The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-09-17
NOTICE or ELECTION-CONSTI-
TUTIONAL AMENDMENT
Chapter 12l

At 90 Submit to the qualified E,ec.
tors ~ the stat az Montana IN Amend
ment to the Constitution Of the State Of
Montana, Adding Thereto a New Article.
! fToviding for the Acceptance aud Admins
t-at'oB by the Stat Of Gifts. Donatio~-.
Giants and LeFacies for the Creation Of p
w. It'hahen1 "eye"ue una Tor the 're-
alton Of q state Permanent School Fur5
Or The Creation Of 4 Permanent Pev. on,
Fund for the Uniev-zity OF Mortsva. a~7
''r the BsTefit Of other Useful. Benevolent
ard Worthy Objects and AUTHORIZING the
state 70 Administer Other Funds T7-et' ~
vith Those Heroirehfore Indicated"
re TT ENACTED ~ TFE LEGISLATIVE
AsSEMBEY OF The STATE o. NON
Section T. That the Constitution Of ,se
Stete Of Montana be amended a- here.-af. r.
! nrc'E'od. ard that the question or -~L
amendment be submitted 10 the qualified cleo
TORS or the state Of montana FOR their ~
rroval or rejection at the general election
90 be held in November, 1924.
Section ,. That the Constitution % the
State Of Montana be amended and ere
anne i hercby amended. by adding there
70 q new Article 90 be known and dos
ignated IS Article Tventy-One l23. read
ing and being as follows:
ARTICLE XXI.
1 Section Z tcf Article. 2D The state
or Montana does hereby agree and covenant
TO accept from any natural person ar
persons, from inside or outside Of the STATE.
gifts, donations, grants and IeVacies H. anv
fifty tS250.00) Dollars each. for the creation
IT a State Permanent Revenue Fund, for the
creation Of a State Permanent School Fund
Tor the creation Of n Permanent Revenue
Fund for the University Of Montana. and for
the Benefit OF scientific, educational and
charitable work. subject. however, 70 all the
provisions and limitations Of this article
Section 2 (Of article 2l). The State fur
Their agrees and covenants 70 hold IN trust all
such contributions (gifts. donations. grants.
and legacies), TO administer the same perpet-
ually. and TO apply the net earnings thereof
as therein directed. subject. however. N the
provisions and limitations of this Act.
Section 5 tOf Article 21). The original
amounts OF all contributions for the state
Permanent Revenue Fund. for the State Per
manent School Fund. and for the Permanent
Revenue Fund for the University of Montana.
shall be added TO such funds respectively and
become inseparabie and inviOIable parts there
NJ. Contributions for other objects may con-
tain a provision TO the effect that the net
earnings thereof. or part Of the net earnings.
shall be added to the principal for = certain
length OF time. or until it has reached a GER
tain amount, or until the happening of a GER
tain event, but such contingent event shall
nos be more remote than permitted By the
laws ehecting perDetuities but no contribu-
ton containing such provision az 20 atcumU-
latiOns shall be accepted by the State until i
has been approved by the supervisory board
hereinafter constituted, which board shall
rave power 70 reject any sUch contribution
that it may deem unwise.
Section 4 (of Article 21).. n State Treas
urer shall keep a permanent record Of ar
such gifts, donations, grants and !egacies,
showing the names of The Rivers. the purpose
OF the contribution, or any other essential
facts relating thereto. A duplicate Of this
record shall be kept by che Secretary ~
state. These records shall be preserved nsr-
pet1a,y as a lasting memorial. TO the Givers
! and their interest in society. The legislative
Assembly shall from time 81 time make pro-
vision for suitable publicity concerning these
benefactors OF their feliowmen.
Section 5 (Of Article 2i). The same Stat
Board and officers that have charge az The
investment and administration Of The Public
ocnool Fund OF the State shall have cra-~e
OF The Investment and administration % az
me FUNDS administered under this article. an
these funds shall be invested as one common
fUnd % be known and designated as 4bo
Montana Trust and LeCacy Fund II Gao
a'y contribution is IN some other form than
as soon as practicable.
Section 6 (of Article 2i.) All investments.
OF IheSe iunds shall be safely and conserva-
tiFeiy made. Preference shah be gjven m
long term loans secured By first MORTGAGES or
town and city homes or on cultivated and
producing farms in this State free from All
prior liens and eneumbrances and sIgo -
montana Bonds issued for educational Dur
poses, All such loans and bonds shall No
payable on the amortization plan. No losn IN
which the security is a mortgage sbaU ev-
ceeG IltCy per cent OF the actual cash value
~ the real estate given as security. No farm
va ~ NAhEN U Than NnETE
years. and no loan secured on residence nron.
erty shall be for a longer periOd tbsn $50
" years. No loan secured on town or r;tg
property shall be made until the nart;.nis,
town or CITY and subdivision tboraoS q,
winch u Is located has been accented ,nS
approved ny the State Board. bsvip, cbs-os
OF the investment. as permanently e.t.hIaLaS
having an assured future and being =, svo-
way safe security for these invesfToertu T..
Vestment may also be made in otber sa1a ~
tSrest bearing securities provided bowever
tnat no part OF such funds shall e,o- - -
vested IN obligations Of the State ~ Nonf.n.
eNespt general fund warrants which win he
patu Wltnin one year from the time ~ IN,
SsstmenI NO discrimination shall aver ~
snOwn TOT or against any loan annIirauf,
provided; however that In passino 81 : -
or investment. consideration sb.i -
nov only 20 the anfpleness Of tn so.n-;tn
but also the character and earn;n. @e-nIs
OF the applicant and 20 the Durros. - ~,
ioan' and provided further tbst II M
the available funds are inade0uatN -
tne demand, preference shall he 81 49,
smaller loans. The rate of interest -, ~
ways De a reasonable rate. consi5.-s-- a.
character OF the loan or inveztrnant IL az
Isrent rates may be charged To- 5;ss.-H-s
classes Of loans and investments u"ierh'
section z (of Article Pr. IL I, e.
ing snc intention Of this ArticIa an m W an
Vessmeng OF these funds shall -
eNcfusively 70 safe ioan inveSfno.a' IC
ing g liked rate of interest ana 49, .HNss
. nome making, farming and a5a..o-"
wo1A, or otherwise conducive 10 IN. n~cnnea
ana wei being Of society "e p'0sresS