The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-10-29
c. T. STEWART.
NOTICE OF ELECTTON-CONSTT-
TUTIONAL AMENDMENT
Chautcr I34

Chapter 1874.
"An Act to Submit to the qualified Elec-
tors of the State of Montana an Amend
ment to the Constitution of the State Of
Montana. Adding Thereto a New Article.
Providing for the Acceptance and Admins
tratioH b. the State Of Gifts, Donations.
State Permanent Revenue Fund, for the Gre
alton OF n State Permanent School Fund.
Tor the Creation o. a Permanent Revenue
Fund for the University of Montana. and
and Worthy Objects and Authorizing the
state = Administer Other Funds Together
With Those Hereinebfore Indicated"
BE IT ENACTED BY THE LEGISLATIVE
TANA:
Section l. That the Constitution of the
state OF Montana be amended as hereinafter
provided. and that the question of such
tors of the State Of Montana for their ap-
prevail or rejection at the general election
to be held in November, 1924.
Section 2. That the Constitution Of the
state of Montana be amended and the
same is hereby amended. by adding there
to a new Article to be known and deS-
ignated as Article Twenty-Five (2I. read
inG and being as follows:
ARTICLE XXI.
! Section I. (of Article 21). The State
OF Montana does hereby agree and covenant
to accept from any natural person or
persons. from inside or outside of the State,
gifts, donations. grants and leRacies in any
amount or value not less than Two Hundred
fifty (~s250.00) Dollars each, for the creation
or a State Permanent Revenue Fund, for the
creation of a State Permanent School Fund.
for the creation Of a Permanent Revenue
Fund for the University Of Montana, and for
the Benefit Of scientific. educational and
charitable work. subject, however, to all the
provisions and limitations Of this article.
Section 2 (of article 21). The State fur
Their agrees and covenants TO hold in trust all
such contributions (gifts, donations. grants.
and legacies), TO administer the same perpet-
ually, and to apply the net earnings thereof
as therein directed, subject, however, TO the
provisions and limitations of this Act.
Section 8 Cof Article 2I). The original
amounts OF all contributions for the State
Permanent Revenue Fund, for the State Per-
manent School Fund. and for the Permanent
Revenue Fund for the University of Montana,
shall be added to such funds respectively and
become inseparable and inviolable parts there
of. Contributions for other objects may con.
tain a provision to the effect that the net
earnings thereof, or part OF the net earnings,
shall be added TO the principal for a certain
length of time, or until it has reached a GER
tain amount, or until the happening of a GER
tain event, but such contingent event shall
laws ~effecting perpetuities; but no contribu.
ton containing such provision as to accumu.
%.ations shall be accepted by the State until il
mas been approved by the supervisory board
hereinafter constituted, which board shall
have power 70 reject any such contribution
that il may deem unwise.
oecLOn q 't article III. The State Treas
urer shall keep a permanent record of al
such gifts. donations, grants and legacies
showing the names of the givers, che purpose
OF the contribution. or any other essential
record shall be kept by the Secretary OF
state. These records shall be preserved per.
1etuaiiy. as a lasting memorial. to the givers
and their interest in society. The Legislative
Assembly shall from time to time make pro,
vision for suitable publicity concerning these
benefactors of their fellowmen
Section 5 fOf Article 21). The same State
Board and officers that have charge OF tho
investment and administration of the Public
School Fund OF the State shall have charge
OF the Investment and administration of al
the FUNDS administered under this article. AT
these funds shall be invested as one common
tnnd to be known and designated as tho
Montana Trust and Legacy Fund. In case
any contribution IS in some other form thar
a; soon IS practicable.
Section 6 (of Article Ply All investment,
OF these funds shall be safely and conserva.
tiveIy made. Preference shall be given e
long term loans secured by first MORTGAGES or
town and city homes or on cultivated anr
producing farms in this State free from al
prior liens and encumbrances, and also Il
Montana Bonds issued for educational pur
poses All such loans and bonds shall D,
payable on the amortization plan. No loan II
which the security is a MORTGAGE shall ev
coed fifty per cent Of the actual cash vaIu,
OF the real estate given as security. No far
loan shall be for a longer period thar fort,
years and no loan secured on residence pron
erty shall be for a longer period than fyven
" years. No loan secured on town or c;F,
property shall be made until the particuial
town or city and subdivision thereof :,
which 1t is located has been accented an,
approved by the State Board. having cbarg
or the investment, as permanently esfabI;sbsd
having an assured future and being in eror,
way safe security for these investments In
vestnnent may also be made In other ssFa IN
terest bearing securities provided. however
that no part OF ouch funds shall ever he in
vested IN obligations Of the State of Montana
except general fund warrants which will 4.
paid within one year from the time Of an
Vestment. No discrimination shall ever n
SHOWN Tor or against any loan annIicsrf
provided: however that In passing on a Ios,
or investment, consideration shall h. o;vsn
not only TO the ampleness Of the secnr;t.
out also the character and earning cancels,
OF the applicant and to the purposa - ~.
loan; and provided further that so Iono -
me available funds are inadeouate 70 ~
the demand. preference shall be given 20 ~,
smaller loans The rate Of interest shall al
ways be a reasonable rate. eonside-;n1 a.
character OF the loan or Investment b,t S;S
terent rates may be charged for difsaran
classes OF loans and investments
section Z (of Article 2I). IL l. r. -
ing ana intention of this Article ths% III a.
Vestments of these funds shall h. so ~
exclusively to safe loan investoonAs -
ing q tued rate Of interest and bs;nS a. ~
OK nome making. farming ana s5..-
work. or otherwise coDd-ciye To H. n-sH1n
ana wen being Of sQe&akx. sH