The Republican journal., 1917-04-05

control Of tho Investment Of amounts here.
after added to the principal fund Of ssid
account under the provisions Of section sew.
enteen OF chapter eight, Of the Revised Stat.
utes. They may make Investigations concern.
ing the rights of the State in and to any
islands or other lands and may report to any
future session of the legislature their recon-
mendations relative TO- securing such lands as
the State Is or may hereafter DO entitled to,
and may recommend tho sale Of the same II
they deem sale advisable.
Section 3. Tho said commissioners shall
IN their discretion Invest the principal Of the
funds which have arisen or may hereafter
arise from the sale and lease of the lands re-
served for public uses. keeping the principal
funds separate from the interest, in the fol-
lowing named bonds and loans, but In no
other manner. to wits: l. In the purchase
mortgages on Agricultural lands, q hereafter
provided in this act; 8: In the bonds Of any
city. town or county Of Maine; 4. In the
bonds of the United States.
Section 4. Every application for q loan
made in pursuance Of the third clause as
above shall DO in writing, stating tho amount
required, the purpose for which 1t is to be
applied and the time and terms Of repayment
and shall DO accompanied by duo proof Of
the assessed valuation for the preceding three
years Of the taxable property within the town,
village city or county making the application
and Of the existing Indebtedness thereof.
Section s. Loans made from such fund
on the security Of agricultural lands shall be
made In accordance with tho following pro-
visions: Tho commissioners shall from time
to time furnish the chairman Of the munich
pal officers Of the various Cities towns and
plantations Of the State with . sufficient num-
Der of blank applications for loans. Each
blank application shall contain questions rela-
tive to the purpose for which the loan is de-
sired, the residence Of the applicant for the
loan. his interest In the land offered se-
curtty, . detailed description Of the bounda-
ries Of such land. the assessed and the mar
ket value of the same, the nature Of the land
and any other matters which the commits
string a loan may make request for blank
application for loan to the chairman Of the
municipal officers of tho town in which the
land which 1t is proposed to offer IS security
is located and the said chairman shall furnish
such person with . blank application and
shall advise him as to the proper manner Of
fling the same. The applicant for loan
shall take oath before the city, town or plan
tation clerk to the truth Of the statements
made in his application, which application
shall thereupon be transmitted to the COM
missioners at Augusta.
Section 8. In addition to the application
the applicant shall also file an abstract Of
title to the land which the applicant offers as
security, which abstract of title shall like
wise be transmitted to the Farm Lands Loan
Commissioners as aforesaid In addition to
the statements made above prescribed the
commissioners may request such further state.
ments from these or other town officers with
respect to the value OF the land offered as
security for a loan and the truth of the state
racnts made by the applicant in his application
as may reasonably be in their power town
officers to make and all such officers shall
comply with their requests, when made, with
cut CONDENSATION.
Section T. The commissioners shall meet
twice monthly whenever or more appli
cations for loans are awaiting consideration,
or oftener in their discretion, to consider APP
plications and thew shall consider and dis
Df ,'IpDtr
sueh applications were received The com.
,,'gsiousrs NAV grant applications for loans
for which sufficient security as hereinafter
provided is offered, subject to tie approyal
u the attorney general of the title to the land
offered as security The commissioners NAV
-rant Applications FOR the full amount asked
Nfer hrY consider the securi1y offered to
o- j.pInena "a iI,y may reduce the amount
+ no lean 80 a sum for which they deem the
sr'ri., to be adequate l. The commission
ers shall require as security for every farm
inaa Erst mortgage on farm real estate of
Il market value Al least double the amount of
the loan held nnder complete title in fee
simple by the borrower 2 No loan shall be
granted to any person who is not an actual
resident Of this State and a bona fde occu-
pant Of the land offered as security; s. No
loan shall be granted upon any land of which
he market value is less than ten dollars ner
acre. 4 No loan of less than three hundred
or more than five thousand dollars shall he
made to any one person, and no person shall
he granted separate loans aggregatinr more
than five thousand dollars; 8, At least one
hundred thousand dollars of the moneys
available from the reserved land fund shall
be set aside each year for loans under this
act and so much of said amount as may he
necessary is hereby appropriated to be loaned
rs provided for in this act. G. Loans shall
ne granted only for the purpose of ASSISTING
the borrower TO erect necessary dwelling
houses and farm buildings TO hnild sil,s ~
clear his lands of forest growth and for the
purchase of live stock. : Tho borrower hall