The circle banner., 1924-09-12
NOTICE or ELECTION
CONSTITUTIONAL AMENDMENT
Chapter 1874

An Act to Submit to the Qualitie,
I 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 ant
Legacles for the Creation of STATE
/ Permanen Revenue Fund, the Crea
tion of State Permanent Schoo
( 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 tC
Administer Other Funds Together
with Those Hereinbefore Indicated.
BE 1T ENACTED BY THE LEGlS-
LATlVE 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 (2D. reading and beng
as follows:
ARTICLE XXI
Section l. (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 ($25O.O0) Dollars each,
for the creation of State Perman-
ent Revenue Fund, Tor the creation
of a State Permanent School tund,
for the creation of a Permanent Re-
venue Fund for the University OF
Montana, and for the Benent OF
scientific, educational, benevolent
and charitable work, subject, now
ever, to all the provisions and limit
tations of this article.
Section 2 (of article 2). The
State further agrees and covenants
to hold in trust all such contribu-
tlons (gifts, donations, grants, and
legacies), TO administer me sa.11
perpetuaIly,an to apply the net earn
lngs thereof as therein alrecteu, suu-
ject, however, to the provisions and |
OF this AcL.
Section 3 (of article 2l). The ORR |
ginal amounts of all contributions
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
hat the net earnings thereof, or part /
hereof, or part of the net earnings, |
shall be added to the principal for a
certain length of time, or until 1t has
cached a certain amount, or untll
he happening of a ceIta4n event,
'ut such contingent event shall not
e more remote than permitted by
he laws effecting perpetuities; but
10 contribution containing such pro-
isions as TO accumulation shall be
ccepted by the State until it has
cen approved by the supervisory
oard hereinafter constituted, winch
oard shall have power to reject any
ucn contributions that it may deem
nWise.
Section 4 (of Article 21) The
tate Treasurer shall keep d per
lament record of all such gifts, ,dona-
ions, grants and legacies, showing
le names of the givers, the purpose
the contribution, and other essen
al facts relating thereto. A dupII- /
ate of this record shall be kept by :
le Secretary OF State. These re-
'rds shall be preserved perpetualIy ,
) lasting memorial to the giyers !
I'D their interest in society. Inc :
legislative Assembly shan from !
me to time make provision for suit :
Die publicity concerning these bene-
ctors of their fellowmen. +
Section (of Article III. The s
me State Board and officers that =
I've charge of the investment and h
of the Pubic ocnool n
md of the State shall nave charge 4
the investment and administrator a
all the funds administered under t,
is article. ALI these FUNDS shall n
invested as one common fund TO 4
known and designated as the q
ontana Trust and Legacy Fund. In q
Sc any contribution is In some .
her form than casn, such board g
all convert 1T into cash as soon as h
acticable. v
Section (of article 21J. All IN +,
of these funds shall be q
fely and conseryatively made. Pre- n
'ences shall be gwen 10 long term
ans secured by first mortgages On II
wn and city homes or on cultivated N
d producing farms in this State v,
'e from all prior liens and incum- a,
ances, and also to Montana Bonds n
ued for eductional purposes. All /,
ch loans and bonds shall be pay n,
lie on the amortization plan. NO q,
IN in which the security is a mort ii
sc shall exceed fifty per cent of t,
? actual cash value of the real es- al
e given as security No farm q,