The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-10-31
NOTICE OF ELECTION
CONSTITUTIONAL AMENDMENT
Chapter 1874

Cndpker iof
"An Act to Submit to the qualified
Electors of the State of Montana al
Amendment to the Constitution of tn,
State of Montana, Adding Thereto
New Article, Providing tor the Ac
ceptance and Administration by tn,
State OF Gifts, Donations, Grants anl
Legacies for the Creation of State
/ Permanen Revenue Fund, the Crea
! ton of a State Permanent School
Fund, tor the Creation of a Perman
/ ent Revenue Fund for the University
of Montana, and for the Benefit OF
other Useful, Benevolent and Worthy
! Objects and Authorizing the State tc
Administer Other Funds Together
with Those Hereinbefore Indicated. "
/ BE IT ENACTED BY THE LEGIS-
LATIVE ASSEMBLY OF THE
STATE OF MONTANA:
Section /. That the Constitution
of the State of Montana be amend
ed as hereinafter provided, and that
the question of such amendment be
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 @ That the Constitution
of the State of Montana be amend
ed and the same is hereby amended,
by adding thereto new Article to
be known and designated as Article
Twenty-one CID, reading and beng
as follows:
ARTICLE XXI
Section l. (of Article 2D. The
State of Montana does hereby agree
and covenant to accept from any
natural person, or persons, from in
side or outside theState, gifts, dona-
tions, grants and legacies in any
amount or value not less than Two
Hundred fifty ($250.00) Dollars each,
for the creation of State Perman-
ent Revenue Fund, tor the creation
of State Permanent School Fund,
for the creation of a Permanent Re-
venue Fund for the University oil
Montana, and for the Benefit OF
scientific, educational, benevolent
and charitable work, subject, now
ever, to all the provisions and limit
tations of this article.
Section 2 (of article 21). The
State further agrees and covenants
to hold in trust all such contribu-
tons gifts, donations, grants, and
legacies), 10 administer me sunl
perpetually,a and to apply the net earn
lngs thereof as therein uirecLeu, SUI
ject, however, to the provisions and
OF this ACT.
Section 3 (of article III. The orr |
ginal amounts of all contributions
Tor the State Permanent Revenue
Fund, for the State Permanent |
School Fund, and for the Perman-
ent Revenue Fund for the University |
OF Montana, shall be added to sucn |
funds respectively and become insep- |
arabic and inviolable parts thereof |
for other objects may
contain a provision to the effect |
that the net earnings thereof, or part |
thereof, or part of the net earnings, |
shall be added to the principal for a
certain length of time, or until it mas
reached certain amount, or untn |
The happening OF a certain eveut, /
out such contingent event shall not |
De more remote than permitted by |
he laws effecttng perpetuitles; but |
10 contribution containing sucn pro-
yisions as TO accumulation shall be
accepted by the State until 1t has
'een approved by the supervisory
'oard hereinafter constituted, wnIcn
'oard shall have power TO reject any
ucn contributions that it may deem
nwise.
Section tof Article 2D. The
'tate Treasurer shall Keep per-
nanent record of all such gifts, dona-
ions, grants and legacles, showing
he names OF the givers, the purpose
1 the contribution, and other essen
lal facts relating thereto. A dupil-
ate of this record shall be kept by
he Secretary of State. THESE re-
ords shall be preserved perpetuahy
S lasting memorial to the giyers
nd their interest in society. Inc
legislative Assembly shall FROM
me to time make provision for suit
bic publicity concerning these bene-
actors of their fellowmen.
Section (of Article ~. The
anne State Board and officers that ,
ave charge of the investment and /,
ADMINISTRATION of the Public School i
und of the State shall nave charge ;
i. the investment and administration j.,
all the funds administered under ;
lis article. All these funds snail !,
2 invested as one common fund to
2 known and designated as the =
ontana Trust and Legacy Fund. in .
use any contribution is in some :
her form than cash. such boaru :
lalI convert 1t into cash as soon as J,
'acticable.
Section 6 (of article 2D. All in +
of these funds shall be s
lfely and conservatively made. Pre- n
rences shall be gwen 10 long term
ans secured by first mortgages ON d
wn and city homes or on cultivated y
Id producing farms in this State y
ee from all prior liens and incum- =
'ances, and also to Montana Bonds :
sued for educational purposes. Ali
ch loans and bonds shall be pay =