The Monticellonian., 1918-08-23

e.,tsfactioa CT eacuT1bTa,ees tfca s,,eb isnds which. in the judgment o, cad hoard. were incurred or assutata ov said applicant for the alofe9aia puFpoSes' slc Every applicant for farm .,s,5 sbaf1 state clearly in his app ,It5, The purposes for which SUCK ioah is desired and upon it's appfoNs sl D' the board this statement shalI pt d.7 d part Of the note or co, ae p,It no which the loan is gLantTuL f,,rl5Ls TO the failure to apply such IuhA ioa o1. rIffnasas stai.d in such appHeatsoh - rnQin era rad herein shall inv aii.i'- ,i ~ joan when once mad2, nor siisl.t t, . ,o thing hcraiu contained De 1s1','a '.iii,ss, prevent any farm owner from Se4ilEe or 1faefnr lands subject 10 -dCh cun1bgance; but If he shall Yloiate IlL said contract by applying the IllV,ios borrowed to purposes other tiiail t5 stated 5Y his application or ehuiilSi 5 sasS' berai0 or if he shall lease such Ian4S or sell them 10 any person not Iulili- ipf- tf.. conditions and purposes Pfo
 vf84a ia= aereIn, said board Is aulnol= ized ard directed to require tHT ! tR-5 rnen4 o6 =a4d loan upon SIX menus ,Ij tt9 tfee and aid Hotr OF con Ira T, = u confaj7 l clause providing thsreioF'
 Sec Such loans shall be repaid with interest aCcruing in annual tH
 such iustalIments being fixed at such sums IS will cover the interest fa's and will heuidate the debt in perlou to be agreed on between sald poatu I and the applicant said pef4oo t0 oe not less than five nor more than thirty six wears: but any debtor may nqul- date any Fart CT all of his indebtedhesS in amounts of 5000 or multlples there. of upon any amortization pay i"eH' date. ,oa,a shall be five per cent per annum; pro, vfded, that no Farm Credit Bonds shah
 be sold for less than par ana pro
 yided further that the board snail re, quire each applicant to pay an Ina,ia a,a charge of 1 per cent of the loan grahe oo
 ed, the minimum charge to De s1e.oo
 to cover the cost of appraisal ana eA- animation of title.
 Sec. Q All surplus funds accruihs
 from the operation of the system or
 rural credits herein provided for, after paving interest accruing on the afofe-
 sa: bonds, and all operating ana other expenses arising from the admlnlslra- tion of said system Of rural credits,
 shall be placed in the State Treasury and become part of a fund to De known as the Arkansas Rural Credit Reserve Fund" Said Arkansas Rural Credits Reserve Fund shall be loaned on farm lands in the manner herein provided for the Arkansas Rural Credit Loan Fund and the interest ac- crunE from loans made from sald AT kansas Rural Credits Reserve Fund
  of it. The said Arkansas Rural Credits Reserve Fund shall be irreducible. en- cept that il may be drawn upon to re- irnburse the State for loss incurred in the admins tration of said system or rural credits.
 Sec. 10. The Legislative Assembly shall provide in such detail as it shall | deem advisable for the carrying out | and administering of the provisions of | this amendment, and shall provide ad- l eauate safeguards against the use Of such loans as an aid to the purchas- | ing and holding of lands for the pur- | poses of specula ton. Such safeguards shall include clear definitions of the herein In the absence of such legis- i lation, and subject to the same after l it's enactment, the State Land Board l shall proceed to administer said sys- 1 tenn of rural credits under rules and 1 regulations provided by itself, but sue- l ject to the provisions herein contained. | Sec. II. The provisions of the Con- l stitution of Arkansas in conflict with ! this amendment are hereby repealed. in i so far only as they conflict herewith | The provisions of this amendment | shall be lf-eXecuting. and shall take 1 effect and be in operation co days af- | ter their approval and adoption by the | people of Arkansas.
 l in the office Of the Secretary of State. March r. 1917.
 l Each electOr may vote for or against l the above amendment.
 1 Witness my official signature this, l the 24th day Of April. 1918.
 1 ISeal1 TOM J. FERRAL. 1 Secretary of Sta