The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-10-17
NOTICE or ELECTION
CONSTITUTIONAL AMENDMENT
Chapter 1874


: State OF Montana, Adding Thereto
q New Article, Providing Tor the Ao
2 ceptance and Administration by tn
State of Gifts, Donations, Grants anS
Legacies for the Creation of STATE
Permanen Revenue Fund, the Crea
: ton OF State Permanent Schoo
Fund, Tor the Creation of Perman
: ent Revenue Fund for the University
of Montana, and for the Benefit oil
: other Useful, Benevolent and Worth,
Objects; and Authorizing the State tC
Administer Other Funds Together
with Those Hereinbefore Indicated.
BE 1T ENACTED BY THE LEGIS-
LATIVE ASSEMBLY OF THE
| STATE OF MONTANA:
Section l. 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 2. 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 (21). reading and being
I as follows:
ARTICLE XXI
Section l. (of Article 21). The
State OF Montana does hereby agree
and covenant to accept from any
I a N
side or outside theState, gifts, uona-
tions, grants and legacies in any
amount or value not less than Two
Hundred fifty ($25000) Dollars each,
for the creation OF State Perman-
ent Revenue Fund, for the creation
of a State Permanent School tund,
for the creation OF a 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 (of article 2D. The
State further agrees and covenants
to hold in trust all such contribu-
tons (gifts, donations, grants, and
legaciesJ, 10 administer the s,ul-
perpetually,and to apply the net earn
lngs thereon as therein directed, SUI
ject however, to the provisions and |
limitations OF thS Act
Section (of article 21J The orr
ginal amounts of all contributions
Tor 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 aaued to sucn
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 a certain amount, or unLn
the happening OF ceILain eyeIu,
but such contingent event shall not
be more remote than permitted by
the laws effecting perpetulGles: but
no contribution containing sucn pro-
visions as TO accumulation small be
by the state until IL has
been approved by the supervisory
board hereinafter constituted, wnICn
board shall have power 10 reject any
sucn contributions that 1t may deem
unwise.
Section (of Article ~. The
State treasurer snail keep per !,
manent record OF all such gifts, dona-
lions, grants and legacIes, showing
the names or the givers, the purpose |.
)f the contribution, and otner essen
-lal facts relating thereto. A dupll- J
cate OF this record snail be kept by :.
he Secretary OF State. Inese re- :,
cords shall be preserved perpetuaIy :
rs lasting memorial to the g1sers
ind their interest In society. Inc :,
legislative Assembly small trom :.
line TO time make provision Tor SUIT :
lble publicity concerning these bene-
ACTORS OF their feilowmen. ;,
Section (of Article ~. The =
ame State Board and ofTlcers tnat =
lave charge of the investment ana -
OF the PuDnc ScnooI a,
FUND of the State shall nave charge :,
L the investment and administrator =,
L all the funds administered under -
ms article. All these tunds snail !,
e invested as one common fund TO h,
e known and designated as the =,
1ontana Trust and Legacy Fund. In q,
ase any contribution IS In some ..
ther form than cash, such board -
hall convert 1t into cash as soon as ~
-
Section (of article 2D. All in 10
of these funas shall be 81
afely and conseryatiyely maae. Pre- m
shall be gwen 10 long term
,ans secured by first mortgages ON -,
)wn and city homes or on cultivated ~
nd producing farms in this State Nc
zee from all prior liens and Incunl- 81
RANGES, and also to Montana Bonus IL
sued for educational purposes All -
lch loans and bonds snail be pay ~,
Die on the amortization plan. NO o.,
AN IN which the security is mort a.
tge shall exceed fifty per cent OF ~,
le actual cash value of the real es- a.,
ne gwen as security. No farm ~
an snail be for longer period than 10
rty years, and no loan secured on n,
property shall be for ~,
fcI 49,