The Dermott news., 1918-08-01
666 cures Bilious Fever.

the satisfaction of encumbrances upon
such lands. which. I'm the judgment OF
said board. were incurred OF assumed
by said applicant for the aforesaid
purposes.
Sec s. Every applicant for a farm
loan shall state clearly in his applica-
ton the purposes for which such loan
is desired. and upon its approFat by
the board this statement shall be deem
cd part of the note or contract uhdet
which the loan is granted. But no
failure to apply such funds TO the
purposes stated in such Application OF
enumerated herein shall invahdate
loan when once made. nor shall any
thing herein contained be deemed TO
prevent any farm owner from seHins
or leasing lands subject to such IN
cumbrance: but IL he shall violate his
said contract by applying the moneys
borrowed to purposes other than thos.
stated in his application or enumerated
herein, or il he shall lease such lands
or sell them to any person not fuihit-
ing the conditions and purposes pro
vided for herein. said board IS author
lied and directed to require the repay
ment of said loan upon six months no
tice. and said note or contract SHAH
contain clause providing therefor.
Sec. 7. Such loans shall be repaid
with interest accrutng In annual IN
stallments on the amortization plan,
such installments being fixed at such
sums as will cover the interest rate
and Will ltduidate the debt In a period
to be agreed on between said board
and the applicant. said period to De
not less than five nor more than thirty
six years. but any debtor may liqut-
date any part or all OF his dehtedness
in amounts Of $4,000 or multiples there
OF upon any amortization payment
date.
Sec. 8. The rate OF interest on loans
shall be Ave per cent per annum; pro-
vded, that no Farm Credit Bonds shall
be sold for less than par; and pro
vided further that the board shall re-
uuire each applicant to pay an initial
charge of 1 per cent of the loan grant
ed the minimum charge to be $1,000
to cover the cost of appraisal and ex-
animation of title.
Sec. 3. All surplus funds accruing
from the operation of the system OF
rural credits herein provided for. after
paying interest accruing on the afore-
said bonds. and all operating and other
expenses arising from the administra-
ton of said system of rural credits
shall be placed in the State Treasury
and become a part of fund to be
known as tho Arkansas Rural Credit
Reserve Fund" Said Arkansas Rural
Credits Reserve Fund shall be loaned
on farm lands in the manner herein
provided for the Arkansas Rural
Credit Loan Fund. and the interest &C
cruing from loans made from said Ar.
kansas Rural Credits Reserve Fund
shall be added to it and become a part
OF II. The said Arkansas Rural Credits
Reserve Fund shall be irreducible. ex-
cept that IL may be drawn upon to re-
imburse the State for loss incurred in
the administration Of said system of
Sec. 10. The Legislative Assembly
shall provide in such detail as II shall
deem advisable for the carrying out
and administering of the provisions OF
this amendment. and shall provide ad-
equate safeguards against the use of
such loans as an aid to the purehas-
ing and holding of lands for the pur-
poses OF speculation Such safeguards
shall include clear definitions of the
terms Operate" and occupy" used
herein. In the absence OF such legis-
lation, and subject to the same after
its enactment. the State Land Board
shall proceed to administer said sys-
tenn of rural credits under rules and
regula tons provided by itself. but sub
iect to the provisions herein contained.
Sec. IL. The provisions OF the Con-
this amendment are hereby repealed, in
so far only as they conflict herewith,
The provisions of this amendment
shall be self-executing, and shall take
effect and be in operation so days af-
ter their approval and adoption by the
people of Arkansas.
Approved by the Governor. and filed
In the office of the Secretary of State
March II. 1917.
/ Each elector may vote for or against
the above amendment.
the 2tth day of April. 1918.
ISeall TOM ]. TERRAL.
Secretary Of State