The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-10-15
NOTICE OF ELECTION-CONsTI-
TUTIONAL AMENDMENT
Chanfar IgA


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
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.
for the Creation of a Permanent Revenue
Fund for the University of Montana. and
for the Benefit of other Useful, Benevolent
and Worthy Objects and AuthoriKiDO the
State to Administer Other Funds Together
with Those Hereinebfore Indicated"
BE 1T ENACTED BY THE LEGISLATIVE
ASSEMBLY OF II STATE OF MON
Section l.. That the Constitution Of the
state OF Montana be amended as hereinafter
provided. and that the question of such
amendment be submitted to the qualified cleo
tors of the State of Montana for their ap-
proval 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-One (2I). read
ing and being as follows:
ARTICLE XXI.
I Section !. (of Article 2D. 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 legacies in any
amount or value not less than Two Hundred
fifty C~S250.00) Dollars each, for the creation
of a State Permanent Revenue Fund. for the
creation of a State Permanent School Fund.
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 (f article 2I). The State fur
ther 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. 70 the
provisions and limitations of this Act.
Section 3 Cof Article 21). 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 lnseparable 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 q 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 effecting perpetuities: but no coptribu-
ton containing such provision as to accumu-
iatlons sna'l be accepted by the State until IL
has been approved by the supervisory board
hereinafter constituted. which board shall
have power - re ct any SUCH contribution
that it may deem unwise.
Section 1 tof Article 21).. The State Treas
urer shaiI keep a permanent record of all
S'lch GIFTS, donation. grants and legacies.
ahowlnE the Names re the givers. che purpose
OF -he cOntribu-;o ION. or any other essential
facts relating thereto. A duplicate Of this
record shall be kept by the Secretary of
State; lhese records shall be preserved per-
petua,l% as q lasting memorial. to the giyers
and their interest in society. The Lepislativ.
Assembly shall from tire to time make mn
vlSlor Tor suitable publicity concerning those
! benet1ctOrs of their fellowmen.
Section : tof Article 2lN. The Same state
Board and Officers that have charge Of tho
investment and administration of the Public
Sc'ooi tund o. the State shall have ct-~ce
C. The Investment and administration of a.,
the funds administer. under this art;cIo AZ
these funds shall be invested as one cor,.,,,.
fund to be known and DESIGNATED as -
Montana Trust and Lacy Fund L ca.
any contribution Is in some other fo-r, +E.,
cash. such board shall convert il into -.
as soon as practicabie.
Section 6 (of Article 21.) All Investment
OF these funds shall 10 safely and conssr,,.
tiveiy made. Preference shall he Give,
.ong term loans secured by first MORTGAGES n.
town and city homes or on cultivated and
p orou farms IN this State free from all
nrlor hens and encumbrances and also To
montana Bonds issued for educational mr.
poses. All such loans and bonds shall no
payaple on the amortization plan. No loan in
"hlch the security is a mortgage shall AZ
coed fifty per cent Of the actual cssb ,,Ino
OF tne real estate given as security. No farm
loan shall be for a longer period than fo-tv
years, and no loan secured on residence 49,
erty shall be for a longer period thar 49,
y years NO loan secured on town or o;ty
property shall be made until the nart;.nisr
Town or city and subdivision thereof IN
Whlch It Is located has been accented and
approved by the State Board, having rbaroo
OF the investment, as permanently esfsbI;sbeS
having an assured future and being in &c.
way saIe security for these investments Tn.
Vestment may also be made in other SAT- IN
Hrest bearing securities; provided. however
tnat no part of such funds shall ever - 80
vested in obligations of the STATE Of y ~
except general fund warrants wb;cb Iii "a,
pa!d within one year from the time oF a.
Vestment No discrimination shall eve. 81
SHOWN Tor or against any loan sDrIi..,
provided; however that in passing on . -
or investment, consideration shall ba -.
not only 70 the ampleness of the saen-:.
put also the character and earning c.Hns,
OF the applicant and TO the purnoao = ~
i0an' and provided further that 90 lH
the available funds are inademato aS
the demand, preference shall be V;vor
smaIer loans. The rate Of interest sha1 ~
Ways be a reasonable rate. consiSer;nn az
character OF the loan or Investment ~ ~. ~
tit rates may be charged for diffo.a-4
classes OF loans and investments eFe
oection Z (of Article 21). II II ~
nE anu intention of this Article that al a.
Jimsnts OF these funds shall be coDf;nn5
SSeIy 70 safe loan investments -
IReo rate OF interest and beinG 4. ~
1-o uone making farming and ednc.tioanI
~ or otherwise eood~eive 10 the n~nH1a1
and well being Of scFe<y. q progress