The Kevin review. [volume] (Kevin, Mont.) 1922-1929, 1924-10-30
NOTICE OF ELECTION
CONSTITUTIONAL AMENDMENT.
Chapter 1874.

Chapter 1874.
AN Act to Submit to the qualified
Electors of the State of Montana en-
Amendment to the Constitution of
the State of Montana, Adding There
to a New Article, Providing for the
Acceptance and Administration by
the State of Gifts, Donations, Grants
and Legacies 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 other Useful, Benevolent
and Worthy Objects; and Authorizing
the State to Administer Other Funds
Together with Those H~ereinbefore
Indicated"
BE IT ENACTED BY THE LEGIS-
LATIVE ASSEMBLY OF THE
STATE OF MONTANA:
Section /. That the Constitution
of the State of Montana be amended
as hereinafter provided, and that
the question of such amendment pc
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 Q. That the Constitution
of the State of Montana be amended
and the same is hereby amended, by
adding thereto a new Article to be
known and designated as Article
Twenty-Five CID, reading and being
as follows:
ARTICLE XXI.
Section /. (of Article 21). TIE
State of Montana does hereby agree
and covenant to accept from any
natural person, or persons, from in
eide the State, gifts, donations.
grants and legacies in any amount or
value not less than Two Hundred
fifty (25O.O0) Dollars each, for the
creation of a State Permanent Rev.
enue Fund, for the creation of q
State Permanent School Fund, for
the creation of a Permanent Revenue
Fund for the University of Montana,
and for the Benefit of scientific, edu-
cational, benevolent and charitable
work. subject, however, to all the
provisions and limitations of this
article.
Section 2 (of article Ply. The
State further agrees and covenants
to hold in trust all such contributions
fgifts, donations, grants, and lega-
cies), to administer the same per-
petually, and to apply the net earn
fngs thereof as therein directed, sub
-iect. however, to the provisions and
limitations of this Act.
Section 3 (of Article 21.) The
original 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 be added to such
funds respectively and become in
s%eparable and inviolable parts there
of. Contributions for other objects
may contain 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
q certain amount, or until the hail
pening of a certain event, but such
contingent event shall not be more
remote than permitted by the laws
effecting pe~rpetuities; but no con
tribution containing such provision
as to accumulation shall be accepted
by the State until it has been APP
proved 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 Treasurer shall keep a perma-
nent record of all such gifts, dona-
tions, grants and legacies, showing
the names of the givers, the purpose
of the contribution, and other es-
facts relating thereto. A dup
licate of this record shall be kept
by the Secretary of State. These
records shall be preserved perpct-
ually as a lasting memorial to the
givers and their interest in society.
The Legislative Assembly shall from
time to time make provision for suit
able publicity concerning these bere-
of their fellowmen.
Section S (of Article 21). The
same State Board and officers that
charge of the investment and
administration of the Public School
Fund of the State shall have charge
Of the investment and administra-
of all the funds administered
under this article. All these funds
be invested as one common ,
fund to be known and designated as
the Montana Trust and Legacy Fund.
In case any contribution Is in some
other form than cash, such board ,
shall convert it into cash as soon as :
practicable. !,
Section 6 (of Article 21). All in !
vestments of these funds shall be i,
safely and conservatively made. Pref :
srence shall be given to long term :
Loans secured by first mortgages on !;
town and city homes or on cultivat- :
ed and producing farms in this tSate :
'ree from all prior liens and encum- =
ORANGES, and also to Montana Bonds ;
.ssued for educational purposes. All =
such loans and bonds shall be pay !
able on the amortization plan. No y
,oan in which the security is a mort :,
age shall exceed fifty per cent Of :
he actual cash value of the real es- :
ate given as security. No farm loan ;
shall be for a longer period than q
'orty years, and no LOAF secured on .
residence property shall be for a
.onger period than twenty years. NO e
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