The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-09-17
LATrvE ASSEMBLY OF THE
% ArLe or MONTH

A
STATE OF MONTANA:
Section /. That the Constitution of
the Stsse of Montana be amended as
hereinafter provided, and that the ques-
ton of such amendment be submitted
to the qualified electors of the. State
Of Montana for their approval or re-
lection at the general election to be
held in November, 1924.
Section 2. That the Constitution of
the State of Montana be amended and
and the same is hereby amended, by
adding thereto new Article to be
known and designated as Article
Twenty-oue (2l), reading and being
rs follows:
ARTICLE XXI.
Section. |. (of Article 2ll. The
State of Montana does hereby agree
and covenant to accept from any nat
ural person, or persons, from inside
or outside the State, gifts, donations,
grants and legacies in any amount or
value not less than Two Hundred fiji
ty (S250.00) Dollars each, for the Gre
alton of State Permanent Revenue
Fund for the creation of state Per-
manent School Fund, for the creation
of Permanent Revenue Fund for the
University of Montana, and for the
Benefit Of scientific, educational, be-
aevolent and charitable work, subject,
however, to all the provisions and linn
itations of this aticle.
Section 2. (of Article 21). The
State further agrees and covenants
to hold in trust all such contributions
(gifts, donations, grants, and lega-
cies), to administer the same per-
petualiy, and to apply the net earn
ings thereof as therein directed, sub
ject, however, to the provisions and
tations of this article
Section 5. (of Article 21l. The orr
ginal amounts Of all contributions for
the State Permanent Revenue Fund
for the State Permanent School Fund
and for the Permanent Revenue Fund
Tor the University of Montana, shall
be added to such funds respectively
and become inseparabe and inyiolable
parts thereof. Contributions for 9TH
or objects may contain a provision to
the effect that the net earnings there
of, or part of the net earnings, shall
be added to the principal for GER
tain length of time, or until it has
reached a certain amount, or until the
happening of certain event, but such
contingent event shall not be more re-
mote than permitted by the laws eff
fecting perpetuties but no contribu.
tion containing such provisions as to
accumulation shall be accepted by the
State until it 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 A. (of Article 21). The
State Treasurer shall keep a perman,
ent record of all such gifts, donations
grants and legacies, showing the
names of givers, the purposes Of the
contribution, and other essential fact,
relating thereto. A duplicate of thi.
record shall be kept by the Secretary
of State. These records shall be pre-
served perpetually as a lasting mem
orial to the givers and their iterest ii
society. The Legislative Assembl,
shall from time to time make provis
ion for suitable publicity concernin,
these benefactors of their fellowmen.
Section 5. (of Article 21). The sam,
State Board and officers that hav,
charge Of the investment and admin
stration of the Public School Funs
Of the State shall have charge Of tn,
investment and administration of al
the funds administered under this ar
ticle. All these funds shall be invest
ed as one common fund to be known
and designated as the Montana Trus
and Legacy Fund. In case any con
tribution is in some other form thar
cash, such board shall convert it int
cash as soon as practicable.
Section 6. (of Article 21). All in
vestments Of these funds shall b
safely and conservatively made. Pref
erence shall be given to long teri
loans secured by first mortgages o.
town and city homes or on cultivate
| and producing farms is this State FIRE
from all prior liens and encumberances
and also to Montana Bonds issued TO
educational purposes. All such loan
and bonds shall be payable on tn
amortization plan. No loan in whic
/ the security is a mortgage shall ex
coed fifty per cent of the actual cas-
value Of the real estate given as sc
curity. No farm loan shall be for
longer period than forty years, an
no loan secured on residence propert
shall be for longer period than twer
ty years. No loan secured on town 0
city property shall be made until TIL
particular town or city and subdivis
: ion thereof in which it is located ha
been accepted and approved by tn
State Board, having charge Of the il
, vestment, as permanently establishe,
having an assured future and bein
in every way safe security for thes
investments. Investment may also /
made in other safe interest bearin
! securities; provided, however, that r
part of such funds shall ever be il
vested in obligations of the State {
Montana, except general fund wa
rants which will be paid within or
year from the time of the investmen
No discrimination shall ever be show
: for or against any loan APPLICANT; pr
: vided, however, that in passing on
. loan or investment, consideration sha
be given, not only to the amplene
l of the security, but also the charactl
: and earning capacity Of the applical
and to the purpose Of the loan; al
provided further that so long as Il