The Brinkley argus., 1918-11-01
satisfaction of encumbrances up.

.n. .attsractjon of encumbrances upD
 n lands. which, in the Judgment said board, were incurred or assume / said applicant for the aIoresA'o
 Sec. 6. Every applicant for fafu loan shall state clearly in his appif tion the purposes for which such io~ s desired and upon its approval "s the board this statement shall De dee!a'. cd a part of the note or contract uiidrt which the loan is granted. But n" failure to apply such funds to the purposes stated in such application or enumerated herein shall invaIiuate loan when once made, nor shall ans thing herein contained be deemen | prevent any farm owner from selha or leasing lands subject to such curnbrance; but if he shall violate l. said contract by applying the moHeN borrowed to purposes other than th"s stated in his application or enumerate herein or If he shall lease such ln :, > )r sell them to any person not run T. ing the conditions and purposes pf' vided for herein, said board Is author ized and directed to require the rera mert of said loan upon six months n,, ice. and said note or contract snail ,ontain a clause providing therefor. :,
 Sec. '. Such loans shall be repa c Yith interest accruing In annual 1@- ailments on the amortization pian tch installments being fixed at su4'1 suins as will cover the interest ra nd will iiuuidate the debt in a perioc be agreed on between said boa"c i'd the applicant said period to hs ,ot lass than five nor more than thirty ,ix years: but any debtor may liGGi- late any part or all of his tn6ehtedn" "9s =. amounts of s50.00 or multiples there ,f upon any amortization payheE' late.
 Sec. 8. The rate of interest on .oan. hall be five per cent per annunl; pre- ided. that no Farm Credit Bonds shai. oe sold for less than par; and pro- vided further that the board shall TO- luire each applicant to pay an initial harge of per cent of the loan grant. d. the minimum charge to be 3lo.ce to cover the cost of appraisal and ex animation of title
 from the operation of the system of rural credits herein provided for, afte' paying interest accrufng on the arore- aid bonds. and all operating and other ,xpenses arising from the administra- ion of said system of rural credits shall be placed in the State Treasury and become a part of a fund to be known as the "Arkansas Rural Cred't Reserve Fund" Said Arkansas Rural 'redits Reserve Fund shall be loan"c provided for the Arkansas Fure' Credit Loan Fund. and the interest ac- cruing from loans made from said A". kansas Rural Credits Reserve Func mar De dOueO IO IL anu Dsrtiii'- q P'' of it. The said Arkansas Rural Credl" Reserve Fund shall be irreducible. q" 'ept that 1t may be drawn upon to r' 'mburse the State for loss incurred { he administrat tion of said system tiral credits.
 Sec. 10 The Legislative Assemb'. hall provide in such detail as 1t sha, leem advisable for the carrying o'> nd administering of the provisions uf his amendment. and shall provide ad- '1uate safeguards against the use "' uch loans as an aid to the purchas ng and holding of lands for the pur- ,oses of speculation. Such safeguarGs nall include clear definitions of t"s erms operate" and occupy us"c erein. In the absence of such legi~ ts enactment the State Land Boa rc hall proceed to administer said sys- rm of rural credits under rules and erulations provided by itself. but sub
 et to the provisions herein contained
 Sec H. The provisions of the Con- fitution of Arkansas in conflict wi'h tis amendment are hereby repealed. 'n Q far only as they conflict herewith. he provisions of this amerdr7 "n. 'all be self-executing. and shall tah+ 'rect and be in operation so days af v their approval and adoption by ta'
 ople of Arkansas.
 Improved by the Governor and "'"H the office of the Secretary Of Stata. '~"rh F. 1917
 'Each elector may vote for or aga'u
 above amend'Hent
 Witness my official si~nattre this
 o4th day Of April 1913
 fSeal] TOM '. TF,HRAL.
 Secretary of State.