The Nevada County picayune., 1918-09-19

the satisfaction of encumbrancss upon such lands, which, in the judgment of said board, were incurred or assunee by said applicant for the aforesai1 purposes.
 Sec 6. Every applicant for . farm loan shall state clearly in his applica- ton the purposes for which such loan is desired and upon its 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 or enumerated herein shall lnValldate loan when once made, nor snail any thing herein contained be deemed to prevent any farm owner from selling or leasing lands subject to such 1n- CUmbrance; but if he shall violate his said contract by applying the moneys borrowed to purposes other than those stated in his application or enumerated horein.. or if he shall lease such lands ae#s"l1 them te any person not fulhll- .1-r -tI" N3a'#oVs and purposes pro- ted re= 'a.ei@ safd board is author i.ea and directed to require the repay ,ncnt rf said loan upon six months mo- Gee. md sg . note or contract shall sc.-ai0 q c'a=see providing therefor.
 Scc- loans shall he repaid ,zz Irtzlt,s ,GsI.iug in annual in- =taffrent .#1 amortization plan. ueb insta1lrteasse Esfnc fixed al such #gms as wiH #eeFst thc interest rate
 
 to be agreed On betiecen said board 5sd the anylIsa0t. said period to be lgi less dan f,.c aaT ,pore than thirty =lS# years aE.t a:F debtor may liqul- date any part or all of his inachtedness m amounts of S50.00 or muttiples there- of upon any amortization payment date.
 Sec s. The rate of interest on loans shall be five per cent per annnm; pro xided. that no Farm Credit Bonds shall he Hided further that the board shah re- quire each applicant to pay an initial charge of l Der cent Of the loan grant ed, the minimum charge to be sl0.Q0 to cover the cost of appraisal and eX- animation of title.
 See, 2. All surplus funds aecruing from the operation of the system of rural credits herein provided for, after paving interest accruing on the afore- said bonds. and all operating and other expenses arising from the administra- ton of said system of rural credits, shall be placed in the State Treasury known as the "Arkansae Rural Credit Reserve Fund" Said Arkansas Rural Credits Reserve Fund shall be loaned on farm lands in the manner herein Credit Loan Fund. md the interest ac- cruing from }e4,sr made from said Ar kansas Eura' Credits Res rye Fund sfa1l bz added to it assl hoenf0e a part
 
 Fss-ervc Fund snail fe irroGuci ble. ex- pt that it may he drawn upon to re- 5aaGrse thc State fof loss incurred in
 Gda5I. -trattr ef aid s"stsm Of fdaal ers9its.
 See. IG Ire Legislative Assembly shall provide in such detail as it shall deem advisable for the carrying out and administering of the provisions of th#e amendment. and shall provide ad- ea# te#=saf' guards against the use Of ~sGh leans as ar aid tu the purchas- .EE and ho'dine of lands for the pur- raaes ef =sp, eulatior Such safeguards
 s#..## definitions of the
 s=.. =at=, aaa occupy" used .sgaeIIi iii tht absence Of such legis- lation. and subject to the same after It's enactment the State Land Board shall proceed to administer said sys- tenn of rural credits under rules and regulations provided by itself, but sub Sec. II. The provisions of the Con stitution of Arkansas in conflict with this amendment are hereby repealed, in 60 far only as they conflict herewith. The provisions of this amendment shall be sef-executing, and shall take effect and be in operation 60 days af ter their approval and adoption by the people of Arkansas.
 Approved by the Governor, and filed in the office of the Secretary of State. March IT. 1917.
 Each elector may vote for or against tE" above amendment
 Witness my official signature this. the 24th day of April, 1918
 TSeall TOM ]. TERRAL.
 Secretary of State.