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

Chapter 1874
IAN Act to Submit to the qualified
Electors of the State of Montana al
Amendment to the Constitution of the
State of Montana, Adding Thereto {
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 State Permanent School
Fund, for the Creation of Perman
ent 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 Hereinbefore Indicated.
/ BE 1T ENACTED BY THE LEGIS-
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 2. That the Constitution
of the State of Montana be amend
ed and the same is hereby amended,
by adding thereto a new Article to
be known and designated as Article
Twenty-one CID. reading and being
as follows:
ARTICLE XXI
Section l. (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 ($250.O0) Dollars each,
for the creation of State Perman-
ent Revenue Fund, for the creation
of State Permanent School Fund,
for the creation of Permanent Re-
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 2f). The
State further agrees and covenants
to hold in trust all such contribu-
lions gifts, donations. grants, and
legacies) to administer the same
perpetually,and to apply the net earn
ings thereof as therein directed, sub
m hn ufcfa nd
limitations Of this Act
Section (of article 21). The orr |
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 /
of Montana, shall be added to such /
funds respectively and become insep- |
arabic and inviolable parts thereof. |
Contributions for other objects may
contain a 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 1t 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 il has
been approved by the supervisory
BOARD hereinafter constituted which
BOARD shall have power to reject any
such contributions that it may deem
lnwise.
Section 4 (of Article 2D. The
State Treasurer shall keep a per-
nanent record of all such gifts,dona-
ions, grants and legacies, showing
ne names of the givers, the purpose
L the contribution, and other essen
ial facts relating thereto. A dupli-
ate of this record shall be kept by
he Secretary of State. These re-
ords shall be preserved perpetually
S lasting memorial to the givers ,
nd their interest In society. The
legislative Assembly shall from !
ime to time make provision for suit ,
Bile publicity concerning these bene-
actors of their fellowmen. Z
Section 5 (of Article 21). The
anne State Board and officers that !
ave charge of the investment and !
administration of the Public School 4
und of the State shall have charge :
the investment and administration q
all the funds administered under /
lis article. All these funds shall
invested as one common fund to +
known and designated as the Z
Lontana Trust and Legacy Fund. In ;
ase any contribution is in some 5
her form than cash, such board :
lall convert it into cash as soon as +
'acticable.
Section 6 (of article 2D. All in :
of these funds shall be .
Lfely and conservatively made. Pre- ),
FENCES shall be given to long term
ans secured by first mortgages ON II
wn and city homes or on cultivated =
ID producing farms in this State =
ee from all prior liens and Incun- a
ances, and also to Montana Bonds !
sued for educational purposes All n
ch loans and bonds shall be pay q
lie on the amortization plan. NO o.
an in which the security is mort n
ge shall exceed fifty per cent OF +,
e actual cash Valup of the real o.