Section 3.

The original amounts of all contributions for the State Permanent Revenue Fund, for the State Permanent 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 thereof. Contributions for other objects may contain 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 certain amount, or until the happening of a certain event, but such contingent event shall not be more remote than permitted by the laws affecting perpetuities; but no contribution 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.