The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-08-27
LATIvE ASSEMBLY OF THE
STATE OF MONTANA:

the State of Montana be amended as
hereinafter provided, and that the ques-
4 ton of such amendment be submitted
to the qualified electors Of the State
of Montana for their approval or re-
lection at the general election to be
/ held in November, 1924.
Section 2. That the Constitution of
he State of Montana be amended and
and the same is hereby amended, by
adding thereto new Article to be
known and designated as Article
Twenty-one (21), reading and being
S follows:
ARTICLE XXI.
Section. /. iof Article 21). The
State of Montana does hereby agree
and covenant to accept from any nat
ural person. or persons, from inside
or outside the State, gifts, donations,
grants and legacies in any amount or
value not less than Two Hundred fiji
ty (s250.00 Dollars each, for the Gre
alton of a State Permanent Revenue
Fund, for the creation of state Per-
manent School Fund. for the creation
of Permanent Revenue Fund for the
University of Montana, and for the
Benefit of scientific, educational be-
nevolent and charitable work, subject,
however, to all the provisions and linn
itations of this aticle.
Section 2. (of Article 2i) The
State further agrees and covenants
% hold in trust all such contributions
(gifts, donations, grants, and lega-
cies), to administer the same per-
petually, and to apply the net earn
.ngs thereof as therein directed, sub
iect, however, to the provisions and
.tations of this article.
Section 8. tof Article 21). The orr
ginal amounts of all contributions for
the State Permanent Revenue Fund,
for the State Permanent School Fund,
and for the Permanent Revenue Fund
or the University of Montana, shall
BE added to such funds respectively
and become inseparable and inviolable
,arts thereof. Contributions for 9TH
er objects may contain provision to
he effect that the net earnings there
IF, or part Of the net earnings, shall
be added to the principal for GER
cain 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 re-
note than permitted by the laws eff
tecting perpetuties; but no contribu-
Jon containing such provisions 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 contribution
that it may deem unwise.
| Section 4. tof Article 2h The
State Treasurer shall keep a perman-
ent record Of all such gifts, donations,
grants and legacies, showing the
names of givers, the purposes of the
contribution, and other essential facts
relating thereto. A duplicate of this
-ecord shall be kept by the Secretary
Of State. These records shall be pre-
served perpetually as a lasting mem
orial to the givers and their iterest in
society. The Legislative Assembly
shall from time to time make provis-
ion for suitable publicity concerning
these benefactors of their felowmen
Section g. (of Article 21) The same
State Board and officers that have
charge of the investment and admin
stration Of the Public School Fund
IF the State shall have charge Of the
Investment and administration of all
she funds administered under this ar
ticle All these funds shall be invest
ed as one common fund to be known
and designated as the Montana Trust
and Legacy Fund. In case any con-
-ribution is in some other form than
cash, such board shall convert it into
lash as soon as practicable.
Section 6. (of Article 21). All in.
vestments Of these funds shall be
safely and conservatively made. Pref
erence shall be given to long tern
loans secured by first mortgages OF
town and city homes or on cultivated
and producing farms is this State free
from all prior liens and encumberances
and also to Montana Bonds issued fol
educational purposes. All such loans
ind bonds shall be payable on tn,
amortization plan. No loan in which
the security is a mortgage shall ex
ICED fifty per cent of the actual casl
value of the real estate given as Sc
curity. No farm loan shall be for
: longer period than forty years, an,
! no loan secured on residence propert.
shall be for longer period than TWEEN
e ty years. No loan secured on town 0
G city property shall be made until tn
2 particular town or city and subdivis
! ion thereof In which 1t is located ha
been accepted and approved by tn
e State Board, having charge of the in
= vestment, as permanently established
q having an assured future and bein
3 in every way safe security for thes
q investments. Investment may also b
7 made in other safe interest bearin
= securities; provided, however, that n
q part of such funds shall ever be II
e vested in obligations of the State {
~ Montana, except general fund wa
re rants which will be paid within OF
le year from the time of the investmen
10 No discrimination shall ever be show
n for or against any loan APPLICANT; pr
'g vided, however, that in passing on
loan or investment, consideration sha
be given, not only to the amplene
! Of the security, but also the charact
l. and earning capacity Of the applica
OF and to the purpose of the loan; al
rs provided further that so long as Il
available funds are inadequate to me
the demand, preference shall be Civ
-e. to the smaller loans. The rate of !
fraet shall always be A reas0nai