The courier-index., 1918-05-17

tAS sAttsfastiss of sscssasrsncss upon suAh lssds. which, in ths judgement of satU board. were incurred assumed by seid applicant for shs aforesaid
 See. q livery applicant for . farm loan shall state clearly in his applics- ton the purposes for which such loan is desired ana upon its approval by the board this statement shsll he deem- ed part of the note CT contract under which the loan is granted. But no failure ts apply such funds to the purposes stated in such application or enumerated herein shall iAvsiidate a loan when once made. nor shall any thing herein contained be deemed to prevent any farm owner from selling CT leasinE lands subject to such in cunbrancs:1 but if he shall violate his, said contract by applying the moneys borrowed to purposes other than those stated in his application CT enumerated herein. CT if he shall lease such Isnds or sell them to any psrson not fuiall- ink the conditions ard purposes pro- vided for herein. said board is author iIeA and directed to require the repay nent of saiA lcaE upon six months no- tfcs. and safd note or contract shall contain . clauss providing therefor.
 Sec. 2. euch loans shall be repaid with intsrsst aceruing in annual i'm staJlments on the amortization plan, such installments being fixed at such sums az will cover The intsrest rate and will liQuidate the debt in a period 10 be agreed on between said board and the applicant. said period to he not less than 1ve nor more than thirty six years; but any debtor may liaui- date any part or all of his indebtedness in amounts of tSe.o0 or multiples there date.
 See. :. The rate of interest on loans shall be nve per cent per snnum; pro- vfded. that no Farm Credit Bonds shall h. r yided further that the board shall re quire each applicant to pay an initial charge of per cent Of the loan grant ed. the minimum charge to be sio.oo to cover the cost of appraisal and ex- animation of title.
 Sec. :. All surplus funds aceruing from the operation of the system Of rural credits herein provided for, after paying interest accruinE on the afore- said konds. and all operating and other expenses arising from the admlnistrs- ton of said system of rural credits. shall be placed in the State TreAsury and become part of a fund 10 be known as the Arkansas Rural Credit Reserve Fund" Said Arkansas Rural Credits Reserve Fund shall be loaned on farm lands in the manner herein provided for the Arkansas Rural Credit Loan Fund. and the interest ac- cruing from loans made from said Ar kansas Plural Credits Reserve Fund shall he added to it and become A part or 1t. The said Arkansas Rural Credits Reserve Fund shall be irreducible. ex cept that it may be drawn upon to re- imburse the State for loss Incurred in the administration of said system of rural credits.
 Sec TO- The Legislative Assembly shall, provide in such detail as il shall deem advisable for the carrying out and administering of the provisions of this amendment. and shall provide ad- equate safeguards against the of such loans an aid to the purchas- ing and holding of lands for inc pur- poses of speculation. Such safeguards shall include clear definitions of the terms operate" and occupy" used herein. In the absence of such .lepiS- lation. and subject to the same after it's enactment. the State Land Board shall proceed 10 administer said sys- tenn of rural credits under rules and regulations prov ided by itself. but suh- ject to the provisions herein contained
 Sec. II. The provisions of the Con stitution Of Arkansas in conflict vith this amendment are hereby repeal ed in far only as they conflict herewith. The provisions of this amendment shall be self-executing. and shall take effect and he in operafio ion GO days af ter their approval and Adoption by tbe 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 he above amendment.
 Witness my official signature this. he 24th day of April 1918.
 TSeall TON T. TFRRAI.
 Secretary of Slste