Cleveland County herald., 1918-10-31

, the satisfaction of encumbrances upon such lands. ,,-thich, in the judgment of st.id board were incurred or assGne6 C oy said applicant for the aforesaid purposes. aFt S
 Sec. 6. Every applicant for farm i 'oan shall state clearly i'll his applica- ton the purposes for which such loan desired and upon it's approval by she board ti1sestatem ent shall be deem- ] -a part of the note or contract under which the loan is granted But no sfailure to apply such funds to the purposes stated in such application CT enumerated herein shall invalidate a ] loan when once made, nor shall any thing herein contained be deemed te apreyent any farm owner from selling sor leasing lands subject to such 1n- 1cunlbrance; but if he shall violate his said contract by applying the mbneys 3atated in his application or enumerated therein, or if he shall lsaee such lands For sell them to any person not fulhll- Fling the conditions and purposes pro- 3vided for herein. said board is auth or eized and directed to require the repay sment of said loan upon six months' no atice, and said note or contract shall scontain a clause providing therefor. Sec. '. Such loans shall, be repaid with interest accruing in annual In sstallments on the amortization plan ssuch fnstallments being fixed at such 4sums as will cover the interest rate sand will liduidate the debt in pertodl fto be agreed on between said boardl
 iand the applicant, said period to. bel Snot less than five nor more than thirty l ssix years; but any debtor may liaui- sdate any part or all of his tndebtedn ess sin amounts of S50.00 or multip1es there gof upon any amortization payment sdate. { Sec 8. The rate of interest on loansl 5shall be five per cent per annum; pro- svided, that no Farm Credit Bonds shani sbe sold for less than par; and pro svided further that the board shall re- acharge of l per cent of the loan grant ted the minimum charge to be a$100Gi Sto cover the cost of appraisal and ex samination of title Sec. g. All surplus funds accru1ngi sfrom the operation of the system off 3rural credits herein provided for. afters Spaying interest accruing on the afore- ssaid bonds, and all operating and etherI Sexpenses arising from the admtnistra- stion of said system of rural credits sshall be placed in the State Treasury sand become 8 part of a fund to bel 9lSnown as the Arkansas Rural Creditl sReserve Fund" Said Arkansas Ruralt .Credits Reserve Fund shall be loaneds Ion farm lands in the manner hereina
 provided for the Arkansas Rurals
 Credit Loan Fund, and the interest ac-s \ .cruing from loans made from said Ar skansas Rural Credits Reserve Fundk sSHdIl De duuGQ to IL ana DeCOIH6 pal .of It. The said Arkansas Rural Credits Reserve Fund shall be irreducible, ex- seept that 1t may be drawn upon to re- f sinburse the State for loss incurred ins sthe administration of said system ofS sruraI credits. Sec. 10 The Legislative Assembly E ,shall provide in such detail as 1t shalls sdeem advisable for the carrying outE land administering of the provisions off this amendment, and shall provide ad- 'equatc safeguards against the use ofk .such loans as an aid to the purehas- { ling and holding of lands for the pur- t sposes of speculation. Such sateguar6sS 5shall include clear definitions of tn ,terms Operate" and "occupy' usedE therein. In the absence of such legis slatfon, and subject to the same afte, tits enactment, the State Land BoardE .shall proceed to administer said sys- item of rural credits under rules anal regulations provided by itself, but sub sject to the provisions herein contained Sec. II. The provisions of the Con sstitution of Arkansas In conflict wfthl sthis amendment are hereby repealed, iDI sso far only as they conflict herewith sThe provisions of this amendment sshall be self-executing, and shall takel defect and be In operation GO days af- ster their approval and adoption by the speople of Arkansas.
 Approved by the Governor, and hled lin the office of the Secretary of State iMarch IT, 1917.
 Each elector may vote for or against sthe above amendment.
 Witness my official signature this the 24th day of April 1918.
 lSeal1 TOM J. TERRAL, Secretary of State