The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-10-08
LATIyE ASSEMBLY OF THE
STATE OF MONTANA:

ton of such amendment be submitted |
to the qualified electors of the State |
If Montana for their approval or re-
'ection at the general election to be
aeld in November, 1871.
Section .. That the Constitution Of
he State Of Montana be amended and
md the same is hereby amended, by
adding thereto new Article to be
xnown and designated as Article
Twenty-one (2l), reading and being
S follows;
ARTICLE XXI.
Section. l.. tof Article 2ll. The
State of Montana does hereby agree
and covenant TO accept from any nat
lral person, or persons, from inside
Or outside the State, gifts, donations.
grants and legacies in any amount or
yalue not less than Two Hundred fif-
" (S250.00) Dollars each, for the Gre
alton of State Permanent Revenue
Fund, for the creation of state Per-
nanent School Fund, for the creation
4 a Permanent Revenue Fund for the
University of Montana, and for the
Benefit Of scientific, educational, be-
levoIent ana charitable work, subject,
aowever, to Ill the provisions and linz
itations Of this aticle.
Section 3. (of Article 21). The
State further akrees and covenants
TO hold In trust Ill such contributions
gifts. dons tinns, grants, and lega-
ciesl, to asaminister the same per-
petuslly, aid to apply the net earn
ings thereof ~ therein directed, sub
ject. howas er, - ths provisions and
tations Of shin srticit
Section Il lot Axtie III. The orr
yinal amop nts Of al G ntributions for
The State Permanent Revenue Fund,
for the SD u Pssn,ane It School Fund,
and for til RermAner Revenue Fund
FOR the Ur1versity OF Montana, shall
oe added to snfh funds respectively
and beqorfle inseparable and inviolable
parts IL. cot. Contributions for 9TH
er objects may contain a provision to
The effect that the net earnings there
If, or part Of the net earnings, shall
be added TO the principal for a GER
tain lena til Of time, or until it has
reached Il certain amount, or until the
happening Of certain event, but such
Contingent event shall not be more re-
mote thaln permitted by the laws eff
fecting perpstuties; but no contribu-
ton containing such provisions as to
accumulation shall be accepted by the
State until 1t has been approved by
the supervisory board hereinafter
Constitutes. which board shall have
power 10 reject any such contribution
chat it AMY deem unwise.
Section 4. (of Article 21). The
State Treasurer shall keep perman-
emit reepsei Of all such gifts, donations,
grants and legacies, showing the
names of givers, the purposes Of the
contribution, and other essential facts
relntiR / hereto. A duplicate of this
record ahau be kept by the Secretary
Iof Sthe. These records shall be pre-
served perpetually as lasting mem
oriaA To the givers and their iterest il
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
stratlon of the Public School Funt
Of the State shall have charge of th'
investment and administration Of al
the funds administered under this ar
ticle. All these funds shall be invest
cd as one common fund to be known
and designated as the Montana Trus
and Legacy Fund. In case any con
tribution is in some other form thai
cash, such board shall convert 1t int
cash as soon as practicable.
Section 6. (of Article 21). All in
vestments of these funds shall b
safely and conservatively made. Pref
erence shall be given to long terri
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 encumberance
and also to Montana Bonds issued ia
educational purposes. All such loar
and bonds shall be payable on til
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 proper'
y shall be for longer period than twel
e ty years. No loan secured on town I
e city property shall be made until Il
n particular town or city and subdivi
l. ion thereof in which it is located HI
q been accepted and approved nv Il
'e State Board, having charge of the !
D vestment, as permanently establishe
q having an assured future and beii
q in every way safe security for the
ID investments. Investment may also
" made in other safe interest bearil
N securities; provided, however, that
ia part of such funds shall ever be
re vested in obligations of the State
al Montana, except general fund Wa
1e rants which will be paid within Q
ne year from the time Of the investme
nd No discrimination shall ever be sho'
n for or against any loan APPLICANT; pl
1g 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
II and earning capacity Of the applies
OF and to the purpose of the loan; q
us provided further that so long as
available funds are inadequate to m
the demand, preference shall be gi'
&c. to the smaller loans. The rate Of
trest shall always be a reasona
r. rate, considering the character of