The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-08-20
!.ArIyE ASSEMBLY Or rHt

the State Of Montana be amended a,
hereinafter provided, and that the cues
ton of such amendment be suhmitte,
70 the qualified electors Of the State
of Montana for their approval or re.
lection at the general election to be-
held in November, 1924.
Section 2. That the Constitution OF
The State Of Montana be amended and
and the same is hereby amended, by
adding thereto a new Article to be
known and designated as Article
Iwenty-one (2l). reading and being
Is follows:
ARTICLE XXI.
Section. l. (of Article 2i). The
State of Montana does hereby agree
and covenant to accept from any nat
ural person. or persons, from inside
or outside the State, gifts, donations
grants and legacies in any amount or
value not less than Two Hundred fiji
ty tS250.00) Dollars each, for the Gre
alton of a State Permanent Revenue
Fund, for the creation of a state Per-
manent School Fund, for the creation
of Permanent Revenue Fund for the
University of Montana, and for the
Benefit Of scientific, educational. be-
nevolent and charitable work, subject.
however, to all the provisions and linz
itations of this atlele.
Section 2. (of Article Ply. The
State further agrees and covenants
to hold in trust all such contributions
(gifts, donations, grants, and lega-
cies), to administer the same per-
petually, and to apply the net earn
..ngs thereof az therein directed, sub
ject, however, to the provisions and
itations Of this article.
Section 8, lof Article 2l). The orr
glnal amounts Of all contributions for
the State Permanent Revenue Fund
for the State Permanent School Fund
and for the Permanent Revenue Fund
FOR the University of Montana, shall
De added to such funds respectively
and become inseparable and inviolablc
parts thereof. Contributions for 9TH
er objects may contain a provision to
the effect that the net earnings there |
Of, or''part Of the net earnings, shall |
be added to the principal for a GER
tain length of time, or until it has
reached certain amount, or until the |
happening of certain event, but such |
contingent event shall not be more re-
mote than permitted by the laws eff |
fecting perpetuties; but no contribu-
ton containing such provisions as to
accumulation shall be accepted by the
State until it has been approved by
he supervisory board hereinafter
constituted, which board shall have
oower to reject any such contribution
hat it may deem unwise.
Section 4. (of Article 21). The
State Treasurer shall keep perman-
INT record of all such gifts, donations,
grants and legacies, showing the
names of givers, the purposes of the
and other essential facts
'elating thereto. A duplicate of this
'ecord shall be kept by the Secretary
# State. These records shall be pre-
'erved perpetually as a lasting NOM
rial to the glvers and their iterest in
'ociety. The Legislative Assembly
hall from time to time make provis-
on for suitable publicity concerning
hese benefactors of their fellowmen.
Section 5. fof Article 21). The same
State Board and officers that have
barge Vt the investment and admin
stration of the Pubic ssaool Fund
# the State shall have charge of the
Investment and administration of all
he funds administered under this ar
lcle. All these funds shall be invest
d as one common fund to be known
md designated as the Montana Trust
md Legacy Fund In case any con-
is in some other form than
ash, such board shall convert it ipto
ash as soon as practicable.
Section 6. (of Article 2l). All in
'estments Of these funds shall be
afely and conservatively made. Pref
renee shall be given to long term 4
cans secured by first mortgages on
own and city homes or on cultivated
md producing farms is this State free
rom all prior liens and encumberances,
md also to Montana Bonds issued for
purposes. All such loans
md bonds shall be payable on the
plan. No loan in which
he security is mortgage shall ex-
eed fifty per cent Of the actual cash
alue of the real estate given as Sc
urity. No farm loan shall be for a ]
onger period than forty years, and
y loan secured on residence property
hall be for longer period than TWEEN
years. No loan secured on town or
fty property shall be made until the
articular town or city as.d. subdivis-
on thereof in which it is located has !
een accepted and approved by the
'tate Board, having charge of the in
'estinent, as permanently established, 4
iaving an assured future and being
n every way safe security for these
Investments. Investment may also be
made in other safe interest bearing
ecurities; provided, however, that no 1
'art Of such funds shall ever be in
ested in obligations Of the State Of
1ontana, except general fund war
ants which will be paid within one
ear from the time Of the investment.
70 discrimination shall ever be shown
or or against any loan APPLICANT. pro-
1ded, however, that in passing on ,
Dan or investment, consideration shall
e given. not only to the ampleness {
+ the security, but also the character !
nd earning capacity Of the applicant /
md to the purpose Of the loan; and
provided further that so long as the
yailable funds are inadequate to meet i
he demand, preference shall be given
0 the smaller loans. The rate Of in
rest shall always be reasonable
ate, considering the character Of the
oan or investment, but different rates