All the net
earnings accruing to the State Permanent
School Fund shall annually be added thereto
until II mas reached the sum OF I've NUM-
red Million Dollars $500. 900. 900. 0O). There
after only one twentieth OF the annual net
earnings shall be added TO the fund itself,
and the remaining nineteen twentieths shall
annually be apportioned TO the school dis
tricts of the State on the basis of the ag-
gregate actual school attendance in each dis
trict during the preceding school or calendar
year by persons between the ages of six and
eighteen years and shall be used exclusively
for educational purposes, subject TO such regu-
latiOns and limitations as may be prescribed
by law.
Section II. (of Article 2D. All the net
earnings accruing TO the Permanent Revenue
Fund for the University of Montana shall
annually be added thereto until il has reached
the sum of One Hundred Million Dollars
800. 600. 900. OO). Thereafter only one TWEEN
tieth of the annual net earnings shall be
added to the fund itself. and the remaining
nineteen twentieths shall be sppOrtiOned 70
all the educational institutions then cOmpris
ing the University Of Montana. on the basis
of the aggregate actual attendance in each
institution during the preceding school OF
calendar year. and may be used for all pur-
poses properly connected with the work OF
these institutions. subject. however. TO such
regulations and limitations as may be pre-
scribed by law.
Section IS (of Article 2l). Whenever the
purpose for which a certain contribution was
made has been accomplished, or can no longer
be ascertained or followed. then the total
amount of such fund shall be transferred C
the State Permanent School Fund and be
come a Permanent and inviolable part there
Of All contributions without a specified pur
pose shall be credited TO the State Perma-
nent School Fund.
Section 16 (f Article 21.) Should the
time ever come when any Of the three afore
said permanent funds become 50 large thai
no further increase is necessary or desirable
then. in such case, the Legislative Assembly
shall have power TO provide for the use Of
ali of the net income from such fund for tn
purpose for which it was created, or IL MAY
use the one twentieth of the annual net in
come which was TO be added TO the fund itselt
for the creation Of other permanent revenu,
funds, or for any other public purpose that i
may deem wise: provided, however. thai
none Of the foregoing provisions Of this sec
ton shall apply TO any Of these fluids unit
It has reached the specific amount fixed b!
this Article.
Section II (of Article 2D. The Justice
Of the Supreme Court of the State of Mon
tana are hereby made and constituted a So
p%ervisory board over the entire adm-nistra
ton OF all the funds created or authorize,
by this article and the income therefrom
During January of each year, thi5 bear
shall review the administration fo- TIE Pre-
ce6ine year. It shall decide all uncertsi1 o
disputed points arising in the adn.:nistrat;o
of the funds whenever requested to - 80 r.
a beneficiary, by a State Official charge
with some part of the administration OF IN
fund, or any other interested rarty and /
may DO so upon its own initiative It shall
be the duty of the supervisory board TO d.
ana perform all acts and thirgs u may ceen
necessary in order to cause the board an,
officers having direct charge of these fund
to administer the same carefully and wisel
in full compliance with the provisions Of thi
article and such further Legislation as ma,
be enacted relating thereto. The Clerk of tn
Supreme Court shall be Ex-OfficiD Clerk O
this Supervisory Board.
Section lS (of Article 21). The Leyisla
tive Assembly shall from time to time enac
such further legislation as it may deem nee
essary To carry into effect the provision, o
this article.
Section 3. Separate official ballots shal
be provided at the general election TO be mel
in November, 1924. which shall have prints
thereon all Of Article Twenty-one (2D o
the Constitution Of the State of Montana n
proposed by this act. There shall also b
printed on said official ballots. below tn
said article. squares and the words as fol
lows:
For the above written amendmen
to the Constitution.
Against the above written amend
ment to the Constitution.
Each elector who approves this amendmer
shall mark an K in the first square aboy
printed and each elector who rejects it sha
mark an x in the second square.
Section 4. The votes cast for and again,
this nrOnozaI aroapIv,arA -L-V