The courier-index., 1918-07-12

the satisraction of encum prs noes upon such lands. which, in tbe Judgment Of said board, were incurred or assume d by said applicant for the aforesaid q purposes.
 Sec. s. Every applicant for farm loan shall state clearly in his spplica- ton the purposes for which such loai' Is desired. and upon its approval by the board this statement shall be deem ec part Of the note or contract Ahosf which the loan is granted. But no failure 10 apply such funds to the purposes stated in such application or enumerated herein shall irvaiidate loan when once made. nor shall any thing herein contained be deemed 10 prevent any farm owner from eelfinE or leasing lands subject 10 such in cumbiance: but if he shall violate ms said contract by applying the mone: borrowed to purposes other than thoft stated in his application or enumerated herein. or if he shall lease such lrnn~ or sell them to any person not fulhh- ing the conditions and purposes DIG yided for herein. ssfd board Is author ized and directed to require the rsPs5 . ment of said loaL upon six months nos tice, and said note or contract thaii contain . cianre providing therefor
 Sec. :. such loans shah be rsrs d with interest aecruing in snnaai iM- ~talimenfs on the amortlzstlon pif". .uch instsliments being fNed al su -uns as Will cover fbs interest Fs .
 nd wif iicuidste the t~bt in ptrs".' e be agreed on between said b"s q md the applicant. said period ta he aot less than i've nor more than q irtN- six years: but any debtor may lioni- date any part or sll Of Lis indebfean. in amounts of 5000 or multiples there
 f upon any amortization payment date.
 Sec. {. The rate of interest on loans shall be i've per cent per snntsn: pro sided. that no Farm Credit Bonds shhsl he sold for less than par: ann pro .ided further that the board shall r.- aGire each applicant to pay an initi.si 'hsrFs ofsI per cent of the loanser rsns : d. the minimum charge to be 3io.oo to cover the cost of appraisal and ex- animation of title.
 Sec. 2. All surplus funds eceruing rom the operation Of the system or ural credits herein provided for. after tayinE interest seeruinE on the sfore- i'd eords. and all operating end otht sNpenses arising from the sdnfnistfs ion of said system or rural credits hall be placed in the State Treasury and become q part of fund to be Snown the "Arksnsas Rural Credi Reserve Fund" Said Arksnsss Rhra Credits Reserve Fund shall be loaned ,n farm lands in the manner herein provided for the Arksrsss Rural Credit Loan Fund. and the interest ace cruing from loans made from said Ar kansas, Rural Credits Reserve Fund
  # 1t. Tie said Arkansas Rural Credits deserve Fund shall he irreducible. ex- ept that it may be drawn upon to re- raburse the State for loss incurred fr lie administration of said system oi urai credits
 See 10 The Legislative Assembly hall prov ae Tn such detail ss II shall
 eem advisable for the carrying Oni nd administerinr of the provisions oi his aInendment. and shall provide Ad- quate safeguards against the use oi uch loans ss Hn aid 10 the pure has- ag and holding of lands for the puf- 1ses of speculation. Such safeguards nall include clear definitions of tic ms operate" and occupy used rein fn the absence of such lsgis- ion, and subject to the same after < enactment fhe State Land Board
 all proceed to administer said svs- m of rural credits under rules aud egulations provided by itself. but sub rct to the prov isiona herein ccnts ired. Sec. II. The provisions of fht Con titution Of Arkansas in connict with his aaenament are hereby repealed. m o far onl, as they conflict herewith. The provisions of this endne nt hall be seif-executing, and shall take
 feet and he ir opera ion 60 days ar CT their approval snd adoption by the ,eople of Arkansas.
 Approved by the Governor. ands fled
 the office of the Secretary of State.
 arch q 1917.
 Each elector may -ote for or against ne above aneH0ment Witness my. official signature this. Ne 2Sfh day of April 1s1e-
 tSssIJ TON ,. TBitRAl. sseretsr, of State.