Cleveland County herald. (Rison, Ark.) 1888-current, 1918-07-18

the satisfaction or encurn ORANGES upon
such lands, which, in the judgment OF
raid board. were incurred or assumed
oy said applicant for the aforesaid
purposes.
Sec. 6. Every applicant for farm
loan shall state clearly in his appllca-
tlon the purposes for which such loan
Is desired, and upon it's approval by
the board this statement shall be deem
cd part of the note or contract under
which the loan is granted. But no
failure to apply such funds to the
purposes stated in such application OF
enumerated herein shall invalidate a
loan when once made, nor shall any
thlnS herein contained be deemed TO
prevent any farm owner from selling
or leasing lands subject to such In
cumbrance; but if he shall violate MS
sa1d contract by applying the moneys
borrowed TO purposes other than those
stated In his application or enumerated
herein, or IL he shall lease such lands
or sell them to any person not fulfill
ing the conditions and purposes pro-
v1ded for herein, said board is author
ized and directed to require the repay
ment of said loan upon six months no.
tee, and said note or contract shall
contain clause providing therefor. i.
Sec. Z. Such loans shall be repaid
with interest accruing in annual In
stallments on the amortization plan,
such installments being fixed at such
and will liquidate the debt in a period
to be agreed ON between said board
and the applicant, said period to be
not less than five nor moro than thirty
date any part or all OF his Indebtedness
IN amounts Of $4,000 or multiples there
date.
Sec. 8. The rate of interest on loans
shall be five per cent per hnnum; pro-
vided. that no Farm Credffs Bonds shall
be sold for less than par; and pro-
v1ded further that the board shall re-
quire each applicant to pay an initial
c en- &c OF ! per cent Of theiloan grant
ed, the rlinimum ehaFGe-'to be $1,000
TO oaVaa tho cost az appraisal and ex-
animation of title. -
Sec. 9. All surplus funds accruing
from the operation of the system of
paving interest accruing ON the afore-
said bonds, and all operating and other
expenses arising from the administra-
tion OF said system of rural credits,
shall be placed in the State Treasury
ana become part of a fund to be
known as the Arkansas Rupal Credit
deserve Fund" Said Arkansas Rural
Creq!ts Raaetea Eund shall he loaned
on farm lands In the MANNER herein
e prsH,a a., + for TT the An,ssnsas Rural
eruing from loans made from said Ar
KANSAS Rural Credits Reserve Fund
shall be added to It and-become a mart
OF 1t. The said Arkansas. Rural credits
Reserve Fund shall haSisFeducihle, ex-
c f.e,' that L MAJ he dreVr upon to re
lmhurse the state for LOSS Incurred in
the administration of said system of
rural credits.
Sec. 10. The Legislative Assembly
snail provide in such detail as 1t shall
deem advisable for the carrying out
and administering of the provisions Of
this amendment, and shall AFSyids ad-
e sn"h so. safeguards asalnst ths use of
h '.s se 9, s9laiae IF saaas Tor &c pur-
shall include clear definitions of the
herein. In the absence OF supA legis-
iation and subject to TIA same after
its enactment, ths State Land Poa.r
shall proceed Is adminfster SAID VS.
TEN "a ruraf credits under r., 80 "a
{f RS q ,hs 3foyidsd By hut sub
st; SEE II. The prev - ION of the Con-
this amnnIm -hsas IN conflict with
so far ena '.. sflt are herfby repealed. in
IN Atsyisiens of this amendment
stat be Safeguarding. and shall take
eei1eS; and he in operation co days nf
er their approval and adoption by t. =
people of Arkansas.
Approved by the Governor. and 2 ia
" tAs office of the Secretary of s. ate
March ~. 1917. hrf
Each elector may; nesAAs for or afs.
the above amepdrneht
Witness rsx official signatu 20 ri.
sse z4th DAY af ApEu. 1913. 49,
SsAl4 TOM J. r.RRAI.
Secretarxs OF State.
s----------->-----.X