Sharp County record., 1918-10-04

soe satisfaction Of eneambrances upo,
sebA board, were incurred or ASSUMED
by said applicant for the aforesaid
Aee. & Every applicant for a farm
lcae shall state clearly In his applica-
tscn Tie purposes for which such loan
Y 4eeirea, and upon its approval by
t4e beard this statement shall be dooni-
vAecA the loan IL granted. But no
failHfs 70 apply such funds 70 ths
purDosss stated In such application OF
sSnenerated herein shall invalidnto o
le4e when onco made. nor shall any
tasAG herein contained be deomed 70
prevent any farm owner from selling
Q, leasing lands subject to such IN
cuRbrance; but II he shall violate his
.a!d contract by applying the moneys
bcsscwed to purposes other than those
states Ia his application or enumerated
hsree1 cf II he shall lease such lands
or coll thoni to any person not fulnl-
M the conditions and purposes pro-
ized and directed to require the repay
nert 81 said loan upon six months no,
tico, and said notS or contract shall
contain q clause providing therefor.
6ec. 7. Such loans shall be repaid
With interest aecruins In annual In
stallnents on the amortization plan,
such instailnents being nxed at such
and viii iiquidate the debt in a period
TO b agreed on between said board
ana the applicant said period 70 te
not less than ave nor moro than thirty
rir years; but any debtor may llqui'
date spy part or all OF his indebtednetS
"a amounts Of 5000 or multiples thore-
q upon any amortization payment
Sec. q. The rate OF interest on ioann
shan BE- Ave per cent per snnurn; pro;
yidsd, that no Farm Credit Bonds sholl
bs sold for less than par; ana pro-
vided further that the board shall re.
2uire each applicant to pay an initlt
"a, the minimum charge to be 5000
10 cover tho cost Of appraisal and eS-
animation Of title,
sso, =, All surplus funds aeeru'ns
from tho operation OF the system ~
rural credits herein provided for, afttf
paying interest eeeruing on tho afort-
said bonds, and all operating and other
tion OF said system OF rural cre0's,
shail, hs placed In ths State TrceSu. '
ana become a part OF n fund 70 te
known as tho "hrkensas Rural Cree
Reserve Fund" Said Arkanfes Rui
Credits Reserve Fund shall be loohe1
provided FOR Tie Arkansas nutfi
credit Loan Fund, and the interest no.
rru'ng from loans made from sold Ar.
sarens Rural Credits Reserve fufl
shall bo added 70 II and bsoome q PAT
o. n, Tho said Arkansas Rural crodl,p
Reserve Fund shall be irredueible, ef.
sept that Il may bo. drawh upon TO re-.
The ndministration OF said system OF
see. 10, Tho Legislative Assemb'y
shall provide In such detail ns II shhl,
feom Advisable for tho carrying oul
1nd Administering Of the provisions 81
snuate safeguards against the ute ~
such loans % an aid 10 the purohh
Ing ana holding of lands for tho pr's
poson OF speculation Such sateguol '
shall include clear definitions OF .
termh Operate" ana occupy" uH I
heGelh, ln the absence ot such lsglm
ils enactment the state Land D9a 1
shall proceed TO administer said bY
tenn OF rural credits under rules al l
regulations provided by Itself, but su ..
jeot 10 tho provlBlons herein contained,
Sec. H. The provisions OF tho Cor
stitutlon or Arkansas IN conflict VIA
80 far only az they conflict herewlt
The provisions OF this .amendmei
shall be eelfseseoutlng, and shall tel
effect and be In operation 60 days Az
ter their approval and adoption. by tho
oeople Of Arkansas.
Approved by the Governor, and nlt
IN the office OF the Secretary OF sta'
March IL, 1917,
Zach eleotor may vote for or assinst
| the above amendment
witness my official signature tbls
the atth day OF April, iais.
Inesil ION InINAs s.ss.