The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-10-10
NOTICE OF ELECTION
CONSTITUTIONAL AMENDMENT
Chapter 1874

Electors of the State of Montana a
Amendment to the Constitution of til
State of Montana, Adding Thereto
! New Article, Providing for the A,
ceptance and Administration by th
State of Gifts, Donations, Grants an
Legacies for the Creation of a Stat
Permanen Revenue Fund, the Cres
ton of State, Permanent Schoo
Fund, for the Creation of a Perman
emf Revenue Fund for the Universit,
of Montana, and for the Benefit o
other Useful, Benevolent and Worth,
Objects; and Authorizing the State t,
Administer Other Funds Together
with Those Hereinbefore Indicated.
BE 1T ENACTED BY THE LEGIS
LATIVE ASSEMBLY OF THE
STATE OF MONTANA
Section 1. 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 cd. reading and being
as follows:
ARTICLE XXI
CootiOn | (0f Article Oh Tho
State of Montana does hereby agree
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 ($25O.0O) 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 a 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-
tions gifts, donations, grants, and
legacies), to administer the same
perpetually,and to apply the net earn
Ings thereof as therein directed, sub
ject, however, to the provisions and
limitations of this Act.
Section (of article 2D. The orr |
ginal amounts of all contributions
,or the State Permanent Revenue
Fund, for the State Permanent |
School Fund, and for the Perman-
5nt Revenue Fund for the University
Of Montana, shall be added to such |
funds respectively and become insep-
arable and inviolable parts thereof.
for other objects may
contain a provision to the effect |
hat the net earnings thereof, or part
hereof, or part of the net earnings.
hall be added to the principal for a
ertain length of time, or until it has
cached certain amount, or until
he happening of certain event,
ut such contingent event shall not
e more remote than permitted by
ne laws effecting perpetuities; but
o contribution containing such pro-
isions as to accumulation shall be
ccepted by the State until 1t has
cen approved by the supervisory
GARD hereinafter constituted, which
GARD shall have power to reject any
lch contributions that it may deem
nWise.
Section (of Article 21). The
tate Treasurer shall keep a per-
anent record of all such gifts, dona-
ons, grants and legacies, showing
Ie names of the givers, the purpose
the contribution, and other essen
al facts relating thereto. A dupli- ;
tie of this record shall be kept by
e Secretary of State. These re- :
rds shall be preserved perpetually
lasting memorial to the givers {
Id their interest In society. The !.
legislative Assembly shall from :
ne to time make provision for suit :
lie publicity concerning these bene- \
ctors of their fellowmen. j.
Section 5 (of Article III. The =
me State Board and officers that :
We charge of the investment and d
of the Public School =
md of the State shall have charge u y
the investment and administration
all the funds administered under a
IS article. All these funds shall y
invested as one common fund to u
known and designated as the y
,ntana Trust and Legacy Fund. In "
Sc any contribution is in some B.
Ter form than cash, such board o
al convert it into cash as soon as ., %
OF
section (of article III. All in. f.
'tments of these funds shall he 9,
ely and conservatively made. Pre-. n,
ences shall be given to long term
ms secured by first mortgages on =,
vn and city homes or on cultivated ~
producing farms in this State ~
e from all prior liens and incum. Ye
Lnces, and also to Montana Bonds az az
led for educational purposes. All ~ ~
n loans and bonds shall be nav. ~
e on the amortization plan. No "
n in which the security is a mort. %
'e shall exceed fifty per cent of Its
actual cash value of the real es. IN
given as security. No farm az
shall be for longer period than 20
ty years, and no loan secured on "a
ldence property shall be for az
ger period than twantv 1yoo,. ~ uu