Sharp County record., 1918-09-20

~ abstraction Of enoumtrances upol
sueA lands, which. in The judgment o.
sai1 beard. were Incurred OF assumed
by aaid applicant for the aforesaid
purposes.
-. 3. Every applicant for a farm
lcao shall state clearly In his appiica-
ttoo tie purposes for which such loan
i9 eesired, and upon Its approvel py
tAe beard this statement shall be DEEM
"a . part of the note or contract under
wAeeA the loan II granted. But no
failure to apply such funds TO ths
purposes stated In such application o.
snunerated herein shall invaNdate
loo0 when once made, nor shal any
thing herein contained be deomed 10
prevent any farm owner from sehins
or leasing lands subject to such IN IN
cumbrance; but II he shall violate ms
SatA contract by applying the moneys
borrowed to purposes other than thoss
stated In his application or enumerateo
hsrsia, or II he shall lease such laIus
or sell them to any person not fulnl,-
Ing the conditions and purposes pro-
!zed and directed to require the repay
mcnt Of said loan upon six months no,
tico, and said note or contract shai'
contain q clause providing therefor.
Sec. T. Such loans shall be repaid
with interest aocruing In annual IN
atallments on the amortization plan
such installments being nxed at such
md will iiQuidate the debt In a period
20 be agreed on between said board
md the applicant, said period TO De
rot less than Ave nor more than thirty
llx years; but any debtor may llaul-
late any part or all OF his indebtedness
n amounts Of 5000 or multiples there.
u upon any amortization payment
late. ,-.
Sec. Q. The rate OF interest on loans
han be fve per cent per annum; pro,
Yided, that no Farm Credit Bonds shall
~ sold for less than par; and pro-
yided further that the board shall re-,
1uirs each applicant to pay an Initial
lhsrge Of per cent of the loan grnndtoc do
"a. the minimum charge to be sl0'0o
10 cover the cost OF appraisal and ex'
animation OF title,
SEQ, 3, All surplus funds Rcerulng
from the operation OF the system or
rurai credits herein provided for, after
eaying interest aecruing on the aforo-
,aid bonds. and all operating and other
expenses arising from the adminislrn
tion of said systeni OF rural credits,
shali be placed In the State Treasury
and become part of fund TO be
known as the "Arkansas Rural Credit
Reserve Fund" Said Arkansas Rural
3redits Reserve Fund shall be loaned
On farm lands In the manner herein
provided FOR the Arkansas Rural
druinR from loans made from said Ar.
kansas Rural Credits Reserve Fund
ihall be added TO Il and become n pnrt
" H. The said Arkansag Rural Credits
Reserve Fund shall be irreduolble, eSs
'ept that lt may be drawn upon 10 re-
mburao tho state for loss incurred lr
ne administration OF said system OF
'urai credits,
Fec. 10, Tho Legislative Assembly
hall provide In such detail M II shall
ieem advisable for tho carrying on,
md administering OF the provisions 9f
hts amendment, and shall provide cd,
iduate safeguards against the use OF
mr. and holding Of lands for the put
POSES OF speculation, Such Hnfegunrd
ihall include clear definitions OF IN,
ermA Operate" and occupy uHed
herein, In the absence OF such le9lsl
alton, and subject TO the same after
shall proceed 10 administer said sys.
lem OF rural credits under rules and
regulations provided by itself, but sub.
Iect TO the provisions herein conta ned
Sec, II. The provisions OF tho Con
atitutlon OF Arkanfas n conflict with
his amendment are hereby repealed. ~
so far only as they conflict herewith
| The provisions Of this amendment
shall be selfseseeuting, and shall take
| effect and he In operation 40 days afs
ter their approval and adoption by the
| people OF Arkansas,
Approved by the Governor, and nled
| In the office of the Secretary OF state
March ~ 1917,
Mach eleetor may vete for or sgains,
| the above amendment,
witness my official signature this,
! the 7ith day n Apfii, .inis.
4, tBesi1 TOM 7, TERRAL.
Secretary Of Btata