The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-09-24
LATIVE ASSEMBLY OF THE
cTATE OE MONTANA.

STATE OF MONTANA;
Section |. That the Constitution of
the State 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 a new Article to be
known and designated as Article
Twenty-one (21), reading and being
as follows:
ARTICLE XXI.
Sact;on (of Article 2n. The
State of Montana does hereby agree
and covenant tn accept from any nat
ural nerson. or persons, from inside
or outside the State. gifts, donations.
grants and leqacies in any amount or
value not less than Two Hundred fif-
Nv (s25O .0Ol Dollars each, for the Gre
alton of State Permanent Revenue
Fund for the creation of state Per-
manent School Fund, for the creation
of a Permanent Revenue Fund for the
University of Montana, and for the
Benefit of scientific. educational. be-
nevolent and charitable work. subject.
however. Ia all the provisions and linn
itations of this aticle.
Section 2. fof Article Ply. The
State further agrees and covenants
to hold in trust all such contributions
gifts. donations. grants, and lega-
cies). to administer the same per
petuallv. and to apply the net earn
inys thereof as therein directed. sub
iect. however. to the provisions and
itations of this article.
Section 3. (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 Permanent Revenue Fund
for the University of Montana, shall
be added to such funds respectively
and become inseparable and inviolable
parts thereof. Contributions for 9TH
err objects may contain 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 che laws eff
: fectinp nerpetuties: but no contribu-
: tion containing such provisions as To
accumulation shall be accepted bv the
State until it has been approved bv
In
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-
: emit record of all such pifts. donations.
grants and legacies, showing the
names of qivers. the purposes of the
contribution. and other essential facts
relating thereto. A duplicate of this
record shall be kept by the Secretary
Of State. These records shall be pre-
/. served perpetuallv as lasting mem.
orial to the qivers and their iterest in
society. The Legislative Assembly
shall from time to time make provis.
!, ion for suitable publicity concerning
! these bsnefactors OF thsir fellowmen.
Section 5. (of Article 21). The same
State Board and officers that have
/, charge Of the investment and admin
stration of the Public School Fund
If the State shall have charge of the
investment and administration Of all
} 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 Trust
and Legacy Fund. In case any con.
tribution is in some other form thar
: cash, such board shall convert it into
I cash as soon as practicable.
Section 6. (of Article 21). All in
vestments of these funds shall bs
safely and conservatively made. Pref
= erence shall be given to long tern
loans secured by first mortgages OF
: town and city homes or on cultivated
and producing farms Is this State fres
! from all prior liens and encumberances
J and also to Montana Bonds issued fol
educational purposes. All such loan
and bonds shall be payable on tn
amortization plan. No loan in which
the security is a mortgage shall ex
coed fifty per cent of the actual casl
value of the real estate given as Sc
e curity. No farm loan shall be for
: longer period than forty years, AM
d no loan secured on residence propert,
-