The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-10-29

the State Of Montana be amended as
hereinafter provided. and that the ques.
ton of such amendment be submitted
to the qualified electors of the 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
he State of Montana be amended and
and the same is hereby amended, by
adding thereto 4 new Article to be
known and designated as Article
Twenty-one (21), reading and being
follows:
ARTICLE XXI.
Section. |. (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 legaciss in any amount or
value not less than Two Hundred fiji
| ty ($250.c0) 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 lin
itations of this aticle.
Section 2. (of Article 21). The
State further agrees and covenants
to hold in trust all such contributions
(gifts, donations, grants, and lega-
eies), to administer the same per-
petually, and to apply the net earn
lngs thereof as therein directed, sub
ject, however. to the provisions and
tations of this article.
Section 8. (of Article 21). The orr
yinal amounts of all contributions for
the State Permanent Revenue Fund,
Tor the State Permanent School Fund.
and for the Permanent Revenue Fund
Tor the University Of Montana, shall
3e. added to such funds respectively
and become inseparable and inviolable
parts thereof. Contributions for 9th
er objects may contain provision to
The effect that the net earnings there
Of, or part Of the net earnings, shall
be added to the principal for a GER
tain length Of time, or until it has
reached certain amount, or until The
happening Of a certain event, but such
contingent event shall not be more re-
mote than permitted by the laws eff
fecting perpetuties; but no contribu-
lion 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 d. (of Article 21). The
State Treasurer shall keep 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 .,erpetually as lasting mem
orial to the givers and their iterest in
society. The Legislative Assembly
shall from time to time ms.ke 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
istration 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
and designated as the Montana Trust
and Legacy Fund. In case any con-
tribution is in some other form than
cash, such board shall convert it into
cash as soon as practicable.
Section 9. (of Article ~. All i'm
yestments Of these funds shall be
safely and conservatively made. Pref
erence shall be given to long term
loans secured by first mortgages on
town and city homes or on cultivated
and producing farms is this State free
from all prior liens and encumberances,
and also to Montana Bonds issued for
educational purposes. All such loans
and bonds shall lie payable on the
amortization plan. No loan in which
the security is mortgage shall ex-
coed fifty per cent of the actual cash
value of the real estate given as Sc
curity. No farm loan shall be for a
longer period than forty years, and
no loan secured on residence property
shall be for longer period than TWEEN
ty years. No loan secured on town or
city property shall be made until the
! particular town or city and subdivis-
ion thereof in which it is located has
been accepted and approved by the
State Board, having charge of the In
vestment, as permanently established
having an assured future and being
in every way safe security for these
Investments. Investment may also be
made in other safe interest bearing
securities; provided. however, that nc
part of such funds shall ever be in.
vested in obligations of the State OF
Montana, except general fund war
rants which will be paid within ons
year from the time of the investment
No discrimination shall ever be shown
for or against any loan APPLICANT: pro
vided, however, that in passing on {
loan or investment, consideration shall
be given, not only to the amplenesl
of the security, but also the charactel
and earning capacity of the applican
and to the purpose Of the loan; ant
provided further that 50 long as th
available funds are inadequate to NEE
the demand, preference shall be give
Il to the smaller loans. The rate Of in
trest shall always be a REASONABLE
: rate, considering the character Of tn
ham M CD ,xarSf I.a,4 1effof.anf IN