The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-09-10
T. STEWART
NOTICE OF ELECTION-CONSTI-
TUTIONAL AMENDMENT
ChaDfeF I2A


Chapter 1874.
A Act to Submit to the qualified Elec-
tors of the State of Montana an Amend
ment TO the Constitution of the State of
Providing for the Acceptance and Admins
tration by the State Of Gifts. Donations,
Grants and Legacies for the Creation of a
State Permanent Revenue Fund, for the Gre
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
with Those Hereinebfore Indicated"
BE 1T ENACTED BY THE LEGISLATIVE
ASSEMBLY OF H 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 to the qualified cleo
tors of the State of Montana for their APP
proval or rejection at the general election
70 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
to a new Article to be known and des-
ignated as Article Twenty-One C2D. read
ing and being as follows:
ARTICLE XXI.
Section l. (Of Article Ply. 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 leRacies in any
amount or value not less than Two Hundred
fifty (~S25O.Oo) 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 fof article 21). 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 Cof Article 21). The original
amounts of all contribution 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,
snail be added to 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
avs erecting p~erpetuities 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 AN'NGE 10 reject anX ElCn contribution
that it may deem unwise.
Section 4 (Of Article 21).. The State Treas
urer snail keep a permanent record of all
such gifts, donations. grants and legacies,
moving the names of the givers, the purpose
OF the contribution, or any other essentioI
facts relating thereto. A duplicate of this
record shall he kept by the Secretary nj
state. These records shall he preserved per
PetHtiIy a: a lasting memorial, 70 the givers
ana their interest in society. The legislative
Assembly shall from time 10 time make mr.
vision Tor suitable publicity CONCERNING these
oenetactors of their fellowmen.
Section ; (of Article 2l). The saua State
Board and officers that have charge of the
Investment and administration OF the P,hl;c
School Fund of the State shall have clor,o
OF the Investment al administration or ~
the FUNDS administered under this ar+icIo A Il
these funds shall be invested as ono cor,r1o,
iond to be known and designated as ~
MontaTa Trust and Legacy Fund In caso
az contribution is in some other form thu =
As soon as practicable. N"'
Section 6 (of Article 21.) All investments
OF these funds shall be safely and eonear,..-
ilveIy made. Preference shall be given 10
.ohg term loans secured by first MORTGAGES on
town and city homes or on cult;yata5 .nd
producing farms in this State free from ali
prior llens and encumbrances and aIso 20
montana Bonds issued for educational pur-
poses. All such loans and bonds shall ne
payable on the amortization plan, No Ioa, -
when the security is a mortgape shall e~-
ceed flfty per cent of the actual eaeb vaIne
81 Che real estate given as security. No fam
loan snail be for a longer period tbsn fo-+v
years and no loan secured on residence nron
erty shah De for a longer period than TWEEN.
y years. No loan secured on town ~ c;ty
properly shall be made until the nsrticnisr
UJwh or ery and subdivision thereof in
Which II is located has been accented .nd
approved by the State Board, having charge
OF the investment, as permanently eatabI;sbeS
having an assured future and being a. 60
way SAFE security for these inveetnont. T.
Vesument may also be made In othar - -
1rest bearing securities provided boTeyar
Ohat no part OF such funds shall eve - -
NesCeo IN obligations of the State of MoDt.ra
Spt Eeneral tund warrants which viii he
"a "Ishln one year from the time Of In
hS NO discrimination shall ever hs
s-on TOT or against any loan annI;.a,4.
provided: however that In passipo 80 49,
. investment, consideration sbaIl - -
not ChIy 70 the ampleness of tbe so.nr;tn
o11 also the character and earn;no ~onna;t
oI the applicant and 70 the purnos. = az
ian, ana provided further that so L. NC
tA avallapie funds are INADEQUATE 80 noat
se IeHaho' preference shall be Vivan e. A.
eT loans. The rate Of interest sheJI ~
De a reasonable rate, eonsiSerin1 a.
fa-ant o the loan or investment brf S;s-
isreht rates may be charged - VI
classes OF loans and investments Wf uiiierent
oeeton Z tf Article 2il. II :.
ing ana intention of this Art;cl. One mean
sesSments OF these funds shall - !,
Aehusiveiy 70 safe loan investn~o e
ILNeo rate Of interest ana 49, ua
n"me making. farming and ~ ~ ny
"osA' OF otherwise conducive 10 .keuueAuohal
~Nu wen being Of socisty. VIZ progress