The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-10-17
NOTICE or ELECTION
CONSTITUTIONAL AMENDMENT
Chapter 1874

I Amendment to the Constitution of tn
State of Montana, Adding Thereto
4 New Article, Providing for the Ac
ceptance and Administration by tn
State of Gifts, Donations, Grants ant
/ Legacies for the Creation of Stat
Permanen Revenue Fund, the Crea
ton of a State Permanent Schoo
Fund, for the Creation of a Perman
ent Revenue Fund for the University
of Montana, and for the Benefit oil
other Useful, Benevolent and Worthy
Objects land Authorizing the State e
Administer Other Funds Together
with Those Hereinbefore Indicated
BE 1T ENACTED BY THE LEGIS-
LATIVE ASSEMBLY OF THE
STATE OF MONTANA:
Section /. 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 @ 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 OH. reading and being
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 ($250.OO) Dollars each,
for the creation of a State Perman-
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 Benefit of
scientific, educational, benevolent
and charitable work, subject, now
ever, to all the provisions and limit
tations of this article.
Section 2 (of article 2D. The
State further agrees and covenants
to hold in trust all such contribu-
tons gifts, donations, grants, and
legacies), TO administer the sam
perpetually, land to apply the net earn
lngs thereof as therein directed, SUI
Ject, however, to the provisions and
limitations OF this Act.
Section 3 (of article 21). The orr |
ginal amounts of all contributions
tor the State Permanent Revenue |
Fund, for the State Permanent |
School Fund, and for the Perman-
emit 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 |
hat the net earnings thereof, or part |
hereof, or part of the net earnings,
'hall be added to the principal for a
length of time, or until it has
cached certain amount, or until
he happening of a certain eveut,
Tut such contingent event shall not
'e more remote than permitted by
he laws effectfng perpetuities; but
10 contribution containing such pro-
'isions as 10 accumulation shall be
ccepted by the State until it has
een approved by the supervisory
oard hereinafter constituted, wnlcn
oard shall have power TO reject any
uch contributions that it may deem
nWise.
Section (of Article 2D. The
tate Treasurer shall keep per-
lament record of all such gifts, dona-
ions, grants and legacles, showing
ne names OF the givers, the purpose
the contribution, and other essen
al facts relating thereto. A dupll-
ate OF this record shall be kept by
le Secretary of State. These re-
ords shall be preserved perpetualiy
5 lasting memorial to the giyers /.
nd their interest in society. Inc /,
legislative Assembly snall from
me to time make provision for SUIT !,
Die publicity concerning these bene-
ctors OF their fellowmen.
Section 5 (of Article ~. The .
lme State Board and officers that !
ave charge of the investment and !
of the PuDllc school =
LIZ VI tHS Dldl6. oldll nave Charge u
the investment and administration :
all the FUNDS administered under =
is article. All these FUNDS snail
invested as one common fund 10 =
known and designated as the :
ontana Trust and Legacy Fund In .
se any contribution is In some ?
her form than cash, sucn board .
all convert 1t into cash as soon as =
acticable.
y
Section 6 (of article III. All in /,
of these funus shall be q
teIy and Conservatory maze. Pre- N
rences shall be gwen TO long term
ans secured by first mortgages ON ;,
WI and city homes or on cultivated =
d producing farms in this State =
'e from all prior liens and incum- q,
ances, and also to Montana Bonus :,
'ued for educational purposes. All !.
en- loans and bonds shall be pay ~
le on the amortization plan. NO q
IN IN which the security is a mort i,
&c shall exceed fifty per cent OF =,
actual cash value of the real es- a,
g given as security. No farm .,
N snail be for a longer period than ~
'tX VparQ and No inoo coa,,ral "