The spectator., 1918-10-18

s= sstiEfasuYH ot tasuI.t AUess upea aach lanIs. hich. tn the guistn.ut oi Ssid boa i. were iIcdtrvd ar as-Glg>i - sad applicant t"t ghs afor4ss'd purposes
 Sec. .. Every applicant for 6 fars. loan shall state clearly in b!s spptic. sion the purposes fut Whieh sace l.=l ls desirod. and upon Us approval oy the boar this statrIaeGt shall be deem. cd pa of the note or contract uadss which the loan Is srahted. sut no 'ailure To apply such funds to the purposes stated In such application oi enumerated herein shall invalidats 'oan when once made. nor shall any aing herein contained be deemed 10 prevent any farm owner from selling lr leasing lands subject to such tn- Hmbrance: but if hs shall violate his ttd contract hy applying IT mons.s torrowed 10 purposes other ihaa those taied in his application or enumerated herein. or If he shall lease such lands r sell them 10 any person not fulnil- ng the conditions and purposes pro- ided for herein said board Is author :'d and directed to require the repay 'p"nt of said loan upon six monias' nos ice and said note or contract shsll 'rtain q clause providing the ef9r
 Sec. T. Such loans shall be repe [
 lth interest accruins in annual r.: ailments on the amortization yi.R. sch lnstatlmcnts being nxed al sh'9 ms ss will cover the interest "a ' be agreed on between said oa,i nd the applicant. said period io Sa tot less than hyc nor more than iEtrtN- years: hut any debtor may liJLt- amounts Of 5000 or muitipies therss [ upon any amartizatioa payment
 See- .. The rate Of interest oa ieana hail be hvs per cent per snnuin; pr,., ided. that no Farm Credit Bonds shall 'e sold for less than par: and pto- ided further that the board shah r"r uire each applicant 10 pay an mitiei nargs of per cent of the loan gran. q. the minimum charge to be tiov3 9 cover the cost of apprsisAi and GA. .tntnation of title.
 Sec. 3. All surplus funds 9ccruins rom the operation of the system os ural credits herein provided for. after aying interest accruinE on the afor.- atd bonds. and all operating and other Npenses arising from the administrA- ion of said system of rural credits, nall be placed In the State Treasury ,nown as the "Arkansas Rursi Credit ;esevVe Fund" Said Arkansas Rural 'rsdtts Reserve Fund shali"bs loaned bn farm i.nds In the mahnsf hFsi1 Credit Loan Fund. and the intsrest ae. 'ruing from loans made from said Az. kansss Rural Credits Rsssrvs Fund hall bs added to it and become . part v tts Auv D8tO &Thauh0b nuTet (Io0tt0 Ressrvs Fund shall be irreducibls. sx- ,ept that it may be drawn upon e re- mburss the State fer loss incurred in he administratiss Of said systsa of
 see 10. Tn. Lss,s,assv. Asssnsly hall provide h such detail as it sshail teem advisable for the carrying out nd administering of the provisions of his amendment. cad shaif providt ad- 'luAte safsguards against the vss oe uch loans as an aid to the purchAg. 1g and holding of lands for the puf. 'oses of speculation. Such sAfsguardS hail include clear definitions of the 'rmS Operate" and "oceupy" used rein. In the sbssnes of such lsgis. .tion, and subject to the same after
 enactment. the State Land Hoard hsll proceed to administer said sys- m of rural credits under ruies and
 gulstions provided by itself but subr /. et to the provisions herein contained Sec. II. The provisions of the Con.
 tuition Of Arkansas in eonhiet with lis amendment are hereby repealed. Id far only as they conflict herewith. ne provisions Of this amendment haii be self-eSscuting. and shall tAkS
 ect and he In operation SO days Af.
 their approval and adoption by thu
 'ple of ArkaHsaa }
 Npprovrd by tho Governor. aud nis.l
 he office Of the Secretary of State
 r'h iT iatT
 tsh elecior may vote for or asatn.t ysfainve am.n,;nfolt
 .ff Witness my offieial siguature thtL .saaftal:t day of Apsti lats
 aos ssalJ TCM ! rttf4.AL Al