The Mena weekly star., 1918-07-25

farm lands in Arkansas. rpon notes xs- cured by mortgages or deeds of trust constituting first liens on such farsr lands in amounts which shall not CT ceed seventy frye per cent of the an- praised value or such lands. The crsxs- It of the State shall not be loaned rs any person 10 purchase more than 8f acres Of land. nor land valued at nsrs of less than s2oo.oo @ nor 'n5 more .Ses Ss.Veo.OO be made to any purchases sI
 Section 5. Such loans shau not h. made except to. owners wio '.oporxze~ and occupy lands mortgaged, sEs4 shall be made For the following pEr- poses, ta) The payment for lands psff- chased: tbl the purchase of livegfsck ana other equipment, and the making improvements which. In the iudgmert ductivity of such lands or add 10 tfesr value as a farm home in a degree eo the. satisfaction of incumbrancee upon such lands, which, in the Judgment of said board. were incurred or assumed Dy said applicant for the aforesaid sur
 section 6. Every applicant for fsrm i9an shall state clearly in his applie&- IS desired, and upon it's approval Sy the board this statement shall be de@r- ga a part of the note or contract ga- failure to apply such funds to the our poses stated In such application gr cuuHttTdiSu HtIEln small 4A18ilN&tA & loan when once made. nor ehala snvs thing herein contained be. deemed te prevent. any. farm owner from petffuE cumbrance; but if he shah violate ,hss said contract by applying the moneys borrowed to purposes other than ttass herein, or If he shall lease such iards or sell them to any person not fufnsl- vided for herein said board ' Ia satsor- 1 ixed and directed to require the se9s- ment of snid loan upon six rnonths ue-
 contain cont na clause is "ore preeviaing m % sherefor ~
 Section !. Such loans shah be TeHzse
 with interest accruing In annual fn- such installments being fixed at ~Hxs sums as will cover the interest "A,
 and win liaualdate ths dent In sa,a gs : and the applicant. said period to he ns ! any part or all Of his indebtedn as sl ,, ameunts Of s5000 or multipies there Of upon any amortization navfnen date.
 Section & The rate Of interest oz loans shall be five per cent ner annEns
 provided. that no Farm Credit Bonas
 shall be sold for less than par: and Br0-
 vided further that the board saal rN-
 quire each applicant to pay an iniffAa
 eaaarse oI PCT , aent or the do5m m s,s sns. x
 to cover the. cost or appraisal an CTS
 animation of title.
 CGt1nn '. All tGfHAIS lUHAE AtFs1adksE-
 from the. operation of the system dt rural credits herein pr )vided for after paying interest accruing en the afaxe-
 said bonds. and ali operating and esh<r
 expenses arising from the administrar ton of said system of rural crediks
 shall be placed in the. State Treasxrs
 and become part of fund te nx known as the "Arkansas Rural credix Reserve Fund.- Said Arkansas Rns q
 on farm lands in the m manner hsrsls
 eredii Loan Fund and the interest SC l cfuin9 from loans made from said Ar
 kansas Rural Credits Reserve Funk
 shall be added to 1t and become a ss@rt
 f it, The sRld Arkansas Rural t're'altz
 cept that 1t may be drawn upon sc. rs- iniburse the State for loss incurred tk
 tbe administration of said system C ssctlon 10. The I..rialatlve Ass-s- blY shall provide n s.h'h dotaIa ~s Sv shall deem advisable for the carryfFz of this amendment, and shall lsfnTias : adequate snfeEusrds nfainsf the uss fl
 ng ash and hSas holins dI Of sa lans Vi dsr s @ @ poses Of speculation such safeauaxx1e . lahall include clear delinitions Of fhe
 srais. ferms oPsrass s ss eee saa Sf sssa ss as , Iation. and subject n the same afTs. . it's enactment. the State Land Beas { - tenn of rural credits under rules zaz 7 regulations provided fv Itself but sat- : ject tO the provisions herein cont eanesT 3 Section II. The provisions of thz : Consultation of Arkansas in conakal with this amendment are hereby rs- pealed. in so far only as they c1u&fcz herewith. The provisions 0f sht< | amendment shall be self scz
 shall take effect and he h operation e
 days after their. approval aud zdoptsse | by the people of Arlxarsas.
 Approved by the Governor and nsz< l In thu office nf the s erelssry .of Efzxs [ March IT, 1917.
 the above amendment
 : Witness my official signature thzs the 24th day of April I91s
 tSeaD TOM l. T95e- Eeosxkes ss+ ssts. 7 Adv.--Farst Pub. May 2 1918.
 Last. Pub Oct. 31. 1912