The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-09-05
NOTICE or ELECTION
CONSTITUTIONAL AMENDMENT
Chapter 1874

~An Act to Submit 10 the QUALIFIED
Electors OF the State of Montana al
Amendment to the Constitution OF ths
State OF Montana, Adding Thereto ;
New Article Providing for the Ac
ceptance and Administration By thu
State OF GIFTS, Donations, Grants and
Legacies for the Creation OF a STATE
Permanen Revenue Fund, the Crea
ton Of State Permanent School
Fund, for the Creation OF 4 Perman
ent Revenue Fund for the University
Of Montana ana for the Benefit OF
other Useful, Benevolent and Worthy
Objects. and Authorizing the State @
Administer Other Funds Together
with Those Hereinbefore Indicated.
BE 1T ENACTED By THE LEGlS-
LATINE ASSEMBLY or The
STATE Oh MONTANA.
Section /. 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 Oh Montana be amend
cd and the same is hereby amended,
by adding thereto new Article GU
be known and designated as Article
Twenty-one (2D reading and beins
as follows:
ARTICLE Ak
Section l. (of Article III. The
State oil Montana does hereby agree
and covenant to accept from any
natural person, or persons, from in
side or outside theState, gifts, d0na-
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, Tor the creation
of a State Permanent School Idnd,
for the creation OF a Permanent Itc-
venue Fund for the University OF
Montana, and for the BenetIt OF
scientific, educational, benevolent
and charitable work, subject, now
ever, to all the provisions anG limit
tations of this article.
Section (of article 21). The
State further agrees and covenants
to hold in trust ali such conuibu-
lions (gifts, donations, grants, and
legacies), TO administer the sans
perpetuaIl y,and to apply the net earn
lngs thereof as therein directed SUI
ject, however, to the provisions and
OF this Act.
Section 8 (of article ID. The orr /
ginal amounts OF ali contributions
tor the State Permanent Revenue
Fund, for the State Permanent
School Fund, and Tor the Perman-
ent Revenue Fund for the University 4
Of Montana, shall be aaded to sucn I
funds respectively and become insey-
arable and inyiolable parts thereof
for other objects my
contain a provision TO the effect I
that the net earnings thereof, or part
thereof, or part OF the net earnings,
shall be added to the principal Tor u
certain length OF time, or until it mas (
coached a certain anoAn1, or unln
he happening OF a celt.4.n eseI,,
)ut sucn contingent event shan NOT
De more remote tnan permitted ~
he laws eflecting perpeluities; but
10 contribution containing sucA pro-
yisions as 10 accumulation shall be
accepted by the State until il has
zen approved by the supervisory
JOard hereinafter constituted WHIcn
,oard shall have power To REJECT any
ucn contributions that it may deem
nwise.
Section 4 (of article ~. The
tate Treasurer snail Keep d per
nanent record OF all such gifts,dona-
ions, grants and IegacIes, showing
he names OF the giyers, the purpose
The contribution, and other essen
Ial facts relating thereto. A dupA-
ate OF this record snail be kept "
he Secretary OF State. These re-
Ords shall be preserved perpetuaAy
S a lasting memorial 10 the giyeis
nd their interest in society. Inc
legislative Assembly snan from
me TO time make provision Tor SUIT
bic publicity concerning these bene-
lctors Of their fellowmen
Section (of ArlIcIe ~ The
me State Board and Officers that .
ave charge OF the investment ana !
ADMINISTRATION OF the EuDnc school j
ind oil the state snail nave charge !
Tie Investment ana administration j
all the FUNDS administered under I
is article. All these funds snail
invested as one common Iand 10 /
2 known ana designated as the (
ontana Trust and Legacy runI. III :
use any contribution IS iii some
her form than cash, such board {
ali convert 1t INTO cash as soon as /
fdctlcaDle. !
Section 8 (of articie ~. Xii III Z
OF these 1uDus shall be Z
Ieiy and consergatiyely maze. Fac Z
FENCES shall be gwen 10 long term
ans secured by nrsl mortgages Oh 4
wn ana city homes OF on cuitpateu {
u producing farms III this 5ttle !
&c from all PRIOR liens and .Icul4l- .
ances, ana also to Montana BONDS +
sued Tor educational purposes. al
en- loans and bonus Snail be pay
ie on the amortization plan. 40
IA III which the security IS more
Sc SHAH exceed Ii1ty per cent u
Z actual cash value 0I the real es
e given as security NO larin =
III snail be Tor a longer period tnan I,
ny years, ana no loan secured GA