The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-10-31


snall be given, not only to the ample
ness OF the security, but also tAt
character ana earning capacity ol
the applicant and to the purpose Oh
the loan; and provided further tina,
, so long as the available lunus are
inadequate to meet the demand, pre-,
ference shall be given 10 the smaller
!, loans. The rate OF interest snail al
ways be a reasonable rate, consider
ing character OF the loan or invest
ment. but different rates may be
charged Tor different classes OF loans
and investments.
Section TOT Article III. 1t is the
meaning and intention OF this Artl-
Gle that ali investments oil these
funds small lie confined EXCLUSIVELY
TO sale loan investments, drawing Il
fixed rate OF interest and being in
aid of home making, farming and ed
ucational work, or otherwise con-
duciye 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-
vided by law
! Section (of Article 21j. When
ever the security given Tor loan is
liable to the damage or destruction
by fire, the insurance company ac-
ceptlng the risk shall be absolutely
liable to the State for the full a.
mount OF the policy, and the policy
Itself shall specifically reclte sucn
lull liability. The State may itself
provide for insurance on any proper
~ constituting security for its loans
Section 8 (of Article ~. The
Legislative Assembly may provide
oLher and additional ways and means
for beginning or increasing any OF
the funds created or authorized Dy
THIS Article.
Section 10 (of Article 21). Ia
state OF Montana snan accept toi ~
vestment and administrator 49,
thvr wlLn the aforesaid tuns.a oAio,.-
tdting the Montana 1rus, LII Lie
gacy fund, but as separate parts
Thereon, sinking funds, pernaaen.
funds, and cumulative FUNDS DelU- j.
ing 10 the state and It's pontlca4
SUBDIVISIONS, and also otner Iunus
designated by the Legislative AS
semDly, when requested 10 DO SO by
the authorizes having the care anu
custody OF such FUNDS. All suen
funds ana the accrued interest, less
the state compensation hereinafter
fixed. Shall be repaid when uue
Inc provisions OF inns section suan
not Apply To the PUBLIC School unus
Oh Inc state, winch scnoOl luna
SnaiI De administered sepdreee4y 10
areauy prescribed by the cUnstllu-
ton.
Section IL (of Article 21) The
oLs.Le snan be emitted TO receive as
tor the administrator
u all the FUNDS Administered uuu04
Jas dcL one CwenLIetn tI-4OJ ol al
the interest collected thereon eacn
year. On tie last DAY OF DeoemDei
JI eacn year, the state Ireast.i "a
shall transfer to the state General
una sucn one twentieth Cl-zOj u al
Tie interest collected during tine
year, less all the losses ascerta4ne,.
luIlns the year, wnIcn losses snaA
,e ueuucted from the one twentieth
the compenAd,lCn Vi tAe =
JtatC. lne balance vi the Intefes
SHAH be the 10. Ca.ln.4s,.
INA sinai De crealteu plO l.u !.
'acn and every fund constituting the
Trust and Legacy rum :
hat Was in the keeping OIL the STATE
IA January ISL Oh LnaC year, basOu
N the total thereof on tnat uate, anu :
nall be ADDED to eacn such fund "a :"
eid available for the DeneucIarlea :,
s tile case may be. sums due benv =
lciarles sndlI be paid out during TT =
nsuing monrn vi January, as lar d.
rdCtIcdDIe. =
section II (of Article II. Al =
lc net earnings accrumg To Lne -
tate Permanent Revenue tunu =
mali annually be added Lnerelo uu. -
mas reached the sum OF one hun -
req Million Doilars t$IU0,0UJ, UUU.Vv5 =.
hereafter only one LwenLIeLn vi Lne -
nnual net earnings snail be adueu
} the fund 1LseIi, anu the remaining -
iheteen twenuetns oil the net earn
lss shall be used 1or the general ca ~
enses OF the StaLe. ~
section IL tot Article zl). All
le net earnings aecrulng TO the
tate PERMANENT ScnooI bund sna4i :
lnually be adued thereto unul i. 80 20
IS reached the sum OF Five Hun -. ~
ed Million Dollars 100000 ,OOO.OO) ~
hereafter only one twentieth OF :
lAual net earnings shall be added =
ehe fund itself, and the remaining
neteen twentieths shall annually =
apportloned to the school districts
tne state on the basis OF the az
esate actual school attendance IN
IN district during the preceding
Aooi or calendar year by persons
eween the ages of SIX anu eighteen
ars and shall be used exclusively -
educational purposes, subject 10 Je
ca regulations and limitations as
~ be prescribed by law.
section IA (of Article III. All
: net earnings accrulng to the Per- 80 ~,
.nenL Revenue Fund Tor the Uni
tsity OIL Montana snail annually be
ded thereto until 1t has reached
> sum OF One Hundred Million
llarB f5IUO.,tfUt t3DO OUI 1'hpraaftar -