The spectator., 1918-08-16

tho s~tistSo ion of dueuiuFsunces uroA zuch landa.i thich tf3 the Judgment of aid hoaid, "etc tne eufred or assumed ny saia 1ppheant Tor the aforsskid pUrpossS hl r.
 Sec 6. Every applicant for a Arm .oam shall state clearly in his applEa- ttoh. tine pul DO Ses for which such loan .f desired. aud upon its appro> al by lhe board this statement shall be des m- rI port of the note or contract undes which tae loan IS granted. Butt no
 allure To apply such funds to Inc purposes stated in such spplicatioH "s erumeratod herein shall invalidAtk . toRu when once made, nor shall any thing herein contained be dcemedt to Prerent5any farm owner from selling ahr. leasing lands subject to such in- .umbrance; but ir he shall violate fh's said contract by applying the noueys borrowed to purposes other than those st3ted Tn his appljca ton or enumerated Aereug or If be shall lease such iahds s't soil kE'1' Ste any person not fulkN- ing the cnud tiouS and purposes Rro- sided for herein, said board Is autNor- '"ed and directed 10 require the reni - t1eat-ot said lean .upGn. six months' f1 ,.
 .,.i and |pid .7 n55@ or Sohtf% Tk'h
 Sec z sucA loans shan be rerf r fh interost uccrctp@ 7in annuaiI
 3I@gn, ;h ,, s Ii Sctn.yt,zs,io" S"n;
 ums as will cover the interest fa'a o be agreed on st'tvaen said b4sri
 nd the applicant said period tS "a .ot less than i've nor more than th4tr-
 K years but any debtor may Aui- late any part or ail or his indehtssf&e n amounts aef ae0aaF- -uault ultiplasuihsr~
 IT upon any amortization payntsnt late
 Sec s,z THeSrae Of Fntseesl on17an, tded that no FaIm Credit Bonds Shall ls sold for less than par: and pro- -idSd further :hat the board shall r"-
 Saoa. TS eoT9 fgFGf sfa. f2 aaie Psi l. na n
 !, Ahe lninmuRh chaIsse te .prF$l 1000 Govsf the c9St Of appraisel and1 ex-
 See @ All 'surpiusN.E Gun dss nc cruinS from the operas osn, of. ,the.,s ssss tern of rural credits herein provided for. after 2aytn@ interest accruing on thu afore- aid Eonds, and alIaoperattnG and other 'Spenses arising from the adsainiat ra- sion of said sy&tem of rural. cssdits. hall, be placed in the State Treasu~y 1nd become a bart of as funHs t6 he @Lnown as the ."Arksnsas Rufasi cSedit Reserve Fund"r Sa4d Arkanxaz z yRNral Credits Reserve Fupd shall De losned on farm lands in the manner herein provided for the Arkansas .4Rpral Credit Loan Fund. and the interest ac- cruing from loans made from ssid Ar kansas Rural Credits Reserve Fund shall be added to 1t and become as,rart of 1t. The said Arkansas Rural Credits Reserve Fund shah be irrednsiblM exc rept that 1t may be drawn ubDn tt re- mburse the State for loss iricuPrS1 in he Administration of said systsna of rura1 credits. saf'
 Sec. 10. The Legislative .4 AssdSnbIy shall provide An such detail As itElgAall deem advisable for the tcarTyfn6ti out and administering of the prova sf0Rs of this amendment. and shall cprovtaA ad- i@quate safeguards againstTths uSe Of such loans as an aid to the purchas- ng and holding of lands for ths,,Ipur. r'oses of speculation. Such ssfs d3kr rds aall include clear dennitiony the 'et|ms Operate" and ''occupv" ;H HNsed ttion; and subject to tfex sam ftev hall proceed to admlriste sal d;ssys- .snf9 of rural creditsA under sful @tf5 and t.g-ula tions provided by itsc11, blaNeub- ect to the provision herein cont &ned
 Sec IT The provisiohs n444AXsScon titution of Arkansas in connfdf with this amendment are sherehXurapAaAlAd. fn 70 far only as they conflict herewith. .hlaes pro*i *iaions efsss,t hiAs,aa ann9ndne lent ahafl be se1f-executIng. ana Mxif Aks feet and be in operation SO day af. gter thetr appse.aa andSa@Qption b tho .pAa am cf Arfsnnsas % W
 ApaFoyed bySNe c$verhp and llsA lsp p,rsf rsf 'F'es 'sf2- gf " @rssAry Of kts
 Tae elector may yote for or as |pss apove aspenesa1g
 he 24tif day ofrAb5i. 1918
 'za4 VI IS Ssss 4al l v i ui 1Ea4 \.