The Kevin review. [volume] (Kevin, Mont.) 1922-1929, 1924-10-23
NOTICE OF ELECTION
CONSTITUTIONAL AMENDMENT.
Chapter 1874.
Chapter 1874.

Chapter 1874.
AN Act to submit. to the qualifie.
Electors Of the State OF Montana 81
Amendment to the Constitution O
the State of Montana, Adding There
to a New Article, Providing for TIT
Acceptance and Administration h,
the State of Gifts, Donations, Grant.
and Legacies for the Creation Of {
State Permanent Revenue Fund, fol
the Creation of a State Permanent
School Fund, for the Creation Of {
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 Hereinbefore
Indicated"
BE IT ENACTED BY THE LEGIS-
LATIVE ASSEMBLY OF THE
STATE OF MONTANA:
Section l.. That the Constitution
OF the State of Montana be amended
as hereinafter provided, and that
the question of such amendment ne
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 amended
and the same is hereby amended, by
adding thereto a new Article to be
known and designated as Article
Twenty-Five CID, reading and being
as follows:
ARTICLE XXI.
Section /. (of Article 21). The
State of Montana does hereby agree
and covenant to accept from any
natural person, or persons, from in
eide the State, gifts, donations.
grants and legacies in any amount or
value not less than Two Hundred
fifty (250.00) Dollars each, for the
creation of a State Permanent Rev
enue Fund, for the creation of a
State Permanent School Fund, for
the creation of a Permanent Revenuel
Fund for the University of Montana,
and for the Benefit Of scientific, edu-l
%cational, benevolent and charitable
work, subject, however, to all the
provisions and limitations of this
Section 2 (of article Ply. The
state further agrees and covenants
to hold in trust all such contributions
(glfts, donations, grants, and 1ega-
cies), to administer the same per-
petually, and to apply the net earn
lngs thereof as therein directed, sub
'ect, however, to the provisions and
limitations of this Act.
Section 3 (of Article 21.) The
~ uIn q | n m Oy1pfC 0F oil -, |
the State Permanent Revenue
Fund. for the State Permanent
School Fund, and for the Permanent
Fund for the University of
Montana, shall be added to such
unds respectively and become in
eparable and inviolable parts there
#. Contributions for other objects
nay contain a provision to the effect f
hat the net earnings thereof, Or :
'art of the net earnings, shall be
to the principal for a certain I
of time, or until it has reached {
certain amount, or until the has +
enirg of a certain event, but such f
event shall not be more !
emote than permitted by the avs r
perpetuities; but no con Z
containing such provision
s to accumulation shall be accepted ;
v the State until it has been APP {
roved by the supervisory board .
constituted, which board /
hall have power to reject any such n
ontribution that it may deem unwise. II
Section 4 (of Article 21). The .
tate Treasurer shall keep a perma- !,
record of all such gifts, dona- :
ons. grants and legacies, showing :,
lie anne of the givers, the purpose =
the contribution, and other rs :
initial facts relating thereto. A dup !,
of this record shall be kept -
the Secretary Of State. These Z
shall be preserved perpct- q
ally as a lasting memorial to the u
vers and their interest in society. II
Legislative Assembly shall from y
me to time make provision for suit .
lie publicity concerning these bere- a.
ctors of their fellowmen. re
Section S (of Article 21). The g.
me State Board and officers that y.
I'VE charge of the investment and ~
Iministration of the Public School ~
Ind of the State shall have charge -
the investment and administra- -
IN of all the funds administered -
der this article. All these funds ~
all BE invested as one common ~
nd to be known and designated as =,
e Montana Trust and Legacy Fund. -
case any contribution is in some
her form than cash, such board u
all convert it into cash as soon as r.
acticable- ~
Section 6 (of Article 21). All in .pes
of these funds shall be -,
fely and conservatively made. Pref ~
ence shall be given to long term "
ms secured by first mortgages on 90
and city homes or on cultivat- ~
and producing farms in this tSate ~
from all prior liens and encum- ~
and also to Montana Bonds -
ued for educational purposes. All a.
III loans and bonds shall be pay -.
on the amortization plan. No ~
n in which the security is a mort N
&c shall exceed fifty per cent Of ~
actual cash value of the real es- en'
e given as security. No farm loan ~
III be for a longer period than az
ty years, and no loan secured on 81
idence property shall be for a
per neriOd than twenty years No eVf