The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-10-15
LArIvE ASSENT OF THE

LATIVE ASSEMBLY OF THE
STATE OF MONTANA:
Section |. That the Constitution of
the State of Montana be amended as
hereinafter provided, and that the ques-
tion 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
the State of Montana be amended and
and the same is hereby amended, by
adding thereto q new Article to be
known and designated as Article
Twenty-one (21), reading and being
as follows:
ARTICLE XXI.
Section. /. (of Article 2D. 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 {s2500c) Dollars each, for the Gre
alton of a State Permanent Revenue
Fund, for the creation of a state Per-
manent School Fund, for the creation
Of a Permanent Revenue Fund for the
University of Montana, and for the
Benefit of scientific, educational, be-
aevolent and charitable work, subject,
however, to all the provisions and linn
itations of this aticle.
Section 2. (of Article Ply. The
State further agrees and covenants
to hold in trust ali such contributions
(gifts, donations, grants, and lega-
ciesl. to administer the same per-
petually, and to apply the net earn
ings thereof as therein directed, sub
ject, however, to the provisions and
tations Of this article.
Section 8. (of Article 2l). 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
for the University of Montana, shall
be added to such funds respectively
and become inseparable and inviolable
parts thereof. Contributions for 9TH
er objects may contain a provision to
the effect that the net earnings there
Of, or part Of the net earnings, shall
be added to the principal for GER
tain 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-
mote than permitted by the laws eff
fecting perpetuties; but no contribu-
| ton 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. (of Article 21). The
State Treasurer shall keep a perman.
ent record Of all such gifts, donations
grants and legacies, showing tht
names Of givers, the purposes Of n
contribution, and other essential Sacts
relating thereto. A duplicate of this
record 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 il
society. The Legislative Assembl,
shall from time to time make provis
ion for suitable publicity concerning
these benefactors of their fellowmen.
Section 5. (of Article 21). The SAM
State Board and officers that hav'
charge Of the investment and admin
stration of the Public School Ftinl
Of the State shall have charge of tn
investment and administration of al
the funds administered under this ar
ticle. All these funds shall be invest
ed as one common fund to be know
and designated as the Montana Trus
and Legacy Fund. In case any con
tribution is in some other form tina
cash, such board shall convert it int
cash as soon as practicable.
Section 6. {of Article 2l). All In
vestments of these funds shall b
safely and conservatively made. Pref
erence shall be given to long tern
loans secured by first mortgages 0
town and city homes or on cultivate
6 and producing farms is this State FIRE
!, from all prior liens and circumference
and also to Montana Bonds issued fC
educational purposes AL such loar
and bonds shall be payable on th
amortization plan. No loan in whic
the security Is mortgage shall G,
coed fifty per cent Of the actual cas-
value of the real estate given as 81
9 curly. No farm loan shall be for
:, longer period than forty years, ar
q no loan secured on residence propert
= shall be for longer period than twel
9 ty years. No loan secured ON town {
e city property shall be made until Il
y particular town or city and subdivi
+ ion thereof in which it is t@ated hi
q been accepted and approved by Il
e State Board, having charge of the i
: vestment, as permanently establishe
q having an assured future and beir
= in every way safe security for the
q investments. Investment may also
y made in other safe interest bearir
y securities; provided, however, that !
q part of such funds shall ever be /
le vested in obligations Of the State
81 Montana, except general fund wa
le rants which will be paid within o
ie year from the time Of the investmer
ID No discrimination shall ever be shoy
q for or against any loan APPLICANT; pr
% vided, however, that in passing on
loan or investment, consideration shl
be given, not only to the amplens
! of the security, but also the charact
I and earning capacity Of the applica
OF and to the purpose of the loan; a
rs provided further that SO long as t
available funds are inadequate to ms