The Little River news., 1918-08-07

loan snHIf state cl~ul sySs ...ss -s-.
 ticn the purposes for which sucn i.. ! is desired, and upon hs approval the board this statement shall l.. cee 2 ed q part of the note or contract uno z which the loan is granted. Iul ,si failure to apply such funds tc (: 2 purposes stated in such apEllss tic,ss: enumerated herein shall inv:sN ''s:e . loan when once made, nor si;H d., : thing herein contained be deep.e ], prevent any farm owner from sci't : or leasing lands subject to such : cumbrance; but if he shall violate s said contract by applsir" the '-9cr'5 borrowed to purposes other than trt stated in his application or eru,nercts herein. or if he shall lease such lep ; or sell them to any person not fu'. : ing the conditions and purposes pro- vided for herein said board is aut'.5-- ized and directed to require the rep : s'rcnt of saiG loan upon six nc4'l1e'' : tice. and said note or con.faft q contain a clause providing tirerf" z Sec. z. Such loans shall be rerpi sith interest eccruing In annual i- stallments on the omortizs'i ian F''ty- such installments being fixed at ts, , sums as will cover the interest " and will liouidate the debt in 2 p.f
 to be agreed on between said fo:sA and the applicant, said period to hs not less than five nor more thnn ttirt : six years: but any debtor may luui- date any part or air of his indcbtefncr $ in amounts of $50.00 or multiples thern- of upon any amortization payment date.
 Sec. :. The rate of interest on losns shall be five per cent per annuna; pre- vided, that no Farm Credit Bonds shsN be sold for less than pAr: and pro. vided further that the board shei res cuire each applicant to pay an iritiag charge of per cent of the loan grar, ' to cover the cost of appraisal and cxy animation of title. {
 Sec.> 3. All surplus funds accruing from the operation of the system of paying interest accruing on the afores said bonds, and all operating and other expenses arising from the administras tion of said system of rural creditS and become a part of fund to lls known as the Arkansas Rural Credit Reserve Fund" Said Arkansas Rura Credits Reserve Fund shall be loaned provided for the Arkansas Ru,a; Credit Loan Fund, and the interest ac- cruing from loans made from said Ar. kansas Rural Credits Reserve Tunc shall be added to it and become a pc Y of 1t. The said Arkansas Rural Creci.s Reserve Fund shall be irrcducible. .s.i cept that it may be drawn upon to vi imburse the State for loss incurred < the administration of said system q
 Sec. 10. The Legislative Assembl, shall provide in such detail as it shar deem advisable for the carrying cis and administering of the provisions q this amendment, and shall provide afs equate safeguards against the use Q such loans as an aid to the purchas ing and holding of lands for the pur poses of speculation. Such safeguard shall include clear definitions of t'A terms operate" and occupy" usei herein. In the absence of such legis lation, and subject to the same af;e its enactment. the State Land Boa.a shall proceed to administer said sys tenn of rural credits under rules a,h regulations provided by itself, but suh ject to the provisions herein contained
 Sec. Il. The provisions of the Con stitution of Arkansas in conflict wi this amendment are hereby repealed. ! so far only as they conflict herewith The provisions of this amendmen shall be self-executing, and shall talk effect and be in operation 60 days as ter their approval and adoption by n people of Arkansas.
 Approved by the Governor. and flM in the office of the Secretary of Stat March IT, 1917.
 Each elector may vote for or agains the above amendment.
 Witness my official signature ths, the 24th day of April. 1918
 lSsall TOM J. TEHRAL. Secretary of Stat