The Carbon County chronicle., 1924-10-01
LATIvE ASSEMBLY OF THE
STATE OF MONTANA:

A
STATE OF MONTANA;
Section /. 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 tse 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.
Section. 1. (of Article 2l). 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 (S250.00) Dollars each, for the Gre
. alton of a State Permanent Revenue
Fund, for the creation OF a state Per-
manent School Fund, for the creation
of 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. (of Article 2D. The
State further agrees and covenants
to hold in trust all such contributions
gifts, donations, grants, and lega-
cies), to administer the same per-
petually, and TO apply the net earn
ngs thereof as therein directed, sub
ject, however, to the provisions and
tations of this article.
Section 8. (of Article 21). The ori-
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
er objects may contain provision to
lhe 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
fecting 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-
ent record of all such gifts, donations,
grants and legacies. showing the
names of givers, 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 perpetually as a lasting mem
orial to the givers and their iterest in
society. The Legislative Assembly
shall from time to time make provis-
ion for suitable publicity concerning
: these benefactors Of their 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
Of 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
I'D tx>Z bn 4
and Legacy Fund In case any con-
tribution is in some other form than
I cash, such board shall convert it into
!. cash as soon as practicable.
Section 6. (of Article 21). All in
;. vestments Of these funds shall be
safely and conservatiyely made. Pref
erence shall be given to long term
loans secured by first mortgages or
town and city homes or on cultivated
6 and producing farms is this State free
!, from all prior liens and encumberances
and also to Montana Bonds issued fol
educational purposes. All such loans
and bonds shall be payable on the
amortization plan. No loan in which
the security is mortgage shall ex.
ceed fifty per cent Of the actual cash
value of the real estate given as Sc
e curity. No farm loan shall be for q
7, longer period than forty years, anc
q no loan secured on residence property
y shall be for a longer period than TWEEN
e ~ years. No loan secured on town OF
g city property shall be made until ths
n particular town or city and subdivis
+ ion thereof in which it is located hal
q been accepted and approved by tn,
G State Board, having charge Of the in
}, vestment, as permanently established
q having an assured future and beinf
= in every way safe security for thes'
O investments. Investment may also b.
i made in other safe interest bearing
y securities; provided, however, that nj
q part Of such funds shall ever be in
e vested in obligations Of the State o
u Montana, except general fund war
Ie rants which will be paid within on
ie year from the time Of the investment
"a No discrimination shall ever be show
/ for or against any loan APPLICANT; pro
g vided, however, that in passing on
loan or investment, consideration shal
be given, not only to the amplenes
1 Of the security, but also the characte
L and earning capacity Of the applican
d and to the purpose Of the loan; ar
is provided further that so long as tn
available funds are inadequate to NEE