The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-10-10
against any loan applicant; provid-

~ Ii
Anall be given, not only to the ample
ness of the security, but also tn
character and earning capacity o
, the applicant and to the purpose o
, the loan; and provided further tina
, so long as the available funds ar,
inadequate to meet the demand, pre-
ference shall be given to the smaller
, loans. The rate of interest shall al
ways be a reasonable rate, consider
ing character of the loan or invest
ment, but different rates may be
charged for different classes of loans
and investments.
4 Section (of Article 2l). 1t is the
meaning and intention of this Arti-
Gle that all investments of these
funds shall be confined exclusively
to safe loan Investments, drawing a
fixed rate of interest and being in
aid of home making, farming and ed
ucational work, or otherwise con
ducive to the progress and well be-
| ing of society.
| All long term investments shall be
on the amortization plan. Further
| regulations and limitations concern
| ing these investments shall be pro-
yided by law.
Section (of Article 2I. When
ever the security given for a loan is
liable to the damage or destruction
by fire, the insurance company ac-
cepting the risk shall be absolutely
liable to the State for the full a.
mount of the policy, and the policy
itself shall specifically recite such
full liability. The State may itself
provide for insurance on any proper
ty constituting security for it's loans.
Section 8 (of Article 21). The
Legislative Assembly may provide
other and additional ways and means
for beginning or increasing any of
the funds created or authorized by
this Article.
Section 10 (of Article 2D. The
State of Montana shall accept for in
vestment and administration toge-
Their with the aforesaid funds consti- |
tuting the Montana Trust and Lee
gacy fund, but as separate parts |
thereof, sinking funds, permanent |
funds, and cumulative funds belong |
ing to the State and it's political |
subdivisions, and also other funds |
designated by the Legislative AS
sembly, 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 compensation hereinafter
fixed. shall be repaid when due.
The provisions of this section shall
not apply to the Public School Funds
of The State, which school fund
shall be administered separately as
already prescribed by the constitu-
ton.
Section II (of Article 21). The
State shall be entitled to receive as
for the administration
Of all the funds administered under
his act one twentieth Q-20) of all
he interest collected thereon each
year. On the last day of December
If each year, the State Treasurer
hall transfer to the State General
sund such one twentieth Q-20) of all
he interest collected during the
ear, less all the losses ascertained
Turing the year, which losses shall
'e deducted from the one twentieth
constituting the compensation of the |
state. The balance of the interest
shall be the net earnings |
nd shall be credited pro rata 10
ach and every fund constituting the !.
dontana Trust and Legacy Fund
hat was In the keeping of the State
n January LIST of that year, based 5
n the total thereof on that date, and
hall be added to each such fund, or d
cid available for the beneficiaries :
s the case may be. Sums due bene- :
Charles shall be paid out during the
nsuing month of January, as far as ;
Section IL (of Article 2D. All '
lie net earnings accruing to the =
tate Permanent Revenue Fund L
hall annually be added thereto until =
has reached the sum of One Hun
red Million Dollars ($1OO,OOO, 100000 a
hereafter only one twentieth of the u
1nual net earnings shall be added
the fund itself, and the remaining a.
neteen twentieths of the net earn q
gs shall be used for the general ex- d.
'nses of the State. ~
Section Ii (of Article 21). All
g net earnings accruing to the
ate Permanent School Fund shall III
lnually be added thereto until il u.
Is reached the sum of Five Hun. M
ed Million Dollars $500, O00, 00O.OO) ID
hereafter only one twentieth of
nual net earnings shall be added .
the fund itself, and the remaining
neteen twentieths shall annually
apportioned to the school districts
the State on the basis of the az
egate actual school attendance in
Oh district during the preceding
lool or calendar year by persons
tween the ages of six and eighteen IN
ars and shall be used exclusively
: educational purposes, subject to
Oh regulations and limitations as
" be prescribed by law. 4
Section IA (of Article 21). All IT.
} net earnings accruing to the Per-
.nent Revenue Fund for the Uni
'sity of Montana shall annually be nj
led thereto until it has reached WI
, sum of One Hundred Million Mr.
liars ($100,000,0 100000. Thereafter On,
y one twentieth of the annual net 49,
'nings shall be added to the fund M
slf and the remaining nineteen
sntieths shall be apportioned to no