The Bozeman courier., 1924-08-06
Last publication, Oct. %, 1924.
NOTICE OF ELECTION-CONsTI-
TUTIONAL AMENDMENT
CHAPTER T3A

m act 70 submit 70 the qualified Elec-
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
Grants and Legacies for the Creation of a
State Permanent Revenue Fund, for the Gre
alton OF a State Permanent School Fund
Ior tne Creation of a Permanent Revenue
Tor the Benefit of other Useful, Benevolent
and Worthy Objects: and Authorizing the
State to Administer Other Funds Together
With - Those Hersinebfore Indicated
BE 1T ENACTED BY THE LECISI ATTyE
ASSEMBLY OF THE STATE OF MON
Section /. That the Constitution of the
State of Montana be amended as hereinafter
amendment be submitted TO the qualified cleo
tors of the State of Montana for their ap-
proVal or rejection at the general election
to be held in November, 1924
Section 2. That the Constitution OF the
State of Montana be amended and the
same Is hereby amended, by adding there
70 new Article TO be known and des-
ignated as Article Twenty-one (2I). read
| ing and being as follows:
ARTICLE XXI
Secnon l. tof Article 21). The State
OF Montana does hereby agree and covenant
to 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
1nty l$25O.00) Dollars each, for the creation
OF State Permanent Revenue Fund, for the
creation of 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 (of article 2i). The State fur
ther 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 8 (of Article 21). The original
amounts of all 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 provision to the effect that the net
earnings thereof, or part of the net earnings,
shall be added to the principal for a certain
length of time. or until it has reached GER
tain amount, or until the happening Of a cer-
tain event, but such contingent event shall
not De more remote than permitted By the
laws effecting perpetuities; but no contribu-
ton containing such provision as TO accumu-
latlons shall be accepted by the State until il
has been approved by the supervisory board
hereinafter constituted, which board shall
nave power to reject any sucn contribution
that it may deem unwise.
Section (of Article 21).. The State Treas
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 dnnlicata of 4his
record shall be kept by the Secretary of
State. These records shall be preserved per-
petually q lasting memorial to the givers
and their interest in society. The Legislative
Assembly shall from time to time make pro-
vision for suitable publicity concerning these
benefactors Of their fellowmen
Section (of Article 21). The same State
Board and officers that have charge of the
investment and administration Of the Public
School Fund of the State shall have charge
Of the investment and administration Of all
the funds administered under this article All
these funds shall be invested as one common
fund to be known and designated as the
Montana Trust and Legacy Fund In case
any contribution is in some other form than
cash, such board shall convert it into cash
as soon practicable.
Section (of Article 21.) Ali investments
of these funds shall be safely and eonserva-
lively made. Preference shall be given 70
long term loans secured by first mortgages on
town and city homes on cultivated and
producing farms in this State free from all
prior liens and eneumbrances, and also TO
Montana Bonds issued for educational pur-
poses. All such loans and bonds shall De
payable on the amortization plan No loan in
which the security is a mortgage shall ex-
ceed fifty per cent of the actual cash value
Of the real estate given as security. No farm
loan shall be for a longer period than forty
years, and no loan secured on residence prop
erty shall be for a longer period than tvzen-
" years. No loan secured on town or city
property shall be made until the particular
town or city and subdivision thereof in
which II is located has been accepted and
approved by the State Board, having charge
OF the investment, as permanently established
having an assured future and being in every
way safe security for these investments. In
vestment may also be made in other safe in
terest bearing securities: provided however
that no part of such funds shall ever be in
vested IN obligations of the State of Montana
except general fund warrants which win be
paid within one year from the time of fn~
vestment- No discrimination shall ever be
shown for or against any loan applicant
provided; however that in passing on 10 loan
or investment, consideration shall be given,
not only to the arnpleness of the security
but also the character and earning capacity
of the applicant and TO the purpose OF the |
loan; and provided further that SO long as
the available funds are inadequate TO meet |
smaller loans. The rate of interest shall al
ways be reasonable rate, considering the |
character Of the loan investment bat dir-
ferent rates may be charged for different
classes of loans and investments.
Section (of Article 21). 1t is the mean
ing and intention of this Article that all in
vestments of these funds shall be confined
exclusively To safe loan inwestmants draw
ing a fixed rate of interest," and being in aid
of hoxne making, farming and educational
work, or otherwise conducive to the progress
and well being Of society