The Monticellonian., 1918-09-20

....,,icn If encumbTances uIoa such lands, which, 1T me 94es 94es.si1Toed said board were incurred or sorasaid by said applicant for ths
 oes ssc p9 Every applicant for a ,sda iarni ioan shall state clearly Tn his 'nh loan ffou the purposes for wnlch su sai by is desired. and upon it's appto ha Saam- the board this statement s,etr.ct sl,ai under d part of the note or coits .nr no ,ybieL inc loan is granted. pu ,ha failure to apply such fuhds io,, ar purposes stated in such apPtsGidste & enumerated herein shaH my hSSai1 any loan V hen once 1ne02, nor ssnasd to tbfnr herein contained De oeeiieii;ne prevent 1n@ farm owner rom ol.h in or Iea-ing lands subject 10 iota his cuubrqt1 nee: but if he snail O.o,avs said contract by applying the thos. borrc,,-sd 10 purposes other than tiio toS stared m his application or ehdtiiei ds herein or if he shall lease sutH HsnieII or sell them to any person HS,. HoS rro inc tho conditions and purposes
 ,+i5c5 r,,. nerein. said board Is authoi ized and directed to require the S.o- mept of e;id loan Epon SIX Iiiols sball tiee. aud said note or con .Is.s. sr.for contain I clause proNldths & r.natd
 See Such loans sha1 peai pc irs win interest Geeruing m anfuaI stslfrents on the amortlzaIloH piaJ' p,enb such mesallments being nNeu @t rate sums r= will cover the lAtSiest ,aio,
 
 to be agreed on between saIa t ha and the applicant, said pefloa to not less than five nor more thaii 'uta ii,I; six wears: but any debtor may iiqu iqe,, in amounts of S50.00 or multiples there. nr mnon any amortization payment
 See & The rate of interest on loans | shall be five per cent per anhuih' pau pu | vided tbat no Farm Credit Bonds shali | be sold for less than par; anu Pio | vided further that the board shali quire each applicant to pay an mt. a,d. | charge of 1 per cent of the loan sstn m | ed. the minimum charge to De sio.oo 1 te cover the cost of appraisal and eA- amna tion Of title. .,,,no
 Sec. .. All surplus funds aecruins from the operation of the system ol | rural credits herein provided for, aiteI pnrins- interest accruing on the afore- | said bonds and all operating ana oehei expenseS arising from the admlnis.ra- ton of said system of rurai creui.s .,. | shall be placed in the State ireasu, and become a part Of a fund to ns known as the "Arkansas Rural Credi, Reserve Fund" Said Arkansas Rura, Credits Reserve Fund shall be loaned on farm lands in the manner hele provided for the Arkansas Rural Credit Loan Fund, and the interest ae- c"uing from loans made from sald AT. kansas Rural Credits Reserve funo | shall bc added to it and become pa l
 Reserve Fund shall be irredueible, ex- cept that it may be drawn upon to re : imburse the State for loss incurred Tn
 the administration of said system or rural credits | Sec. 10. The Legislative Assemoiy shall provide in such detail IS 1t shall
 deem advisable for the carrying out and administering of the provisions oi
 this amendment. and shall provide ad-
 eouate safeguards against the use or
 such loans as an aid to the purehas-
 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 In the absence of such legls-
 lation. and subject to the same after
 it's enactment, the State Land Boare
 shall proceed to administer said sys.
 tenn of rural credits under rules ans
 regulations provided by itself, but sub.
 feet to the provisions herein contained
 Sec Ii. The provisions of the Con.
 stftution of Arkansas in conflict W1tl
 this amendment are hereby repealed, II
 so far only as they conflict herewith
 The provisions of this amendment , effect and be in operation 60 days af ,, ter their approval and adoption by th' ! people of Arkansas.
 ! Approved by the Governor. and file in the office Of the Secretary of State March IT. 1917.
 Each elector may vote for or asains , the above amendment.
 Witness my official signature this ] the 24th day Of April. 1918.
 g Tseal TOM J. TERRAI4. Secretary of State