The Monticellonian., 1918-10-25

.attsfacttr. af eEeaH35rances upon etieb lands. which, in the Judgment CT said board. were incurred or assul'l%t 5 ~ &said applicant fer the aiofesAld - sfe Every applicant for farm on -haH atale clearly ln hls app tffft5= fine purposes for which suCh totll is GesJred and upon ltS i'Ppi 2NsI sI,.. alF tha board this statement shall bt c.e5i,- 5i,-. A 2 -.-srt Of the note or contract uttaet .,.555.5 f6r loan is granted. I'ut no a.tfs#. to apply saeh funds 10 lhe -..t44-.=,se ..ta;t4 in such appAcati9h oi f,.lf...-l4.s.i Lerain shall inF2 Gale a loan yEsn once made. nor shah 5hy thiH.r Ierein contained De Heeille9 3ti, - prevetf any farm owner rom SeH443 ar r--=.-.e lands subject 10 SEch ia cur1#a1rc: but if he ata#l it., sad contract by apply inS the lti9ttess !s borres to purposes other Ii,,11, ,,iarated stated sri his application or ehNI"ei i.SI Ie5 herein CT # he saall lease such I3nG' n35 or sell Eagm 70 any person not idthii- ing tfn conditions end purposes pI viied herein, said ba@fQ lS ,.anal- tzrd arfi directed to require the repay ment al saia loan upon six months ti h9l tiee and said note or contract suaii contain a clause providing therel"i s.ia ta
 See :. Such lg&2s shah n,,a} nH 'f[,4 4n win fetprcst aeerGiu@ in annual ih- at4Tlmaufs on tine amortlzoJloh piai such fEstaNmeuts befnr fixed at haeh sums at will cover ttte lhttID9t 9, and Nil 1I.uidate the d. bt III 2 EvIi2al 10 be agreed on between said hoafa and IT., applicant. said period to be not les shan five nor more than tpiltA six Srar5; but any debtor may I4ul- date any paTt or all of bis indrpIc,'h3s5 in amounts of S50.00 or tnultiples there of upon any amortization payment
 See. 8. The rate of interest on loans shall be five per cent per anhuin' pro vided. Eat no Farm Credit Bonds shall I41n InG vided further that the board small re, aufre eash applicant 10 pay an initial charge ef 1 per ceat ef the loan grah,o ed the minimum charge to be $100o to cover the cost CT aPpralsal ana eA- animation of title.
 See. q. All surplus funds accruing from tho operation of the system of rural credits herein provided for after paa=iHg Interest aceFuiRg on the afofe- sa bonds, and all operating and other e& penses arising from the admln1stfa= tion of said system Of rural credits. shall be placed in the State treasury known as the Arkansas Rural Credit Reserve Fund" Said Arkansas Eurai Credits Reserve Fund shall be loaned on farm lands in the manner hefefn provided for the Arkansas fufal Credit Loan Fund and the interest &C., c:ung from loans made from said Ar kansas Rural Credits Reserve Fund shall be added to t and become a part of fl. THe said Arkansas Rural CfeoftS Reserve Fund shall be irFeducible. ex- cept that it may be drawn upon to re- imburse the State for loss incurred in the administration of said system of rural credits.
 Sec. 10 The Legislative Assembly shall provide in such detail it 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 lcaus as aa aid to the purchas- 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. h the absence of such legis- lation. and subject to the same after it's enactment, the State Land Board shall proceed to administer said sys- tem of rural credits under rules and regulations provided by itself. but sub- jeet to the provisions herein contained
 Sec. II. The provisions of the Con. this amendment ore hereby repealed, iK so far only as they conflict herewith The provisions Of this amendment shall be self f-cXecuting. and shall take effect and be in operation GO days af- ter their approval and adoption by tho people Of Arkansas.
 Approved by the Governor. and flle( in the office of the Secretary of State. March '. 1917.
 Eaeh eIector may vote for or against the above amendment.
 Witness my official signature this the 9th day of April. 1918.
 fSeall TOM J. HERBAL.
 Secretary Of State.