The Little River news., 1918-10-30
such lands. which, in the judgment of said board, were incurred oF assumed by said applicant for the aforesaid

said board. were incurred oF assumed by said applicant for the aforesaid purposes.
 loan shall state clearly in his applica- tion the purposes for which such loan is desired, and upon it's approval by the board this statement shall be deem- ed a part of the note or contract under which the loan is granted. But no failure to- apply such funds to the purposes stated in such application or enumerated herein shall invalidate q loan when once made, nor shall any thing herein contained be deemed to prevent any farm owner from selling or leasing lands subject to such ir- cumbrance: but if he shall violate his said contract by applying the moneys borrowed to purposes other than thoTn stated in his application or enumcratsi herein. or if he shall lease such laii<' or sell them to any person not fulfill ing the conditions and purposes pro- vided for herein, said board is author zed and directed to require the repay rent of said loan upon six months no-. tice. and said note or contract shall rontain- clause providing therefor. :
 Sec. z. Such loans shall be repaid rith interest accruing in annual in 'tallments on the amortization plan. rch installments being fixed at surh sums will cover the interest rate md will liquidate the debt in T. peri9e to be agreed on between said board
 
 ct less than five nor more than thirty X years; but any debtor may liGui- late any part or all of his indebtedness T amounts of $50.00 or multiples there If upon any amortization payment late.
 Sec. 8. The rate of interest on loans hail be five per cent per annum; pro- ided, that no Farm Credit Bonds shall 'e sold for less than par. and pro- 'ided further that the board shall re 'uire each applicant to pay an initio 'harge of per cent of the loan grant. d. the minimum charge to be s1f.of Q cover the cost of appraisal and e.. animation of title.
 Sec. G. All surplus funds accruing rom the operation of the system of ural credits herein provided for, after 'ayng interest accruing ~on the aforc- hid bonds. and all operating and oth CT ion of said system of rural credits. hall be placed in the State Treasury tno become part of fund to hr Reserve Fund" Said Arkansas Rural '~e1its Reserve Fund shall be loaned ,n farm lands in the manner herein 'roHided fer the Arkansas Rural 'redit Loan Fund. and the interest ac- sansas Rural Credits Reserve' Fund shall he added to it and become q part If 1t. The said Arkansas Rural Credits .cserve Fund shall be irreducble eX- 'cpC Cn2C IL may De QfaWn upon to F''- 'nburse the State for loss incrrred i'l he administration of said system Of ural credits.
 Sec. 10. The Legislative Assembly nall provide in such detail as it shall 'eem advisable for the carrying or 1d administering of the provisions Of his amendment. and shall provide ed 'quate safeguards against the use oe uch loans as an aid to the purchase ng and holding of lands for the prr- ,oses of speculation. Such safeguards hall include clear definitions of the crnlS operate" and Occupy" used crein. In the absence of such leGis- ,tion, and subject to the same after its enactment, the State Land Board hall proceed to administer said sys '"m of rural credits under rules arl. "guiations provided by itself, but sub ct to the provisions herein containci. !.
 Sec. II. The provisions of the Con titution of Arkansas in conflict with this amendment are hereby repealed. in SO far only as they conflict herewith. The provisions of this amendment shall be self-executfng. and shall take feet and be in operation 60 days af- CT their approval and adoption by the ,eople of Arkansas.
 Approved by the Governor. and filed r the office of the Secretary of State. Iarch r. 1917.
 Each elector may vote for or against 70 above amendment
 Witness my official signature \this , ne 24th day of April. 1918.
 rSeall TOM T. TFRRAL,
 Secretary of State