The spectator., 1918-10-11

IA@ sAt;sfsction of encumErsnces upca suoh lands. which, in the JudgmSnt oe said board. were incurred or asSuuae0 by said applicant for the &foreeH19 purposes.
 Sec. 6. Every applicant fer . farm loan shall state clearly in hts applioa- ton the purposes for which such loan Is desired, and upon it's approval hy the board this statement shall be deem. ec part Of the note or contract 0ndor whfoh the loan is granted. But ne failure to apply such funds to the purposes stated in such appIicatioo oe enumerated herein shall tnvaltdate . loan when once made. nor shall any. thing herein conta ined be 6eenSe1 te prevent any farm owner from eolnn6 or leasing lands subject to such ia- rumbrance; but if he shall violate his said contract by applying the moneys stated in his application or snumsrsted herein, or if he shall lease such lande or sell them to any person not fulNlle ing the conditions and purposes pros vided for herein, said board is authof- lzed and directed to require the repay. ,nent of said loan upon six monthS no. ttce. and said note or contract shan
 pntain a clause providing thsrsfors
 Sec. '. Such loans shall be repaid with interest accruing In annua stsilments on the amortisattoa D such fnstallments being hxed At sI 'ums as will cover the interest ral md will liqutdate e-debt tn q psrioo ,o hs agreed on between said beard nd the applicant. said period to bs not less than i've nor more than thiesy- six years; but any debtor may liQui- late any part or all of his indebtedness 'n amounts of $b0.00 or multiplss .ther>- 2f upon any amortization paynsns
 Seq. .. The rate of interest oa loans >hali be i've per cent per annum: pro. yided. that no Farm Credit Bonds sAAxl De sold for less than par. ana pre-. vidsd further that the board shall re Guire each applicant to pay an initial charge of l per cent of the loan grant d, the minimum charge to be e1oeo to cover the cost of appraisal and sx-
 Sec. g. All surplus funds acsruisg rom the operation of the systeD of rural credits herein provided for. after paying interest accruing on the afore- aid sonds. and all operating and etAes axpenses arising from the aGmfnistrn- ion of said system of rural credits. shall be placed in the State TreasuFy and become . part of fund = he known as the "Arkansas Rural CrNllt Credits Reserve Fund shah Do leaAe1a on farm lands in the manor hoeSlh, provided for the Arkansas kura11 Credit Loan Fund, and the intsreet e. kan.s. Rural Credits Hssssvs 5sa4 shall bs added to 1t ana become . pArQ of 1t. The said Arkansas Rural Cec1lt2 Reserve Fund shall be irreduclooA 6n.s cept that 1t may be drawn upon = po. imburse the State fer looo lAeuSpo0 " the administration of saS1 syseem o4 rural credits.
 ses. 10. rae Legislative Aassqhly shall provide in such detail e it 4>aay deem advisable for the carrying 1u4 md administering of the previsiene e this amendment. and shan provi1o O. equAte safeguards against the uoq ~ 1uch loans as an aid to the pur1nob- ing and holding of landa for tho Du4S ,oses of speculation. Such saeegUAo1o haIi include clear dsdnitiona of tho erms operate" and occupy uao3 .erein. In the absence of such le0 )eS
 tion. and subject to the same aA)Q @ts enactment. the State Land ueMz1 hall proceed to administer sail G0e em of rural credits under rules kn1|
 Sulations provided by Itself. but or )~ ~ct to the provisions herein conta il ..
 Sec II. The provisions of the o1&e, sitution of Arkansas in conlick N111
 fis amendment arc hereby repea1e1 FIT far only as they conflict hetQN
 he provisions of this ame41 nall be self-executing, and ohallx
 ect and be In operation % oaN M
 Y their approval and adopt1on LIE 11 scopie of Arkansas
 Approved by the Governor, aDGI1nA|
 the office of the Secretary of R
 'arcl. i7, 1917
 Each elsctor may vote fer CT onfnaA|
 above amendrent
 2s'h day of April. isis
 lssAl1 TOM J. TIL