The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-08-13
NOTICE OF ELECTION-CONsTT-
TUTIONAL AMENDMENT
Chanfer 19A

AMENDMENT
Chapter 13f.
IAN Act to Submit to the Qualified Elac-
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
Grants and Le9acies for the Creation of a
State Permanent Revenue Fund, for the Gre
alton Of a State Permanent School Fund
Tor me Creation Of a Permanent Revenue
for the Benefit of other Useful, Benevolent
and Worthy Objects and Authorizing the
State 70 Administer Other Funds Together
With Those Hereinebfore Indicated"
BE 1T ENACTED BY THE LEGISLATIVE
ASSEMBLY OF THE STATE OF MON
Section /. That the Constitution of the
state of Montana be amended - hereinafter
provided. and that the question of such
amendment be submitted to the qualified cleo
tors Of the State of Montana for their ap-
proyal or rejection at the general election
70 be held in November. 1924.
Section 2. That the Constitution of the
State of Montana be amended and the
same Is hereby amended. by adding there
70 a new Article to be known and des-
ignated as Article Twenty-Five (21). read
ing and being as follows:
ARTICLE XXI.
Section l. (Of Article 21). The State
OF Montana does hereby agree and covenant
to accept from any natural person or
F-@80H-n VI 4aAoAAN " AG0A4 y kG OkAkEa
gifts. donations, grants and Iegaeies in any
amount or value not less than Two Hundred
fifty (S25O.00) Dollars each, for the creation
Of a State Permanent Revenue Fund. for the
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 all
such contribution gifts, donations. grants.
and legaciesD, TO administer the same perpet-
ualiy, 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 be added to such funds respectively and
become inseparable and inviolable parts there
Of. Contribution 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 eontribu-
ton containing such provision as 70 accumu-
lations shall be accepted by the State until IL
has been approved by the supervisory board
hereinafter constituted, which board shall
have 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 all
such gifts, donations. grants and lepacies.
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
petuaIly rs a lasting memorial. 70 the givers
and their interest in society. The legislative
Assembly shall from time 70 time make pro
HnHnn - kak
benefactOrs Of their ~feIlowmen.
Section 5 (of Article 2D. 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 an
the funds administered under this article. All
these funds shall be invested as one common
fund to be known and designated "a the
Montana Trust and Legacy Fund In csae e
any contribution il IN some other form tban
cash. such board shall convert Il into casb
a soon as practicable.
Section S tOf Article 2i.) All Investments
OF these funds shall be safely and eoDsarv.-
lively made. Preference shall be given 70
! long term loans secured BY first MORTGAGES on
ooWn and city homes OF on cultivated and
producing farms in this State free from All
prior liens and encUmbrances. and also 70
Montana Bonds issued for educational pur-
poses All such loans and bonds shah DO
payapie on the amortization plan. No loan IN
which the security is a mortgage shall ex-
coed fifty per cent Of the actual cash value
Of the real estate given as security. No fsrn
loan shall be for a longer period than fortv
years, and no loan secured on residence pror-
erty shall be for a longer period than t1en-
" years No loan secured on town or citv
property shall be made until the particular
town or city and subdivision thereof IN
which 1t Is located has been accented ana
approved by the State Board, having cha-1s
OF the investment, as permanently establisha5
having an assured future and being in &C.,
way safe security for these Investments Il.
vestment may also be made In Other safa ~
Drst bearing securities provided. horave-
tnat no part Of such funds shall ever he n,
vested IN obligations Of the State of Montsn.
except general fund warrants which win ~
paid within one year from th@ time ~ n
vesrment No discrimination shall ever ~
SHOWN for or against any loan appIirarf.
PROVIDED; however that in passing on = Iosr
OF Investment, consideration shall be 1iven
NOT only 70 the ampleness Of the secur;tv
put also the character and earning eanarity
OF the applicant and to the purpose ~ az
i1sn; and PROVIDED further that so LONG ne
the available funds are inadequate 10 -,
the demand, preference shall be given ~ 49,
smaller loans. The rate of interest sbsu ~
ways De q reasonable rate, consideriro ~.
character OF the loan or investment but 5fy
terent rates may be charged for d;ffu~~-,
classes OF loans and investments
Section z (0f Article 2I). Il Is tha
ing and intention of this Article that al an
Vesunenns of these funds shall h. ncrs-ns
excruaaweiy to safe loan investnentz a.
ing liked rate Of interest and keiu1 A. ~
OF nonae making. farming and edrcat;onnl
wox. OF csnsrwise conclusive 70 the pro1-.~.
and well being Of society. ~