The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-10-22
c. T. STEWART.
NOTICE OF ELECTION-CONSTI.
TUTIONAL AMENDMENT
ChaDter IA.

~
Chapter 134.
IAN 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
t%-atioE By the State of Gifts. Donations.
Grants ard Iegacies for the Creation Of a
State Permanent Revenue Fund, for the Gre
alton of 4 State Permanent School Fund.
Tor me creation Of " Permanent Revenue
Fund for the Unievrsity Of Montana, and
for the Benefit Of other Useful. Benevolent
and Worthy Objects ard Authorizing the
with Thee Hereincbfore Indicated"
BE IT ENACTED BN TIE LEGISLATIVE
A9SESlBLY OF II STATE OF MON
Section l.. That the Constitution Of the
State Of Montana be amended a, hereinafter
provided. and that the question of such
amendment be submitted 70 the qualified cleo
tors of the State of Montana for their ap-
to be held in November. 1924.
Section .. That the Constitution of the
State OF Montana be amended and the
same is hereby amended, by adding there
to a new Article to be known and des-
! ignated as Article Twenty-One (2I, read
ing and being as follows:
ARTICLE X
l Section l.. (Of Article 2l). The State
of Montana does hereby agree and covenant
to accept from any natural person OF
persons. from inside or outside Of the State,
SA-N2s dOAaLAtHot EIdilNS dlQ 4GkdClES N any
amount or value not less than Two Hundred
fifty (~S25O.O0) Dollars each. for the creation
of a State Permanent Revenue Fund, for the
creation of a State Permanent School Fund.
Tor the creation of a Permanent Revenue
Fund for the University of Montana, and for
the Benefit OF scientific, educational and
charitable work. subject. however. to all the
provisions and limitations of this article.
Section 2 (of article 21). The State fur
Their agrees and covenants to hold in trust al
such contributions Cgifts, donations. grants.
and Iegac,es)' to administer the same perpet.
uaIly, and to apply the net earnings thereof
as therein directed. subject, however. to the
provisions and limitations of this Act.
Section 3 Cof Article 2l). The original
amounts OF all contributions for the State
Permanent Revenue Fund. for the State Per
manert School Fund. and for the Permanent
Revenue Fund for the University Of Montana
shall be 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 effecting perpetuities but no contribu.
ton containing such provision as to accumu
lations shall be accepted by the State until il
has been approved by the supervisory boarC
hereinafter constituted, which board shall
nave power to reject any such contribution
that it may deem unwise.
Section 4 (of Article 21).. The State Treas
urer shall keep a permanent record Of al
such gifts, donations, grants and legacies
showing the names Of the giyers. the purpos,
Of the contribution, or any other ~essentia
facts relating thereto. A duplicate of thi.
record shall be kept by the Secretary o.
State: These records shall be preserved per
petuaIly as a lasting memorial. TO the piver.
and their interest in society. The Legislativ,
Assembly shall from time to time make pro
vision for suitable publicity concerning tbes,
! berefactOrs of fbair fa11Our,an
Section 5 (f Article 21). The same Stat,
Board and officers that have charge of tn,
|, Investment and administration of the Publ,
School Fund of the State shall have cborr,
Of the Investment and administration Of al
the funds administered under this article al
these funds shall be invested as one common
fund to be known and designated as III,
Montana Trust and Legacy Fund. IN cas-,
amy contribution is in some other form thar
cash. such board shall convert it into casI
a soon as practicable.
Section 6 (of Article 21.) All investments
Of these funds shall be safely and conserva
tIvely made. Preference shall be given q
long term loans secured by first MORTGAGES o,
Town and city homes or on cultivated an,
producing farms in this State free from al
prior liens and encumbrances. and also n
Montana Bonds issued for educational mr.
poses All such loans and bonds shall n
pSyaoie on the amortization plan. No loan II
when the security Is a mortgage shall ex
coed fifty per cent OF the actual cash I,aIu
oil the real estate given as security. No farn
loan snail be for a longer period than fort,
years and no loan secured on residence pron
! ertY snail be for a longer period than tyen
y years. No loan secured on town or CT
property shall be made until the particuIa
town or city and subdivision thereof i
which 1t is located has been accented an
approved by the State Board, having cbsrg
OF the investment, rs permanently estahlisbed
having an assured future and being in ever
way safe security for these Investments Tn
vestment may also he made in other s.fe In
! terest bearing securities: provided bovvave,
that no part OF such funds shall ever no in
vested IN obligations of the State of MoDtana
/ except general fund warrants which will i
PAID within one year from the time of IN
Vesufneht. No discrimination shall ever h
: SHOWN Tor or against any loan applicant
1 provided; however that in passing on = Ios,
D or Investment, consideration shall ba o;ver
not only to the ampleness of the secrr;t1
but also the character and earn;no cannIit
; 81 the applicant and to the purnosa Hs ~
, loan; and provided further that co lono =
4 the available funds are INADEQUATE - - :
the demand, preference shall be given 20 ~
: smaller loans. The rate of intereet sLeI, -
ways be a reasonable rate. eonside-;nn ~
E character Of the loan or Investment b1t A.,
J ierent rates may be CHARGED for 5ifeaSn-
classes OF loans and investments
y oecuon Z (of Article 2I. e is tbo -o.r
6 ing and intention of this Article tbst ~ T.
Z VeS.ments OF these funds shall he coaf;aa
: exclusively to safe loan inyestyne1ts f..
3 ing a rixed rate Of interest and 49, a. ~
. oI nome making, farming and ad1..tioas
: Wo.hs or otherwise ccpd-ciye To tha 1870
ana wen being Of scr&s3y.