The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-08-20
NOTICE OF ELECTION-CONsTI-
TUTIONAL AMENDMENT
Chanfer I34

-
TUTIONAL AMENDMENT
Chapter 1874.
AN Act to Submit to the qualified Flee
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 Le9acies for the Creation Of a
State Permanent Revenue Fund. for the Gre
ton Of a state Permanent School Fund
Fund for the University of Montana. md
TO- the Benefit Of other Useful. Bane.olent
ard Worthy Objects and AUTHORIZING the
state to Administer Other Funds Tc~e+rer
BE 1T ENACTED BY THE LEGISLATIVE
ASSEMBLY OF THE STATE OF MON
TANA:
Section ! That the Constitution Of the
state Of Montana be AMENDED a. hereinafter
provSted. and that the question OF such
amendment be submitted to the qualified cleo
tor, Of the State of Montana for their ap-
o~oval or rejection At the general election
10 be held in November, 1924.
Section 2. That the. Constitution Of the
State Of Montana be amended and the
anne is hereby amended. by adding there
70 a new Article to be known and des-
.gnated as Article Twenty-One (2D. read
ing and being as follows:
ARTICLE XXI.
Section /. (of Article 21). The State
of Montana does hereby agree and covenant
70 accept from any natural person OF
persons. from inside or outside of the State.
gifts. donations, grants and legacies in any
amount or value not less than Two Hundred
fifty t~S250.O0) Dollars each. for the creation
Of a State Permanent Revenue Fund. for the
creation of a State Permanent School Fund.
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. 70 all the
provisions and limitations of this article.
Section 2 (of article 2l). The State fur
ther agrees and covenants to hold in trust all
such contributions (gifts. donations, grants,
and legacies). to administer the same perpet-
ually. and to 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 Tor 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 to such funds respectively and
become inseparable 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 to accumu-
lations shall be accepted by the State until it
has been approved by the supervisory board
hereinafter constituted. which board shall
nave power to reject any sucn contribution
that it may deem unwise.
Section 4 (of Article Ply. 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
If the contribution, or any other essential
facts relating thereto. a duplicate of this
record shall be kept b. the Secretary of
State. These records shall be preserved per-
petually as a lasting memorial, to the Civers
and THOR interest in eoeio4v Tho 7 o~s.1oAs-a
Assembly shall from time to time make pro-
vision for suitable publicity concerning these
berefactOrs of their fellowmen.
Section ) fof Article 2I). 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. All
these funds shall be invested as one common
fund to he known and designated as the
Montana Trust and Legacy Fund. In case
any contribution is in some Othe~ form than
cash, such board shall convert it into cash
a soon as practicable:
Section 6 (of Article 21.) All investments
Of these funds shall be safely and coneerva-
lively made. Preference shall be given to
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 to
Montana Bonds issued for educational pur-
poses. All such loans and bonds shau No
payable on the amortization plan. No loan in
which the security is a mortgage shall ex-
coed fifty per cent of the actual cash value
u 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 TWEEN
" ears. No loan secured on town or CITY
property shall be made until the particular
town or city and subdivision thereof in
which il $ located has been accented 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
terest bearing securities provided. however,
thaC no part of such funds shall ever be in
vested in obligations OF the State of Montana
except general fund warrants which viii be
paid within one year from the time of In
vestment. No discrimination shall ever he
SHOWN Tor or against any loan appIicant .
provided; however that in passing on . loan
or investment, consideration shall be piven.
not only to the ampleness of the security.
but also the character and earning ranacifv
of the applicant and 10 the purposa of the
loan; and provided further that so long as
the available funds are inadeaua+e n moot
the demand, preference shall be given 70 4ba
smaller loans. Tn rate of interest shall al
ways be a reasonable rate, conside~;rg che
character of the loan or investment hnt lie
Isreht rates may be charged for different
classes Of loans and investments
Section Z (of Article 9I1. T. !.
ing and intention of this Article that ali In
Vesements Of these funds shall he ~onf;naa
exclusively TO safe loan invpstmer+s a.
ing a fixed rate of interest ana 49, - "a
Oh nome making. farming and @Jr~at;onaI
Work. or otherwise conducive Ia tbe r~n~-aAs
ana wen being of society.