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

: 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
New Article, Providing for the Ac
ceptance and Administration by the
State of Gifts, Donations, Grants and
Legacies for the Creation of State
Permanen Revenue Fund, the Crea
ton of State Permanent School
Fund, for the Creation of Perman.
ent Revenue Fund for the University
of Montana, and for the Benefit OF
Rother 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 1. 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 g. 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 (2D, 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 ($250.00) 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 21). The
State further agrees and covenants
to hold in trust all such contribu-
tons gifts, donations, grants, and |
legacies), to administer the SAM |
perpetually,an to apply the net earn |
lngs thereof as therein directed, SUP
Ject, however, to the provisions and |
limitations OF this ACT.
Section 8 (of article 2D. The orr
ginal amounts of all contributions
for the State Permanent Revenue
Fund, for the State Permanent
School Fund, and for the Perman-
ent Revenue Fund for the University
of Montana, shall be added to such
funds respectively and become insep-
arabic and inviolable parts thereof
Contributions for other objects may
contain 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 eVeuL,
out such contingent event shall not
De more remote than permitted by
he laws effecting perpetuities; but
10 contribution containing such pro-
1isions as TO accumulation shall be
by the State until 1t has
,een approved by the supervisory
'oard hereinafter constituted, wnicn
'oard shall have power TO reject any
UGH contributions that it may deem
nWise.
Section (of Article 2D. The
'tate Treasurer shall keep d per- )
nanent record of all such gifts, dona-
ions, grants and legacIes, showing
he names OF the givers, the purpose ..
the contribution, and other essen
Ial facts relating thereto. A dupli- :
ate OF this record shall be kept by :
he Secretary OF State. These re- =
ords shall be preserved perpetualIy :
S a lasting memorial to the giyers :
nd their interest in society. Inc :,
legislative Assembly shal from :,
me to time make provision Tor SUIT :
bic publicity concerning these bene- =
lctors of their fellowmen. ;,
Section 5 (of Article ~. The Z
anne State Board and officers tnat =
ave charge of the investment and :
of the Pubic School =,
und Of the State snail have charge :,
the investment and administration =
all the funds administered under :
us article. All these Iunus snail :
invested as one common fund 10 :.
? known and designated as the =
ontana Trust and Legacy Fund. in :,
Use any contribution is in some =
her form than cash, such board :,
laII convert 1t into cash as soon as :,
'acticable.
Section (of article III. All In f.
of these funus shall be 8,
IfeIy and conservatiyely maze. Pre- m
rences shall be gwen 20 long term
ans secured by first mortgages ON =,
Wn and city homes or on cultivated -
ID producing farms in this state :,
ee from all prior liens and incunI- =,
ances, and also to Montana Bonus :,
sued for educational purposes. All
Oh loans and bonds shall be pay -
lie on the amortization plan. NO
an in which the security is a mort !,
&c shall exceed fifty per cent OF !,
e actual cash value of the real es- =,
te given as security. No farm 80
! ~ 49, 1.