The courier-index., 1918-07-19

the satisfaction or sacumbrances upon such lands, which. iu the Judgment ot said board. were incurred pr assumed by said applicant for ths aforesaid purposes.
 Sec. 6. Every applicant for . farm loan shalt state clearly In hts applica- ton ths purposes for which such loan Is desired and upon it's approval oy tho board this statement shall be deem ed n part of the note or contract under which ths loan ts granted But no failure to apply such funds 10 tns purposes ststad in such application or enumerated herein shaif tnvalidate q loan when once made. nor snal a"y thing herein contained be deemed 70 prevent any farm owner from selling or leasing lands subject to such m cumbrance: but if he shall violate ms said contract by applying the mensys borrowed to purposes other than ehos stated in hts application or enutnerateu herein. or ic he shall isase such iands or sell them to any person not ruinii- Ing ths conditions and purposes pro vidad for herein said board fs author ized and directed to require the repay ment of said loaE upon stx months no- tice and said note or contract shall contain a clause providing therefor.
 Sec. [. Such loans shall bs repsid with interest accruinx Tn annual tn- stallmentsa tQ0 tho amortlzation plan such fnstaifments being hxed at such
  and will liauidats the iebt ia period to bs agreed on between said board and the applicant. said period 10 os not less than hve nor more than tnirty six years: but any debtor may lt9ut- date any part or all of his indebtedness in amounts oe sso.oo or muitipiss there of upon any amortization payment date.
 Ssc. s The rate of interest on loans shall bs dve per cent per annum; pro, .r,4 4-A kka.k Tnr RnnnA be sold for less than par; and pro- vided further that ths board shall re. quirs each applicant to pay an initia' charge of per cent of the loan srant :. ed. the minimum charge to be SlO-0o to cover the cost oc appraisal and OK animation of title.
 Sec. 5 All surplus funds accruins from the operation of tho system or rural credits herein provided for. after paying interest accruing on the afore- said sonds and all operating and other expenses arising from the administra- ton of said system of rural credits shall be placed in tho State Treasury and become | part Of fund 70 az known as the "Arkansas Rural Credii Reserve Fund Said Arkansas Rural Credits Reserve Fund shall he ioansd on farm lands in the manner herein provided tor the Arkansas Rural Credit Loan Fund. and the interest sc' cruing from loans made from said Ar, kansas Rural Credits Reserve Fund shall be added to 1t and become . psri of 1t. The said Arkansas Rural Creiits Reservs Fund shall he trreducible. eN cept that it may be drawn upon to re- imburse the State Cor loss incurred ir the administration of said system o' rural credits
 Sec. 10 rhs Legislative Assembly shall provide In such detail as 1t shai deem advisabls for the carrying ou and administering of the provisions oi this amendment. and shall provide ad equate safeguards against the use o such loans aa an aid to the purehas
 ing and holding oe lands for the pur' poses of speculation. Such safeguard' shalf include clear definitions of th.
 erms operate and occupy uses herein. Tn the absence of such iegis
 Is enactment the State Land Boart ,halt proceed to administer said sys lem of rural credits under rules anf
 eguIations provided by itself. but SUD feet to the provisions herein coutained
 Sac. IL The provisions of the Con stitutton of Arkansas in conflict wttf this amendment are hereby repealed IT SO far only as they conflict herewith The provisions of this amendment fleet and be in operation SO days af fer their approval and adoption by th' people Of Arkansas
 Approved by the Governor, and niet n the office or the Secretary or state March IT, 1917
 Each elector may -ote for or agatns
 he above amendment.
 witness my official signature this
 he 24th day ot April. l9l5
 lSeall TOM J. TEhhAL- Secretary of State