The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-09-03
NOTICE OF EIECTION-CONSTT-
TUTIONAL AMENDMENT
Chanfer 19A

TUTIONAL AMENDMENT
Chapter l34.
A Act to Submit to the qualified Elec-
tors of the State of Montana an Amend
ment to the Constitution of the State Of
Montana, Adding Thereto a New Article.
Providing for the Acceptance and Admins
tration by the State Of Gifts, Donations,
Grants and Legacies for the Creation Of a
State Permanent Revenue Fund, for the Gre
alton Of q State Permanent School Fund.
for the Creation Of a Permanent Revenue
fund for the Unievr-ity Of Montana. and
for the Benefit Of Other Useful, Benevolent
and Worthy Objects: and Authorizing the
State to Administer Other Funds Together
with Those Hereinebfore Indicated"
BE Ut ENACTED BY TIE LEGISLATIVE
ASSEMBLY OF THE STATE OF MON
TANA:
Section l. That the Constitution Of the
state of Montana be amended as hereinafter
provided, and that the question of such
amendment be submitted 70 the qualified cleo
nrovai or rejection at the general election
70 be held in November. 1924.
Section 2 That the Constitution Of the
State OF Montana be amended and the
same is hereby amended. by adding there
tn a new Article TO be known and des-
ignated as Article Twenty-Five (2i). read
ing and being a. follows:
ARTICLE <
Section l. (Of Article 21). The State
Of Montana does hereby agree and covenant
to accept from any natural person or
persons. from inside or OUTSIDE OF the state,
gifts, donations. grants and legacies in any
amount OF value not less than Two Hundred
fifty t~s250.OO) Dollars each. for the creation
of a state Permanent Revenue Fund. for the
for the creation Of a Permanent Revenue
Fund for the University Of Montana, and for
the Benefit Of scientific. educational and
charitable work. subject. however, TO all the
provisions and limitations OF this article.
Section . (of article 2i). The State fur
ther agrees and covenants to hold in trust all
such contributions (gifts. donations, grants,
and legaciesl, 70 administer the same perpet-
ually. and 10 apply the net earnings thereof
as therein directed. subject, however, to the
provisions and limitations of this Act.
Section 3 (of Article 21). The original
amounts of all contributions for the State
Permanent Revenue Fund. for the State Per
manent School Fund. and for the Permanent
Revenue Fund for the University Of Montana,
shall be added 70 such funds respectively and
become inseparabie and inviOlable parts there
of. Contributions for other objects may con-
tain a provision to the effect that the net
earnings thereof. or part OF the net earnings,
shall be added to the principal for a certain
length of time. or until It has reached a GER
tain amount, or until the happening OF a GER
tain event, but such contingent event shall
not be more remote than permitted by the
laws e~ffecting perpetuities but no contribu-
ton containing such provision as 70 accumu-
latiOns shall be accepted by the State until it
has been approved by the supervisory board
hereinafter constituted. which board shall
100 R'WEA ~ AGlEEE Any SUCH COlAAElbuLAUl
that it may deem unwise.
Section 4 (Of Article 21).. The State Treas
urer shall keep a permanent record Of all
such gifts. donations, grants and legacies,
showing the names of the givers. the purpose
of the contribution. or any other essential
facts relating thereto. A duplicate Of this
record shall be kept BY the Secretary Of
State. These records shall h. preserved per
petually as a lasting memorial. to the givers
and their interest in society. The Legislative
Assembly shall from time 70 time make pro-
vision for suitable publicity concerning these
benefactOrs of their fellowmen.
Section ; (of Article 21). The same State
Board and Officers that have charge Of the
Investment and administration Of the Public
school Fund Of the State shall have charge
OF the Investment and administration Of all
the funds administered under this article. AT
these funds shall he invested as one common
fund 10 be known ard designated as the
Montana Trust and LEGACY Fund. In case
any contribution Is in some other form than
cash. such board shall convert IL into cash
as soon As practicable.
Section s (of Article Ply All Investments
OF these funds shall be safely and coaserva-
lively made. Preference shall be given 70
long term loans secured by first MORTGAGES on
town and city homes or on cultivated and
producing farms in this State free from all
prior liens and encumbrances, and also 10
Montana Bonds issued for educational pur-
poses All such loans and bonds shall ne
payable on the amortization plan. No loan IN
which the security Is a mortgage shall ex-
49, 6[AH " TIT 4[A4aA GGrA value
81 the real estate given as security. No farm
loan shall be for a longer period than forty
years. and no loan secured on residence prop
erty shall be for a longer period than twen-
ty years No loan secured on town or city
property shall be made until the particular
town or city and subdivision thereof in
which II Is located has been accepted and
approved by the State Board, having charge
OF the investment, as permanently established
having an assured future and being in every
way safe security for these investments. In
vestment may also be made in other safe in
Jerst bearing securities provided. however.
that no part Of such funds shall ever be in
vested IN obligations Of the State Of Montana.
except general fund warrants which will be
paid within one year from the time of in
vestment No discrimination shall ever be
SHOWN Tor or against any loan applicant &:
provided however that in passing on a loan
or investment, consideration shall be given.
not only IN the ampleness Of the security,
DuC also the character and earning capacitv
OF the applicant and 70 the purpose Of the
loan; and provided further that so long rs
the available funds are inadequate 70 meet
sne demand, preference shall be given TO the
smaller loans. The rate Of interest shall al
ways be a reasonable rate, considering the
character of the loan or investment. but dir
terent rates may be charged for different
classes Of loans and investments.
section Z tf Article 21). Il is the mean
ing and intention Of this Article that all in
VeStments of these funds shall be confined
exclusively to safe loan investments, draw
ing a fixed rate of interest and being in aid
OF nome making. farming and educational
work. or otherwise conducive to the pro0ress
ana well being of society.