The Brinkley argus., 1918-11-08
.e.isfaction of encumbrances upo.

.,. setisfaction of encumbrances upos .fh lands, which, in the judgment ot aid board were incurred or assumAe y said applicant for the aforesaid purposes.
 'o.ln shall state clearly in his applies .f0n the purposes for which such loss
 desired and upon its approval bs ef e board this statement shall De deem . q part of the note or contract unoe! which the loan is granted But ne allure to apply such funds to tnt purposes stated in such application or enumerated herein shall invaiidate loan when once made. nor shall any thing herein contained De deemen prevent any farm owner from seHiH pr leasing lands subject to such TIT .uYnbrance; but if he shall violate hl said contract by applying the money borrowed to purposes other than tnos stated in his application or enumerate herein, or if he shall lease such Ian V or sell them to any person not fulnli- ing the conditions and purposes pro vided for herein. said board Is author ized and directed to require the repay rnent of said loan upon six months no. tice, and said note or contract snah contain . clause providing therefor. i.
 See '. Such loans shall be repa'd with interest accruinE n annua! in- .uch installments being nxed at such aums as will cover the Interest rate nd will liquidate the dsbt in . period to be agreed on between seid Doaro and the applicant. said period to De six years; but any debtor may liqui- late any part or all of his Indebtedness n amounts of $50.00 or multiples there. of upon any amortisatien payment late. shall be i've per cent per annum: pro, iicd, that no Farm Credit Bonds shall be sold for less than par: and pro yided further that the board shall re. luire each applicant to pay An initial charge of per cent of the loan gran.. ds to cover the cost of appraisal and ex animation of title.
 Sec. 3. All surplus funds accruinE from the operation of tho system. or paying interest accruing on the afore- said bonds. and all operating and other expenses arising from tho administra- ton of said system of rural credits shall be placed in the State Treasury and become part of a furd to be known as the Arkansas Rural Credi; 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 ac- cruing from loans made from said Ar kansas Rural Credits Reserve Fund shall be added to it and become a par of it. The said Arkansas Rural Credit Reserve Fund shall be irreducible. eN ept that 1t may be drawn upon to r., mburse the State for loss incurred { he administration of said system ok ural credits.
 Sec. 10. The Legislative Assembl hall provide in such detail as 1t shal ieem advisable for the carrying on, nd administering of the provisions of his amendment, and shall provide ad- squate safeguards against the use O! such loans as an aid to the purchas- ng and holding of lands for the pur- poses of speculation. Such safeguards hall include clear definitions of the erms operate" and occupy" used erein. Tn the absence of such legis- it's enactment, the State Land Boa~c shall proceed to administer said sys 'em of rural credits under rules anc egulations provided by itself, but sub rct to the provisions herein contained
 Sec. Il. The provisions of the Con
 itution of Arkansas in coHnict with his amendment are hereby repealed. IT. O far only as they conflict herewith The provisions of this amendmer' hnll be self-executing, and shall tax. fect and be in operation 60 days se- "r their approval and adoption by the -ople of Arkansas.
 Approved by the Governor. and filed
 the office of the Secretary of State
 rch IT. 1917.
 Zach elector may vote for or against
 above amendment.
 witness my official, si3~ature thfs-
 2fth day of April. 1918
 fSeal] TOM J. TERRAL,
 Secretary of State