The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-08-22
NOTICE OF ELECTION
CONSTITUTIONAL AMENDMENT
Chapter 1874

| Amendment to the Constitution OF the
| State of Montana, Adding Thereto a
New Article, Providing for the Ac-
ceptance and Administration by the
State of Gifts, Donations, Grants and
| Legacies for the Creation of State
Permanen Revenue Fund, the Crea-
ton of a State Permanent School
Fund, for the Creation of a Perman-
ent Revenue Fund for the University
of Montana, and for the Benefit OF
other Useful, Benevolent and Worthy
| Objects land Authorizing the State to
Administer Other Funds Together
with Those Hereinbefore Indicated.
BE 1T ENACTED BY THE LEGlS-
LATIVE ASSEMBLY OF THE
STATE OF MONTANA:
Section l. That the Constitution
of the State of Montana be amend
ed as hereinafter provided, and that
! the question of such amendment be
submitted to the qualified electors
of the State of Montana for their
approval or rejection at the general
election to be held in November,
1924.
Section g. That the Constitution
of the State of Montana be amend
! ed and the same is hereby amended,
by adding thereto new Article to
be known and designated as Article
| Twenty-one CID, reading and being
as follows:
ARTICLE XXI
Section /. (of Article 21). The
/ State of Montana does hereby agree
and covenant to accept from any
natural person, or persons, from in
side or outside theState, gifts, dona-
tions, grants and legacies in any
amount or value not less than Two
Hundred fifty ($25O.00) Dollars each,
| for the creation of a State Perman-
ent Revenue Fund, for the creation
of State Permanent School Fund,
/ for the creation of a Permanent Re-
venue Fund for the University of
Montana, and for the Benefit of
scientific, educational, benevolent
and charitable work, subject, now
ever, to all the provisions and limit
tations of this article.
| Section 2 (of article 21). The
State further agrees and covenants
to hold in trust all such contribu-
tions (gifts, donations, grants, and
legacies), to administer the same
perpetually,and to apply the net earn
| ings thereof as therein directed sub
ject, however, to the provisions and
limitations of this Act.
Section (of article 21). The ori-
| ginal amounts of all contributions
for the State Permanent Revenue
Fund, for the State Permanent
School Fund, and for the Perman-
ent Revenue Fund for the University
J of Montana, shall be added to such
funds respectively and become insep-
arabic and inviolable parts thereof.
Contributions for other objects may
contain provision to the effect
that the net earnings thereof, or part
thereof, or part of the net earnings,
shall be added to the principal for a
certain length of time, or until it has
reached certain amount, or until
the happening of certain event,
but such contingent event shall not
be more remote than permitted by
the laws effecting perpetuities; but
no contribution containing such pro-
visions as to accumulation shall be
accepted by the State until it has
been approved by the supervisory
board hereinafter constituted, which
board shall have power to reject any
such contributions that it may deem
unwise.
Section 4 (of Article Ply. The
State Treasurer shall keep a per-
manent record of all such gifts, dona-
lions, grants and legacies, showing
| the names of the givers, the purpose
of the contribution, and other essen
tial facts relating thereto. A dupli-'
cate of this record shall be kept by
the Secretary of State. These re-
cords shall be preserved perpetually
as a lasting memorial to the givers
and their interest in society. The
Legislative Assembly shall \ from
time to time make provision for suit
able publicity concerning these bene-
factors of their fellowmen
| Section (of Article I'D 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 all the funds administered under
this article. All these funds shall
be invested as one common fund to
be known and designated as the
Montana Trust and Legacy Fund. In
case any contribution is in some
other form than cash, such board
shall convert it into cash as soon as
practicable.
Section 6 (of article III. All in
vestments of these funds shall be
safely and conservatively made. Pre-
ferences shall be given to long term
loans secured by first mortgages on
town and city homes or on cultivated
and producing farms in this State
free from all prior liens and incum-
ORANGES, and also to Montana Bonds
issued for educational purposes. All
such loans and bonds shall be pay
able on the amortization plan. No
loan in which the security is mort
gage shall exceed fifty per cent of
the actual cash value of the real es-
tate given as security. No farm
loan shall be for a longer period than
forty years, and no loan secured on
residence property shall be for a
longer period than twenty years. No
lnan coanrod ~, +o~xx. mo