The Little River news., 1918-09-11


 cns satisfaction Of encumprances upon tuch lands, which. in the Judgment of aid board, were incurred or assumed oy said applicant for the aforesaid purposes.
 Sec. 6. Every applicant for farm oan shall state clearly in his appiica- ton the purposes for which such loan s desired, and upon it's approval by the board this statement shall be deein- d part of the note or contract under which the loan is granted. But no allure to apply such funds to the purposes stated in such application or enumerated herein shall invaldate 'oan when once made. nor shall any hing herein contained be deemed to ,revent any farm owner from selling IT leasing lands subject to such in- 'umbrance; but if he shall violate his aid contract by applying the moneys 'orrowed to purposes other than those tated in his application or enumerated 'erein. or if he shall lease such lan'S 1T sell them to any person not fulfil ng the conditions and purposes pro- ided for herein. said board is author zed and directed to require the repay rent of said loan upon six months rn- ice, and said note or contract shaI 1ntain a clause providing therefor.
 Sec. '. Such loans shall be repaid ''th interest," accruing In annual in- :allrlents on the amortization plan '!eh installments being fixed at su"i u,ns as will cover the interest rat" ad will iiduidate the debt in z periof be agreed on between said board d the applicant said period to oe It less than five nor more than ttirtv- years; but any debtor may lloui- tte any part or all of his indebto dncss
 a,aounts of $50.00 or multiples there upon any amortization payment ate.
 Sec. 8. The rate of interest on loans tali be five per cent per annum: pro ided, that no Farm Credit Bonds shal . sold for less than par: and pro ;ded further that the board shall re- iire each applicant to pay an initial 1arge of per cent of the loan grant l. the minimum charge to be $1o.oo ], covec the cost of appraisal and ex- animation of title.
 Sec. g. All surplus fundsx accruinG rom the operation of the System of uraf credits herein provided for, after saying interest accruing on the afore- aid bonds, and all operating and other xpenses arising from the administra- hall be placed in the State Treasury nd become a part of fund to hc nown as the Arkansas Rural Credit ,eserve Fund" Said Arkansas Rural n farm lands in the manner herein roNided for the Arkansas Rural fedit Loan Fund. and the interest &C., fuing from loans made from said Ar ,ansas Rural Credits Reserve Fund nall be added to it and become a pc vt 1t. The said Arkansas Rural Credits seserve Fund shall be irreducible. ex- ept that it may be drawn upon to r" nburse the State for loss incurred in 7e administration of said system of ural credits.
 Sec. 10. The Legislative Assembly .iall provide in such detail as 1t shall .cm advisable for the carrying ou; I'd administering of the provisions of is amendment, and shall provide ad- .ich loans as an aid to the purchas- ig and holding of lands for the pur- oses of speculation. Such safeguard: hall include clear definitions of t''. rms operate" and Occupy" uscG arein. In the absence of such legis- stion, and subject to the same afte, IS enactment, the State Land Boar em of rural credits under rules anf egulations provided by itself, but su'', rt to the provisions herein contained Sec. Il. The provisions of the Con titution of Arkansas in conflict wit' lis amendment are hereby repealed. il o far only as they conflict herewitl, he provisions of this amentiincr hall be self-executing. and shall tak feet and be in operation 60 days a' nople of Arkansas.
 Approved by the Governor. and filno the office of the Secretary of Statt sareh-t17. 1917.
 Each elector may vote for or again st above amendment.
 Witness my official signature this e 24th day of April: 1918:
 Secretary of Stat,