The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-09-26
NOTICE OF ELECTION
CONSTITUTIONAL AMENDMENT
Chapter 1874


Electors of the State of Montana an
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 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 /. (of Article 21). The
|
and covenant to accept from any
natural person, or persons, from in
side or outside theState, gifts, dona-
lions, grants and legacies in any
amount or value not less than Two
Hundred fifty ($25000) Dollars each,
for the creation of a State Perman-
ent Revenue Fund, for the creation
of a State Permanent School Fund,
for the creation of 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 2D. The
State further agrees and covenants
to hold in trust all such contribu-
lions (gifts, donations, grants, and
legacies), to admlnisIer the SAME
perpetually land to apply the net earn
ings thereof as therein alrecueu, SUP
ject, however, to the provisions and
limitations OF this Act.
Section 8 (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 it has
reached certain amount, or until
the happening OF a 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, wnlcn
board shall have power to reject any
such contributions that it may deem
unWise.
Section 4 (of Article 2D. The
State Treasurer shall keep per-
manent record of all such gifts, dona-
lions, grants and legacles, showing
the names of the givers, the purpose
of the contribution, and other essen
tial facts relating thereto. dupli-
cate of this record shall be kept by
the Secretary of State. These re-
cords shall be preserved perpetually
! as 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 5 (of Article 21). The
same State Board and officers that
have charge of the investment and
administrator of the Public School
Fund of the State shall have charge
of the investment and administration
OF all the funds administered unoer
this article. All these funds shall
be invested as one common fund to
be known and designated as the
Montana Trust and Legacy Fund. la
case any contribution is in some
other form than cash, such board
shall convert it into cash as soon as
practicable.
Section (of article 21). 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-
brances, 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 a mort.
gage shall exceed fifty per cent OF
the actual cash value of the real es.
tate given as security. No farm
loan shall he for a longer nariod tha n