The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-09-24
NOTICE OF ELECTION-CONSTI-
TUTIONAL AMENDMENT
ChaDfer I34


AN Act TO Submit to the qualified Flee
tors of the State of Montana an Amend
meat to the Constitution of the State OF
Montana, Adding Thereto a New Article,
tration by the State of Gifts. Donations,
Grants and Legacies for the Creation Of a
state Permanent Revenue Fund. for the Gre
alton Of a State Permanent School Fund
Tund for the University Of Montana. and
for the Benefit Of other Useful, Benevolent
AID Worthy Objects and AUTHORIZING the
state - Administer Other Funds Together
nth Those Hereinebfore Indicated"
3E 1T ENACTED BY THE LEGISLATIVE
ASSEMBLY OF THE STATE OF MON
Section ! That tho Constitution Of the
state Of Montana he amended as hereinafter
provided. and that the question Of such
tors OF the State of Montana for their an
rroval or rejection at the general election
t. ne held in November. 1924.
Section .. That the Constitution Of the
state Of Montana be amended and the
anne is hereby amended, by adding there
to a new Article to be known and des-
ignated a Article Twenty-Five (2D. read
ing and being As follows:
ARTICLE XXI.
Section l. (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,
I@+0f A~N anu E1AAN III any
amount or value not less than Two Hundred
fifty (~$250.O0) Dollars each. for the creation
of \ 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, ard 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 contribution 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 3 (of Article 2D. The original
amounts of all contribution 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
not be more remote than permitted by the
laws e~ffecting perpetuities but no contribu-
ton containing such provision as to accumu-
lations shall be accepted by the State until il
has been approved by the superv isory board
hereinafter constituted, which board shall
have power to reject any sucn contribution
that it may deem unwise.
Section 4 (of Article 21).. The State Treas.
urer shall keep a permanent record Of al
ssch gifts, donations. grants and legacies
showing the names of the givers, the purpose
OF the contribution or any other Essential
facts relating thereto. A duplicate of thi:
record shall be kept by the Secretary OF
State. These records shall be preserved per.
petually as a lasting memorial. TO the givers
ana 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 > (Of Article 21). The same State
Board and officers that have charge of the
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. Al
these FUNDS shall be invested as one common
FuTd to be known and designated as tn,
Montana Trust and Legacy Fund. In case
any contribution is in some other form thar
cash, such board shall convert it into casl
a; soon as practicable.
Section S (of Article Ply All investment
OF these funds shall be safely and conserya
lively made. Preference shall be given u
long term loans secured by first mortgages OF
town and city homes or on cultivated an,
producing farms in this State free from al
prior liens and encumbrances. and also u
Montana Bonds issued for educational pur
poses. All such loans and bonds shall n
payable on the amortization plan. No loan !,
which the security is a MORTGAGE shall ev
coed fifty per cent of the actual cash vain
Of the real estate given as security. No CO..
loan shall be for a longer period than fort
years and no loan secured on residence pron
erty shall be for a longer period than tvep
" years. No loan secured on town or cit
property shall be made until the p~artic,Iia
town or city and subdivision thereof !;
which It IS located has been accented an
approved by the State Board, having charo
of the investment, as permanently establisbef
having an assured future and being in ever
way safe security for these investments Tn
vestment may also be made in other safe In
terest bearing securities provided. boweve,
that no part of such funds shall over he IN
vested in obligations of the State of Monfsns
except general fund warrants which will h
PAID within one year from the time of IN
Vestment. No discrimination shall ever n
SHOWN Tor or against any loan appIicant
PROVIDED: however that in passing on a Ioa
or investment, consideration shall he -
NOT only to the ampleness of the secI1r;t,
out also the character and earning canao;t
of the applicant and to the burmese - ~
loan and provided further that co IT, -
the available funds are inadeouate 20 - !
the demand, preference shall be given 80 ~
smaller loans. The rate of Interest shsU =. -
ways be a reasonable rate. eonsidoS;nH 4. q
character OF the loan or Investment hnt Az
terent rates may be charged for d;fsaSn-
classes OF loans and investments.
section Z tof Article 2I). n IL th. -
ing ana Intention of this Article tbst III 4.
ves5ments Of these funds shall be soas-I
extensively 70 safe loan investme1ts -
ing = fxed rate Of interest ana ha;11 - y,
OF nome making. farming and @51...
YORK. or otherwise cnDd-eiye "a - --
ana vel b1ng Of E[