The Kevin review. [volume] (Kevin, Mont.) 1922-1929, 1924-10-30

tAO olldllC1 lOduO. lhO ldIC W
~terest shall always be a reasonable
rate, considering the character OF
the loan or investment, but different
rates may be charged for different
classes Of loans and investments.
Section Z (of Article 21.) 1t is
the meaning and intention of this
Article that all investments of these
funds shall be confined exclusively
to safe loan investments, drawing a
fixed rate o. interest and being in aid
of home making, farming and edu-
cational work, or otherwise conducive
to the progress and well being OF
society.
All long term investments shall be
on the amortization plan. Further
regulations and limitations concern
ing these investments shall be .Dro-
vided by law.
Section 8 (of Article I'D When
ever the security given for a loan is
liable to damage or destruction BY
fire, the insurance company accept
ing the risk shall be absolutely liable
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 in
surance on n property constituting
security for it's loans.
Section 9 (of Article FL. The
other and additional ways and means
for beginning or increasing any OF
the funds created or authorized by
this Article.
Section 10 (of Article 21). TIL
State of Montana shall accept for in
vestment and administration together
with the aforesaid funds constituting
the Montana Trust and Legacy fund.
but as separable parts thereof, sink
ing funds, permanent funds ard
cumulative funds belonging to the
State and it's political subdivisions,
and also other funds designated by
the Legislative Assembly, when re-
quested to do so by the authorities
having the care and custody of such
funds. All such funds and the ac-
crued interest, less the State COM
pensation 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 admin
istered separately as already pre-
scribed by the constitution.
Section II (of Article 21.) The
State shall be entitled to receive as
compensation for the administration
of all the funds administered under
this act one twentieth (-20) of all
interest collected thereon each year.
On the last day of December of each
year, the State Treasurer shall trans
fer to the State General Fund such
n twentieth (1-20) of all the in
terest collected during the year, less
all the losses ascertained during the
year, which losses shall be deducted
from the one twentieth constituting
the compensation of the State. The
balance of the interest 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 there
of on that date, and shall be added
to each such fund, or held available
for the beneficiaries as the case may
be. Sums due beneficiaries shall be
paid out during the ensuing month
of January, as far as practicable.
Section u. (of Article I'D All
the net earnings a%ccruing to the
State Permanent Revenue Fund shall
annually be added thereto until 1t
has reached the sum of n Hundred
Dollars ($1O0, 000,00O.00a.
Thereafter only n twentieth OF the
annual net earnings shall be added
TO the fund itself, and the remaining
nineteen twentieths of the net earn
shall be used for the general
expenses Of the State.
Section ID. (of Article 21) All
net earnings accruing to the
state Permanent School Fund shall
be added thereto until It
has reached the sum of Five Humid
red Million Dollars ($500, 100000
Thereafter only one twentieth
If the annual net earnings shall nc
added to the fund itself, and the
remaining nineteen twentieths shall
be apportioned to the
school districts of the State on the
basis of the aggregate actual school
attendance in each district during
he preceding school or calencar
year by persons between the ages OF
,ix and eighteen years and shall De
,sed exclusively for educational pur-
noses. subject to such regulations
D'&o
md limitations as may be prescribed
~ law.
Section IA, (of Article I'D All
he net earnings accruing to tho
Permanent Revenue Fund for the
University of Montana shall annually
added thereto until it has reached
he sum of One Hundred Million Dol
ars (S1O0, 0OO, 100000. Thereafter
,nly one twentieth of the annual MT
arnings shall be added to the fund
tself. and the remaining nineteen
shall be apportioned to all
he educational institutions then
the University of Mon
ana, on the basis of the aggregate {
ctual attendance in each institution
uring the preceding school or a l
ndar year, and may be used for all
urposes properly connected VIII
work of these institutions, SUD-
oct. however, to such regulations {
nd limitations as may be pre- s
by law. [
Section Is (of Article I'D When l
yer the purpose for which a certain
contribution vas made has been ac- I