The circle banner., 1924-09-19
NOTICE or ELECTION
CONSTITUTIONAL AMENDMENT
Chapter 1874

, An ACT to Submit to the quallt1e(
Electors of the State of Montana al
Amendment to the Constitution of th,
State of Montana, Adding Thereto 1
New Article, Providing for the Ac
ceptance and Administration by the
State of Gifts, Donations, Grants and
Legacies for the Creation of State
Permanen Revenue Fund, the Crea
tion of a State Permanent School
Fund, for the Creation of a Perman
ent Revenue Fund for the University
of Montana, and for the Benefit OF
other Useful, Benevolent and Worthy
Objects land Authorizing the State to
Administer Other Funds Together
with Those Hereinbefore Indicated.
BE IT ENACTED BY THE LEGlS-
LATIVE ASSEMBLY OF THE
STATE OF MONTANA:
/ Section 1. That the Constitution
OF the State of Montana be amend
led 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 2. That the Constitution
of the State of Montana be amend
ed and the same is hereby amended,
| by adding thereto a new Article to
be known and designated as Article
Twenty-one (21). reading and being
as follows
ARTICLE XXI
Section 1. (of Article 21). 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 Perulan-
ent Revenue Fund, for the creation
of State Permanent School Fund,
for the creation of Permanent Re-
venue Fund for the University OF
Montana, and for the Beneflt 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-
tions (gifts, donations, grants, and |
legacies), to administer the sanIe /
perpetually,and to apply the net earn
mgs thereof as therein directed, suD-
ject, however, to the provisions and
OF this ACT.
Section (of article 21). The ori-
ginal amounts of all contributions
for 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 such
funds respectively and become insep-
arabic and inviolable parts thereof.
Contributions 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
certain length of time, or until it has +
reached certain amount, or until
he happening of a ceiLdIn event,
)ut such contingent event shall not
,e more remote than permitted by
he laws effecting perpetuities; but
'isions as TO accumulation shah be
accepted by the State until it has
Ieen approved by the supervisory !,
oard hereinafter constituted, which :
oard shall have power TO reject any ,,
uch contributions that it may deem :,
nwise. :
Section (of Article 2D. The :
tate Treasurer shall keep d per- !,
lament record of all such gifts, ,dona-
ions, grants and legacles, showing i,
ne names of the giyers, the purpose (
the contribution, and other essen :
al facts relating thereto. A duplI- |;
ate of this record shall be kept by Il
1e Secretary of State. These re- y
ords shall be preserved perpetuaily a
5 a lasting memorial to The giyers :,
nd their interest In society. The :
legislative Assembly shan from !,
me to time make provision Tor suit =
Die publicity concerning these bene-
.ctors of their fellowmen. +,
Section 5 (of Article 21). The ! {.
ime State Board and officers that q
ave charge of the investment and h
of the Public Scnool d,
the investment ana administrator a,
all the funds administered under r.
is article. All these funds shall n
} invested as one common fund TO h,
known and designated as the n,
ontana Trust and Legacy Fund. In q,
Sc any contribution is in some q,
her form than cash, such board or
all convert it into cash as soon as he
acticable. W.
Section (of article 21). ALI in fo
stments of these funds shall be 81,
fely and conservatively made. Pre- n,
'ences shall be given TO long term
ins secured by first mortgages ON tb
wn and city homes or on cultivated m
d producing farms in this State We
'e from all prior liens and incum- ad
ances, and also to Montana Bonds RI
ued for eductional purposes. All IL,
ch loans and bonds shall be pay m,
lie on the amortization plan. No ea
N in which the security is mort n
Sc shall exceed fifty per cent of ~.
? actual cash value of the real eS- OH