The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-10-08
NOTICE OF ELECTION-CONSTI-
TUTIONAL AMENDMENT
ChaDfer I2A
Chapter 134.

Chapter 1874.
IAN 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,
State Permanent Revenue Fund. for the Gre
alton of a State Permanent School Fund.
for the Creation of a Permanent Revenue
Fund for the University Of Montana. and
and Worthy Objects and Authorizing the
State to Administer Other Funds Together
with Those Hereinebfore Indicated"
BE IT ENACTED BY THE LEGISLATIVE
ASSEMBLY OF THE STATE OF MON
Section | That the Constitution Of the
State Of Montana be amended a. hereinafter
provided. and that the question Of such
amendment be submitted to the qualified cleo
tors of the State of Montana for their ap-
proval or rejection at the general election
to be held in November. 1924.
Section ,. That the Constitution of the
state of Montana he amended and the
same is hereby amended. by adding there
to a new Article to be known and des-
iCnated as Article Tvventy-One (21), read
ing and being as follows
ARTI0UE XXI.
[ Section l. tof Article 2D. The State
of Montana does hereby agree and covenant
TO accept from any natural person or
persons, from inside or outside of the State,
! SilSs uOIdLlOuSs grants ana legdCleS IN any
: amount or value not less than Two Hundred
fifty (~S250.00) 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. 20 all the
provisions and limitations Of this article.
Section 2 (of article 21). The State fur
Their agrees and covenants to hold in trust al
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 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 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 ne
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 Tn
laws e~ffecting perpetuities but no contribu
ton containing such provision as to accumu
lations shall be accepted by the State until j
has been approved by the supervisory boar,
hereinafter constituted. which board shall
have power to reject any sucn contribution
that IL may deem unwBe.
Section 4 (f Article 21).. The State Treas
urer shall keep a permanent record of al
such gifts, donations, grants and legacies
showing the names of the givers. the purpos,
Of the contribution. or any other essentia
facts relating thereto. a duplicate OF thi
record shall be kept by the Secretary o
State. These records shall be preserved per
petually as a lasting memorial, TO the giver
and their interest in society. The Legislativ,
Assembly shall from time to time make pro
vision for suitable publicity concerning thes,
benefactors of their fellowmen.
Section 5 (of Article 21). The same Stat
Board and Officers that have charge of tn
Investment and administration Of the Publ
School Fund of the State shall have charg
of the investment and administration of al
the funds administered under this article. Al
these funds shall be invested as one commo,
fund TO be known and designated as tn
Montana Trust and Legacy Fund. In cas-
any contribution IS in some other form tina
cash, such board shall convert il into cas-
a; soon as practicable.
Section 6 (of Article 21.) All investment
OF these funds shall be safely and consarva
lively made. Preference shall be given I
long term loans secured by first MORTGAGES o.
Town and city homes OF on cultivate an
producing farms in this State free from Al
prior liens and encumhrances. and also 2
Montana Bonds issued for educational mn
poses. All such loans and bonds shall 2
payable on the amortization plan. Nc loan I
which the security is a mortgage shall Q,
ceed ftty per cent of the actual cash valu
OF the real estate given as security. No far
loan shall be for a longer period than fort
years, and no loan secured on residence prof
erty shall be for a longer period than twer
ty years. No loan secured on town or c;t
I property shall be made until the ~particuIa
town or city and subdivision thereof !
which it is located has been accented an
approved by the State Board, having charp
: Of the investment, as permanently estabIishe,
having an assured future and being in ever
way safe security for these investments II
J vestment may also be made in other safe I,
I terest bearing securities provided. bovveve
that no part of such funds shall ever ba /,
; vested in obligations OF the State Of NoDtan n
l except general fund warrants which will !
paid within one year from the time Of n
Vestment. No discrimination shall ever
: shown for or against any loan applicant
4 provided; however that in passing on a Ios
. OF investment, consideration shall be give,
not only 70 the ampleness of the smurit
but also the character and earning cansc;i
: OF the applicant and TO the purposa of ~
q loan; and provided further that 90 lone
d the available funds are inadeouate 70 me
the demand, preference shall be given N 4
smaller loans. The rate of interest shall =
: ways be a reasonable rate. considerino u
6 character OF the loan or investment bnt Al
n terent rates may be charged for differ,
s classes OF loans and investments.
n Section z tf Article 21). Il ia the nea,
e ing and intention of this Article that 1T 4
, vestments Of these funds shall he conf;n,
exclusively TO safe loan Investments A.,
z ing q fixed rate of interest and heinz a. !.
= OF home making, farming and ednest;.n
work. or otherwise copd~ciye To tbs n~cnD
and well being Of soeSay.