The Brinkley argus., 1918-05-03

purposes. ~ AVies loan shall statenr ftri Ur a fs ton the purpose koI 's appli is desired, and Sl ann sueh ll the board this st H bapnpffovsl ed a part of the A on,s r os Zee which the loan .Rated aVl pa un' failure to appl~A fnna. but purposes stated i h annIio.Io 10 enumerated hereiran ip,,osuoa ipvos.loa loan when once nj e, nor sb,S bb'uals {! thing herein conta ,4ed be das,. daI 2 prevent any farm owner from ssr| or leasing lands subject to s,,as selll cumbrance; but if he shall viois.. ! said contract by applying the ,a's aa. borrowed to purposes other tb.n aoaq stated in his application or enmm.. na herein. or If he shall lease such T, or sell them to any person mi ,nis ing the conditions and purposss ~ vided for herein, said board is sn.sa v ized and directed to require ihe sk ,a.s ment of said loan upon six ron,hs s'q \ tice, and said note or contrse, contain clause providing thers,.
 Sec. '. Such loans shall be ,.aI with interest accruing in annr.i stallments on the amortjzatinsa ouoh ihslaiiHichlS pelnB nXed at eI sums as will cover the inters.. and. will liquidate the debt in q n.s1 to be agreed on between sa,d sa and the applicant, said period [. not less than five nor more tbar .,sI six years; but any debtor ma, 'Iu n' date any part or all of his indeb,.I in amounts of $50.00 or multin,s' X. of upon any amortization p,v"3 date.
 Sec. 8. The rate of interest o, [. shall be five per cent per annrm. vided, that no Farm Credit Bond. ' be sold for less than par: and J vided further that the board ,h.u quire each applicant to pay m ss charge of 1 per cent of the loan \, ed, the minimum charge to ba to cover the cost of appraisal s,s animation of title.
 Sec. g. All surplus funds aer,1 from the operation of the syst~3 rural credits herein provided for paying interest accruing on tha sia said bonds, and all operating and expenses arising from the admlni1 tfon of said system of rural cr shall be placed in the State Trs7 and become a part of a fund N known as the Arkansas Rural Reserve Fund" Said Arkansal Credits Reserve Fund shall be I on farm lands in the manner provided for the Arkansas Credit Loan Fund, and the intere2 cruing from loans made from saN kansas Rural Credits Reserve shall be added to it and become of it. The said Arkansas Rural Cr Reserve Fund shall be irreducibl cept that 1t may be drawn upon t imburse the State for loss incunI the administration of said sysst rural credits.
 Sec. 10. The Legislative Assz shall provide in such detail as It deem advisable for the carrying and administering of the provisiol this amendment, and shall provid equate IsafAguards against the ul -yucn IoanS as an aid to the pun ing and holding of lands for the poses of speculation. Such safegl ha]f -fHcfude Clear definitions q ' erns /'operate" and occupy" herein. In the absence of such lation, and subject to the same it's enactment, the State Land shall proceed to administer said lem of rural credits under rules regulations provided by itself, but sct to the provisions herein conA
 Sec. Il. The provisions of the
 titution of Arkansas in confct his amendment are hereby repeals 10 far only as they conflict here The provisions Of this amend
 hall be self-executing and shall
 feet and he in operation 50 day er their approval and adoption
 oople Of Arkansns.
 Approved by tn Governor, ant
 the office of the Secretary of
 trch IT. 1917.
 Zach elector may vote for or ae
 'o above amendment
 Witness my official signatuN
 24th day of April. 1918.
 [Seall TOM J. TEkh.
 Secretary of