The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-10-08

urance on any properly constituting
iecurity for its loans.
Section Q. (of Article 2D. The leg
slatige Assembly may provide other
md 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 in
vestment and administration together
with the aforesaid funds constituting
he Montana Trust and Legacy fund,
out as separable parts thereof, sink
ag funds permanent funds, and cum
ulatiye funds belonging to the State
and its political subdivisions, and also
other funds designated by the Legis-
lative Assembly, when requested to do
20 by the authorities having the care
and custody of such funds. All such
funds and the accrued interest, less the
State compensation hereinafter fixed,
shall be repaid when due. The pro-
visions Of this section shall not apply
to the Public School Funds of The
State. which school fund shall be adj
ministercd separately as already pre-
scribed by the constitution.
Section IL. tof Article 2l). The
State shall be entitled to receive as
compensation for the administration
( all the funds administered under
his act one twentieth (1-20) of all
the interest collected thereon each
year. On the last day of December
Of each year, the State Treasurer
shall transfer to the State Geneal
fund such one twentieth (1-20) of all
The interest collected during the year,
less all the losses ascertained during
he year, which losses shall be deduct
I'd from the one twentieth constituting
The compensation of the State. The
balance of the interest collected shall
be the net earnings and shall be cred
tied pro rata to each and every fund
constituting the Montana Trust and
Legacy Fund that was in the keeping
Of the State on January LIST of that
year, based on the total thereof on
| hat date, and shall be added to each
such fund, or held available for the
beneficiaries as the case may be
Sums due beneflciaries shall be paid
lut during the ensuing month Of Jan
lary, as far as practicable.
Section IL. tof Article 2D. All the
act earnings accruing to the State
Permanent Revenue Fund shall an
nuaIly be added thereto until 1t has
reached the sum Of One Hundred Mil
i lion Dollars $4,000, 000.00). There
after only one twentieth Of the an
nual net earnings shall be added t.
he fund itself, and the remaining
nineteen twentieths of the net earn
ings shall be usd for the general ex
9enses of the State. i,
Section IL. Tor Article 21). AL
The net earrings accruing TO the Stat
Permanent School Fund shall annual
I ly be added thereto until it has reach
ed the sum of Five Hundred Milliol
Dollars ($500,000, 000.00) Thereafte
! only one twentieth of the annual ne
/ earnings shall be added to the fun
: Itself. and the remaining ninteen twef
! ieths shall annually be apportione
10 the school districts of the State O
! he basis Of the aggregate actua
. school attendance In each district dur
ing the preceding school or calenda
/ wear by persons between the ages 9
& tx and eighteen years and snail b
| 1sed exclusively for educational pun
: poses, subject to such regulations an
: limitations as may be prescribed b
4 law.
t Section IA. (of Article 2l) All I'll
: net earnings accruing to the Permar
n ant Revenue Fund for the Universit
D If Montana shall annually be adde
hereto until it has reached the sum
+ One Hundred Million Dollars ($l0O
e 600 .O00.00). Thereafter only OF
: twentieth Of the annual net earning
n shall be added to the fund itself, and Y
n emaining nineteen twentieths shall
d apportioned to all the educational IN
e titutions then comprising the Univers
5, tv Of Montana, on the basis Of the q
II gregate actual attendance In each \
is stitution during the preceding scho
lie or calendar year, and may be used +
h all purposes properly connected WI
& the work Of these institutions, su
III iect. however, TO such regulations al
e. limitations as may be prescribed
a law
id Section Is. (of Article 2l). Whe
~ ever the purpose for which certa
n contribution was made has been O
Or -omplished, or can no longer be asct
ne aimed or followed, then the tot
s. amount Of such fund shall be traf
as ferred to the State Permanent Scht
he Fund and become Permanent and
n yiolable part thereof. All contrib
ID, tions without a specified purpose sh
NJ be credited to the State Permane
Sc School Fund.
be Section 16. (of Article 21). Sho,
ng he time ever come when any Of
no three aforesaid permanent funds
IN come so large that no further incre'
Of Is necessary or desirable, then, in 81
lr- case, the Legislative Assembly sh
ne have power TO provide for the use
mt. all of the net income from such ~
wn for the purpose for which 1t was G
ro- ated, or it may use the one twenti
IL the annual net income which was
all be added to the fund itself for
ess creation Of other permanent revel
ter funds, or for any other public purp
ant that it may deem wise; provid
md however, that none Of the forego
the provisions Of this section shall ap
eet ID any of these funds until it
rem reached the specific amount fixed
in his Article.
BILE Section II. (of Article 2D.
the Justices Of the Supreme Court Of