The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-09-10

Section 1 That the Constitution of
the State of Montana be amended as
hereinafter provided, and that the ques-
/ tion 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 new Article to be
known and designated as Article
Twenty-one (21), reading and being
IS follows:
ARTICLE XXI.
Section. /. tof Article 21). The
State of Montana does hereby agree
and covenant to accept from any nat
ural person, or persons, from inside
or outside the State, gifts, donations.
grants and legacies in any amount or
value not less than Two Hundred fif-
ty (S250.O0 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, to all the provisions and linn
itations Of this aticle.
Section 2. tof Article 2D. The
State further agrees and covenants
to hold in trust all such contributions
(gifts, donations, grants, and lega-
ciesl, to administer the same per-
petually, and to apply the net earn
ings thereof as therein directed, sub
iect, however, to the provisions and
.tations of this article.
Section 3. (of Article 2l). The ORR
ginal amounts of all contributions for
the State Permanent Revenue Fund,
for the Stat Permanent School Fund,
and for the Permanent Revenue Fund
for the University of Montana, shall
De added to such funds respectively
and become inseparable and inviolable
parts thereof. Contributions for 9TH
er 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 cer-
tain length Of time, or until it has
reached certain amount, or until the
happening of certain event, but such
contingent event shall not be more re-
mote than permitted by the laws eff
secting perpetuties; but no contribu-
ton containing such provisions as to
accumulation shall be accepted by the
State until it has been approved by
the supervisory board hereinafter
constituted, which board shall have
power to reject any such contribution
| that it may deem unwise.
Section 4. (of Article 21). The
State Treasurer shall keep a perman-
emit record of all such gifts, donations,
grants and legacies, showing the
names of givers, the purposes of the
contribution, and other essential facts
relating theretoa "A duplicate of this
record shall be kept by the Secretary
Of State. These records shall be pre-.
/ served perpetually as lasting mem
orial to the givers and their iterest il
society. The Legislative Assembly
shall from time to time make provis
ion for suitable publicity concerning
lHGSt sDtiiEldJtuIS VI tftSti EtiOWiHths
Section 5. (of Article 21). The sam,
State Board and officers that have
charge of the investment and admin
stration of the Public School FunC
Of the State shall have charge of tn,
investment and administration of al
the funds administered under this ar
ticle. All these funds shall be invest
ed as one common fund to be know
and designated as the Montana Trus
and Legacy Fund. In case any con
lribution is in some other form thai
cash, such board shall convert it int
cash as soon as practicable.
Section 6. (of Article 21). All in
yestments of these funds shall b
safely and conservatively made. Pref
erence shall be given to long teri
loans secured by first mortgages 0
town and city homes or on cultivate
: and producing farms is this State FIRE
!, from all prior liens and circumference
and also to Montana Bonds issued fo
educational purposes. All such loar
T and bonds shall be payable on tn
amortization plan. No loan in whic
the security is mortgage shall e.
coed fifty per cent of the actual cas-
value Of the real estate given as 81
e curity. No farm loan shall be for
: longer period than forty years, ar
q no loan secured on residence propert
= shall be for longer period than twel
e ty years. No loan secured on town
e city property shall be made until u
n particular town or city and subdivi
l. ion thereof in which it is located h
"a been accepted and approved by Il
e State Board, having charge OF the !
D vestment, as permanently establishe
d having an assured future and beii
ts in every way safe security for the
% investments. Investment may also
n made in other safe interest bearil
IN securities; provided, however, that
I'd part of such funds shall ever be
ne vested in obligations of the State
al Montana, except general fund Wa
ne rants which will be paid within 0
ne year from the time Of the investmel
nd No discrimination shall ever be sho'
NJ for or against any loan APPLICANT; pl
ng vided, however, that In passing on
a loan or investment, consideration sh
be given, not only to the amplen'
! of the security, but also the charac
" and earning capacity Of the applies
OF and to the purpose Of the loan; q
MS provided further that so long as
available funds are inadequate to m
H. .&..ofarnrna ahafl ba fris