The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-10-24
NOTICE OF ELECTION
CONSTITUTIONAL AMENDMENT
Chapter 1874

IAN Act to Submit to the qualified
Electors of the State of Montana al
| Amendment to the Constitution of tn,
State of Montana, Adding Thereto I
New Article, Providing for the Ac
ceptance and Administration by th'
State of Gifts, Donations, Grants ant
Legacies for the Creation of State
Permanen Revenue Fund, the Crea
ton of State Permanent School
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 to
Administer Other Funds Together
with Those Hereinbefore Indicated
BE 1T ENACTED BY THE LEGIS-
LATIVE 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 CD. 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-
lions, grants and legacies in any
amount or value not less than Two
Hundred fifty ($250OO) Dollars each,
for the creation of a State Perman-
ent Revenue Fund, for the creation
of a State Permanent School Fund,
for the creation of a 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), 10 administer The SANE
perpetually,and to apply the net earn
ings thereof as therein directed, SUD
ject, however, to the provisions and
OF this Act.
Section (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-
ent Revenue Funa~ 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 a provision to the effect |
that the net earnings thereof, or part |
thereof, or part of the net earnings, |
shall be added to the principal for a
certain length of time, or until it has /
reached certain amount, or until
the happening OF a certain eyen.,
but such contingent event shall not
De more remote than permitted by
The laws effecting perpetuities; but
40 contribution containing SUCH pro-
visions as TO accumulation shall be
accepted by the State until it has
been approved by the supervisory
BOARD hereinafter constituted, wnicn
BOARD shall have power 10 reject any
such contributions that it may deem
lnwise.
Section 4 (of Article 2D. The
State Treasurer shall keep a per-
nanent record of all such gifts ona-
ions, grants and legacies, showing
he names OF the givers, the purpose
II the contribution, and other essen
ial facts relating thereto. A dupll-
,ate of this record shall be kept by
he Secretary of State. These re-
ords shall be preserved perpetually
IS lasting memorial to the giyers
nd their interest in society. the
legislative Assembly shall from
ime to time make provision for suit ,,
bile publicity concerning these bene-
actors of their fellowmen.
Section 5 (of Article III. The
anne State Board and officers that ,,
ave charge of the investment and ,
administration of the Public School =
'und of the State shall have charge :
t the investment and administrator .
i all the funds administered under )
his article. All these funos shall i,
e invested as one common fund to !
e known and designated as the =
lontana Trust and Legacy Fund. In
ase any contribution is In some :
Their form than cash, such board !
hall convert 1t into cash as soon as !,
Section 6 (of article 2D. All in +
of these funds shall be s
afely and conservatively made. Pre- n
srences shall be given 10 long term
,ans secured by first mortgages ON :,
OWN and city homes or on cultivated :
nd producing farms in this State y
zee from all prior liens and incum- .
RANGES, and also to Montana Bonds
sued for educational purposes. Ali
lch loans and bonds shall be pay !,
Die on the amortization plan. No =
an IN which the security is a mort !,
age shall exceed fifty per cent of
lie actual cash value of the real es- a
tie given as security. No farm :.
an snail be for longer period than !,