The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-08-29
NOTICE or ELECTION
CONSTITUTIONAL AMENDMENT
Chapter 1874

h.
Chapter 1874
'An Act to Submit to the qualified
Electors of the State of Montana ar
Amendment to the Constitution of the
State of Montana, Adding Thereto a
New Article, Providing for the Ac
ceptance and Administration by the
State OF Gifts, Donations, Grants and
Legacies for the Creation of a State
Permanen Revenue Fund, the Crea
ton of 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; and Authorizing the State to
Administer Other Funds Together
with Those Hereinbefore Indicated z
BE 1T ENACTED BY THE LEGLS-
LATIVE ASSEMBLY OF THE
STATE OF MONTANA:
! Section l. 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 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 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 ($250OO) Dollars each,
for the creation of State Perman-
ent Revenue Fund, for the creation
of a State Permanent School Fund,
for the creation of Permanent Re
venue Fund for the University Of
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 (of article 21 The I
State further agrees and covenants
to hold in trust all such contribu-
tons gifts, donations, grants, and
legacies) to administer the sans
perpetually land to apply the net earn
ings thereof as therein directed, sue
ject, however, to the provisions and
limitations of this Act
Section (of article 21). The orr
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.
for other objects may
contain provision to the effect
that the net earnings thereof or part
hereof, or part of the net earnings,
shall be added to the principal for
certain length of time, or until it has
cached a certain amount, or until
{
tut such contingent event shall not
e more remote than permitted by ;
he laws effecting perpetuities; but
o contribution containing such pro- :
iSions as TO accumulation shah be
ccepted by the State until it has
cen approved by the Supervisory
GARD hereinafter constituted, which
GARD shall have power to reject any ;,
UGH contributions that it may deem !
nwise. =
Section (of Article 2D The :
tate Treasurer shall keep a per :
lament record of all such gifts,do
ons, grants and legacles, showing !,
lie names Of the givers, the purpose :
the contribution, and other essen =
al facts relating thereto. A dupli- 4 !.
tie of this record shall be kept By !
lie Secretary OF State. These re- :,
,rds shall be preserved perpetualIy :
a lasting memorial to The givers =
Id their interest in society Inc {
legislative Assembly snail from :,
me to time make provision for SUIT :,
lie publicity concerning these bene-
ctors of their fellowmen !.
Section 5 (of Article III. The =
me State Board and officers that =.
we charge of the investment and =,
of the Public ocnool -.
md of the State snail have charge -
the investment and administrator -
all the funds administered under -
is article. All these funds shall
invested as one common fund to -
known and designated as the ~
ontana Trust and Legacy Fund III
Sc any contribution IS III some =
her form than cash, such board =
all convert it into cash as soon as - -
acticable.
Section 6 (of article 21) Ali IN u
stments of these funds shall be -.
fely and conservatiyely made PEE -
ences shall be given 70 long term -
ms secured by flrsI mortgages on ~.
yn and city homes or on cultivated -.
d producing farms i'll this state -, 49,
e from all prior liens and lncunl- ~
tnces, and also to Montana Bonds ~.
ued for educational purposes. All
IN loans and bonds shall be pay
e on the amortization plan. NO IN
n in which the security is a mort
4 -