The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-08-27
NOTICE OF ELECTION-CONSTI-
TUTIONAL AMENDMENT
ChaDfer I34

Chapter I34.
AN Act to Submit to 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
tratiOn by the State Of Gifts. Donations.
Grants and Legacies for the Creation OF a
State Permanent Revenue Fund, for the Gre
alton OF a State Permanent School Fund.
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
State to Administer Other Funds Together
with Those Hereinebfore Indicated"
Re TT ENACTED BY THE LEGISLATIVE
ASSEMBLY OF f STATE OF MON
TANA:
Section /. That the Constitution of the
State of Montana be amended a. hereinafter
provided. and that the question of such
amendment be submitted to the qualified cleo
tors Of the State Of Montana for their ap-
Droyal 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 il hereby amended, by adding there
to a new Article to be known and des-
ignated as Article Twenty-one (2D. read
ing and being as follows
/ ARTICLE XXI.
Section I. (Of Article 21). The State
. of Montana docs hereby agree and covenant
to accept from any natural person or
persons. from inside or outside of the State.
gifts, donations, grants and leEacies in any
amount OF value not less than Two Hundred
fifty $3.50. 0O) 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, 70 all the
provisions and limitations Of this article.
Section 2 (of article 21). The State fur
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 he 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,
shall 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
laws e~ffecting perpetuities; but no cOntribu-
ton containing such provision as TO accumu-
lations shall be accepted by the State until it
has been approved by the supervisory board
hereinafter constituted, which board shall
have power to reject any sucn contribution
that It may deem unwise.
Section 4 (Of Article 21). The State Treas
urer shall keep a permanent record Of all
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 duplicate Of this
record shall be kept BY the Secretary Of
State. These records shall be preserved per
petually as a lasting memorial. 70 the givers
and their interest in society. The Legislative
Assembly shall from time 70 time make pro-
vision for suitable publicity concerning these
benefactors of their fellowmen.
Section 5 (of Article Pr. 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 sn
the funds administered under this article. All
these funds shall be invested as one common
fund TO b known and DESIGNATED as the
Montana Trust and Legacy Fund. In case
any contribution is in some other form thar
cash. such board shall convert IL into cash
n; soon as practicable.
Section s (of Article 21.) All investments
of these funds shall be safely and eonserva-
lively made. Preference shall be given to
long term loans secured by first MORTGAGES on
town and city homes or on cultivated and
producing farms in this State free from all
prior liens and encumbrances. and also to
Montana Bonds issued for educational pur-
! poses. All such loans and bonds shall DC
: payable on the amortization plan. No loan in
which the security is a mortgage shall ex.
r coed 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 fort
b.. $1,000 &A1 A0 AAaA 1AAG WI A4E EON
j erty shall be for a longer period than TWEEN.
ty years. No loan secured on town or city
Z property shall be made until the particular
? town or city and subdivision thereof IL
= which it is located has been accepted anC
q approved by the State Board. having charg,
q of the investment, as permanently established
r having an assured future and being in ever,
e way safe security for these investments. In
q vestment may also be made in other safe in
Z terest bearing securities provided. however
2 that no part of such funds shall ever be in
2 vested in obligations Of the State OF Montana
except general fund warrants which will b
paid within one year from the time Of IN
vestmeut- No discrimination shall ever b
2 shown for OF against any loan applicant
\ provided however that in passing on a loa,
OF investment, consideration shall be given
not only TO the ampieness Of the security
but also the character and earning capacif-
: Of the applicant and 20 the purpose of IN
= an anu provided further that so lone n
a he available funds are Inadequate To rnee
Re demand. preference shall be given 70 IN
mailer loans. The rate of interest shall al
- Ways be q reasonable rate, considerin0 IN
haracter of the loan or Investment tut Az
y 9 erent rates may be charged for differen
y lasses of loans and investments.
Section z (of Article 2l). Il Is the ms,r
" avn Intention of thia Article that All h.
y vestnents of these funds shall be ronf;ns
exclusively 10 safe loan investments -
n ing a fixed rate Of interest and bein1 IA ~
OF home making. farming and educ@tio1.
work. OF otherwise conclusive 10 thu nro-ras
and well being Of society.