Sharp County record., 1918-08-23

10 aostsfaction OF enc mbrances upo,
BsGA lands, which, in ghe Judgment o
aaSA beard, were incurred or assumed
BY aid applicant for the aforesalo
purposes.
n. 9. Every applicant for farm
oaa shall state clearly In his applica-
tisA tie purposes for which such loan
Aesircd, and upon its approval by
~ seard this statement shall be deem
"a part OF the note or contract unoei
wAeeA the loan 10 granted But no
rAifurs to apply such FUNDS 70 tht
purDosss stated Ia such application OF
onomsrated herein shall invnlidate
loAA when once made, nor shall any
thtng herein contained be deemed 10
prsvsnt any farm owner from selling
pr leasing lands subject to such IN
'unbrance; but II he shall violate MS
'std contract by applying the moneys
borrowed to purposes other than those
lated In his application or enumerated
asrseAt or II he shall lease such lanes
nr sell them TO any person not fulhn'
NJ the conditions ana purposes pro-
ridsd for herein, said board Is author
yed and directed to require the repay
lent OF said loan upon six months no,
leo, ana said note or contract shall
contain a clause providing therefor
3ec. 7. Such ioars shall be repaid
with Interest accruing in annual In
HtallmeHts on the amortization plan,
uoh instaIlments being nxod ~ sueh
inns as Will cover the Interest rate
nd will lluuidate the debt In n period
bs agreed on between said BOARD
nd the applicant, said period TO br
OF loss than ave nor more than thirty
~ years, but any debtor may llaul'
ate any part or all OF his indebtednr%
amounts ~ 5000 or multiples there
upon any amortization payment
ate.
Bec. 2. Tie rate Of interest on loans
ball be nve per cent ner anrum pro.
idsd, that no Farm Credit Bonds 'hall
sold for less than par; and pro-
Lad further that the board shall re-
uire enoh applicant 10 pay an initial
harEe or ] per cent OF the loan grant
a. the minimum charge TO be $1,000
eovor the coat of appraisal and ex.
Awrinstion Of title.
Sec. g. All surplus funds accru'ng
'roM tho operation Of the system ~
urai credits herein provided FOR after
syinw interest aeeruing on the Nforc'
AID bonds, and all operating and other
expenses arising from tho ndministrh'
Ion OF said eyatem Of ruthl credits
hall be placed In the state Treasury
ma become n part ~ n fund to ne
Snown as the Arkansas Rural Credit
teservc Fund" Said Arkansas Nurnl
'redits Reserve Fund shall he loaned
N farm lands In tho manner herein
,roylded for the Arkansas Rural
'redit Loan Fund. and the interest ao'
ruing from loans made from said Ar.
tanHar Rural Credits Reserve Fund
hall be added TO II ana become q part
N N, The ahld Arkansas Rural credits
isrerve Fund shall be irreduciblc, eSs
ept that II may he drawn upon 10 re-
mburae tho state for loss incurred IN
he administration or said system OF
'ural credits,
Sec. TO- The Legislative Assembly
hall provide IN such detail as II ahal
lcein advisable for tho carrying nut
nd administering of the proViHlons ~
hts amendment, ana shall provide ad.
1uAte safeguards against the use NJ
ueh loans rs an aid 10 the purohas'
hg ana holding ~ lands for the pur.
,oses of speculation. Such safegubrht
hall include clear definitions Of the
arms operate" and "occupx' used
rre,n. IN the absence ~ sut7i pgis
alton, and subject TO the same after
" enactment, the state Land lloard
shall proceed 10 administer said syg.
ON Of rural credits under rules and
'egulntlons provided by Itself, hut sub
lect 10 the provisions herein contained,
Bec, II, The provisions of the Com
tltutlnn ~ Arkansas IN conflict with
hts amendment are hereby repealed IN
10 FAR only ~ they conflict herewith,
rhe provisions ~ this amendment
hall he selfseseeutlng, and shall take
aNqet and he IN operation "a DAYS AZ
ter their approval and adoption by the
ieopie ~ Arkansas,
Approved by the Governor, and aled
the office ~ the Secretary NJ state,
inrch ~, 1911
Zach elector may vote for or agalns,
the above amendment
witness my official signature this
the slth day ~ Abril, 1918,
tnssii TOM u rmnnAL,
asefstary Of 1tAtA