The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-10-01
NOTICE OF ELECTION-CONSTI-
TUTIONAL AMENDMENT
ChapteF I34

TUTIONAL AMENDMENT
Chapter 1874.
can Act to Submi to the qualified EIec-
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 n
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 Authorizing the
state to Administer Other Funds Together
With Those Hereinebfore Indicated"
BE TT ENACTED BY THE LEGISLATIVE
ASSEMBLY OF THE STATE OF MON
TANA:
Section /. That the Constitution of the
State of Montana be amended as hereinafter
provided. and that the question Of such
amendment be submitted 20 the qualified cleo
tors Of the State of Montana for their ap-
proval or rejection at the general election
70 be held in November. 1924.
Section 2. That the Constitution OF the
State of Montana he amended and the
same is hereby amended. by adding there
to a new Article to be known and des-
ignated As Article Twenty-Five (21), read
ing and being as follows:
ARTICLE XXI.
Section l.. (Of Article 21). The State
of Montana does hereby agree and covenant
20 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.O0) Dollars each. for the creation
Of a 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. and for
the Benefit of scientific. educational and
charitable work. subject, however, TO all the
provisions and limitations of this article.
Section 2 (of article Ply. The State fur
Their 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, to the
provisions and limitations of this Act.
Section 3 (Of Article 21). The original
amounts OF al contributions 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 10 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 supervisory board
hereinafter constituted, which board shall
have power 10 reject any such contribution
that It may deem unwise.
Section 4 (f Article 21).. The State Treas
urer shall keep a permanent record Of al
such 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 Oh
State. These records shall be preserved per.
: ~petually as a lasting memorial, to the giver.
. and their interest in society. The Legislative
Assembly shall from time to time make pro
vision for suitable publicity concerning thes,
. hnunfQrfn~a Of fhasr fo11Nu~w~ar
=, Section 3 (of Article 21). The same Stat,
' Board and Officers that have charge of tn
q investment and administration of the Publ,
School Fund of the State shall have charg,
of the investment and administration of al
q the funds administered under this article. Al
2 these funds shall he invested as one common
!, fund TO be known and designated as tn,
u Montana Trust and Legacy Fund. In cas-,
: any contribution is in some other form thar
! cash, such board shall convert it into casl
= a; soon As practicable.
4 Section s (of Article Ply All investment.
q of these funds shall be safely and conserva
. lively made. Preference shall be given I,
long term loans secured by first mortgages OF
Y town and city homes or on cultivated an,
prior liens and encumbrances, and also u
l. Montana Bonds issued for educational mr.
n poses. All such loans and bonds shall b
$ payable on the amortization plan. No loan u
which the security is a MORTGAGE shall OF
T coed fifty per cent Of the actual cash vain
: of the real estate given as security. No far
= iodn Suail De Tor a longer period than fort
years, and no loan secured on residence prom
erty shall be for a longer period than twen
y years. No loan secured on town or cit
y property shall be made until the particula
= town or city and subdivision thereof i
y which It IS located has been accented an
q approved by the State Board, having charp
OF the Investment, as permanently established
having an assured future and being in ever
way safe security for these investments. In
vestnent may also be made in other safe IN
terest bearing securities provided, however
that no part of such funds shall ever he In
e vested in obligations Of the State Of Montan,
except general fund warrants which will 4
paid within one year from the time ~ ar
Vestment- No determination shall ever r
shown for or against any loan apnIican M
provided; however that in passing on a Toe
or Investment, consideration shall be Give,
not only TO the ampleness of the secnrit,
but also the character and earning canac;t
- or the applicant and to the purpose ~ IN
loan and provided further that 40 lon0 /.
the available funds are Inadequate 70 me,
the demand. preference shall be given IN ~
Z smaller loans. The rate of interest sbsIl a
ways be a reasonable rate, considerino -
character of the loan or Investment brt a.
~ ferent rates may be charged for diffarez
classes Of loans and Investments
N Section 7 (of Article 2I). IL Ia The 49,,
ing and intention of this Article tbat IN 2,
q Vestments Of these funds shall be ~ora-.
~ exclusively TO safe loan inveatxnents -
~ ing q fixed rate Of interest and hein1 a. ~
~ OF nome making. farming and e9nc.@~@,
~ WORK or otherwise ccpdvciye 10 the n~c~ro
and wei being Of sc=&sy. e