The Kevin review. [volume] (Kevin, Mont.) 1922-1929, 1924-10-16
NOTICE OF ELECTION
CONSTITUTIONAL AMENDMENT,
Chapter 1874.

TO the COuSIllullOu y
the State of Montana, Adding There
to a New Article, Providing for I'll
Acceptance and Administration b.
the State of Gifts, Donations, Grant
and Legacies for the Creation Of
State Permanent Revenue Fund, TO
the Creation of a State Permanen
School Fund, for the Creation Of
Permanent Revenue Fund for tht
University Of Montana, and for th'
Benefit of other Useful, Benevolen
and Worthy objects; and Authorizing
the State to Administer Other Fund:
Together with Those Hereinbefore
Indicated"
LATIVE ASSEMBLY OF THE
STATE OF MONTANA:
Section l.. That the Constitution
of the State of Montana be amended
as hereinafter provided, and that
the question of such amendment ne
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 amended
anu Tic SAINT Ii nGlGOy dlllClloCd, NY
adding thereto a new Article to be
known and designated as Arti lie
Twenty-One (21), reading and being
as follows:
ARTICLE XXI.
Section /. (of Article 21). The
State of Montana does hereby agree
and covenant to accept from any
natural person, or persons, from in
side the State, gifts, donations.
grants and legacies in any amount or
value not less than Two Hundred
fifty (25O.00) Dollars each, for the
creation of a State Permanent Rev.
enue Fund, for the creation of 4
State Permanent School Fund, for
the creation of a Permanent Revenue
Fund for the University of Montana,
and for the Benefit of scientific, edu-
c%ational, benevolent and charitable
work, subject, however, to all the
provisions and limitations of this
article.
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-
petually, and to apply the net earn
luSS tutIGOI DIS IHGIGlu ulI6CIcu, sud-
iect, however, to the provisions and
limitations of this Act.
Section 3 (of Article 21.) The
original amounts of all contributions
for the State Permanent Revenue I
Fund, for the State Permanent :
School Fund, and for the Permanent !
Revenue Fund for the University Of f
Montana, shall be added to such f
funds respectively and become in /
separable and i~nviolable parts there h
of. Contributions for other objects g
may contain a provision to the effect f
that the net earnings thereof, or a
part of the net earnings, shall be k
added to the principal for a certain o
length of time. or until it has reached q
a certain amount, or until the hao- t
of a certain event, but such f
contingent event shall not be more h
than permitted by the laws n
effecting perpetuities; but no con o
tribution containing such provision
as to accumulation shall be accepted >,
by the State until it has been ap- G
proved by the supervisory board q
hereinafter constituted, which board =
have power to reject any such n,
contribution that it may deem unwise. r.
Section 4 (of Article 21). The :,
State Treasurer shall keep a perma- -
lent record of all such gifts, dona- -
ions, grants and legacies, showing -
names of the g%ivers, the purpose :,
If the contribution, and other es- -
facts relating thereto. A dup :,
icate of this record shall be kept -
by the Secretary of State. These p
shall be preserved perpet- ai
tally as a lasting memorial to, the h'
and their interest in society. ae
The Legislative Assembly shall from "
ime to time make provision for suit oi
Bile publicity concerning these bere- ao
actors of their fellowmen. re
Section 5 (of Article 21). The oa
anne State Board and officers that 30
ave charge of the investment and at
administration of the Public School ~
'und of the State shall have charge -
f the investment and administra- -,
on of all the funds administered so
nder this article. All these funds 10
hall be invested as one common ~
Ind to be known and designated as an
he Montana Trust and Legacy Fund. ~
/ case any contribution is in some
form than cash, such board TN
lall convert it into cash as soon as re
racticable. Un
Section 6 (of Article 21). All in ne
sstments of these funds shall be ~
lfely and c~onservatively made. Pref @,
shall be given to long term on
ans secured by first mortgages on ca
wn and city homes or on cultivat- lls'
and producing farms in this tSate Nv
ee from all prior liens and encum- my
'ances, and also to Montana Bonds eoI
sued for educational purposes. All Ian
oh loans and bonds shall be pay act
lie on the amortization plan. No uui
in which the security is a mort ehu
ge shall exceed fifty per cent Of pun
e actual cash value of the real es- Tue
tie given as security. No farm loan zee,
all be for a longer period than dnu
rty years, and no oar secured on scr
sidence property shall be for a )
lger period than twenty years. NO eve
IN secured on town or city property con
all be made until the particular con
or city and subdivision thereof cert
which it is located has been ac- amt
pied and approved by the State teri
I.-