Belt Valley times. [volume] (Armington, Mont.) 1894-1977, 1924-10-23

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zzena oR tale Act
Section q foH Article 241. Wass
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vhaa6n b Hhe effect khak the nee earn
imwx tAeRpu9, or part OF 9he nee earn
lngns shall he added 10 the principal
FOR certain langkh Of time. or until
It has remehed certain mzaounk, on
until ahe happening Of d certain event,
bue Anch contingent event shall not BE-
ma0ze Feamotn khan permitted by the
laws efEecting perpetuities: but no
contribution containing such provisr
ION as 20 accumulation shall be mc-
Ecepted by the State until It has been
approved by the supervisory board
hereinafter contributed, which board
SHAH have power to reject any such
contribution that IL may deem unwise.
Section { (of Article 1l). The
State Treasurer shah keep . permsn-
ent recslrd 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 dun9i-
cate Of this record shall be kept by
the Secretary Of State. These rec
ords shall be preserved perpefually Sc
a lasting memorial to the 9ivers and
their interest In society. The LeRis-
lative Assembly shall from time 70
time make provision for suitable unh-
iirify concerning these benefncfoFa OF
their fellowmen.
Section 8 (0f Article 21l. 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 al the fanda administered under
th3s axkieIe All these funds shah be |
invested "a one common fund 10 be I
known and designated az the Nom /
tana Trust and Legacy Fund. In case
any contribution Is h some other form /
than cash, such board shall convert Il /
into cash az soon as practicable.
Section 8 (of Article 211. All
Investments Of these funds shall Be /
safely and conservativeEy made. Pref /
erence shall be given to long term
Ioans secured BY first mortgages on
town and city homes or on cultivated 4
and producing farms in this State
Eree from all prior liens and encum-
ORANGES, and also to Montana Bonds Il
ssued for educational purposes. All
such Ioans and bonds shall be payable
IN the amortization plan. No loan In
which the security IA q mortgage shall
Exceed fifty per cent Of the actual
ash value Of the real estate given as I
Iecurity. No farm loan shall be for {
longer period than forty years, and {
70 loan secured on residences property
hall be for q longer period than TWEEN
v years. No loan secured on town or
ity property shall be made until the !
particular town or city and subdivi- I
ion thereof IN which X is located has :
'een accepted and approved by the Z
tate Board, having charge Of the in
eHfment, as permanently established, {
aving an assured future and being {
. every way safe security for these 6
Investments, Investment may also be Il
aade in other safe interest bearing 8
provided. however, that no 8
art Of such funds shall ever be In
ested IN obligations of the State Of z
Iontanas except general fund war e
ants which will be paid within one q
ear from the time of the investment
ID discrimination NhaU ever hA q