The Monticellonian., 1918-08-16

.-Fa zatie<sc-ic1 cf ez-uE1 2TSzces -Se2 s.srn lands ~sscr. ir tGs iudgIaell o3 said board, were incaTred or ass s1.'II : ov said applicant for the aioresald purposes. ,.. <.- farm ,oqn shall state clearly in his appilea- ffan tfa purposes for which shcH loan IS desired and upon Us app s4.3 a4 - the board this statement Shai pc 0fe.tt- .d q t.art Of the note or contract dndeF .e5.fr5 -Te loan Is granted. But 10 failure 10 apply such iuh1s 10 '1- rsfHgeeae stated in sach application CT enumerated herein snail my ~ i4A 0 ham ..a.o once made, nor shall aH4 tl5ng herein contained be dreileu t9 preVoH any farm owner rem or lea ing lands subject 10 such Tn cuubEauae. but if he shall HI0iate @ +tts said contract ov applying the money barroEel t0 purposes other 4IitL s,,gsS "a stated zn his application or eHuiheI dte' herein or if he shall lease shch ian9S or sci them to any person Hot IAlhii- ing tBa conditions and p0Fp97e2 p vf4ea Scr herein. said board ls author ized and directed 10 require the repay r17ar+ 4F sa#d loan upon six months no tiee and said note or contract silAd contain clause providing thertfoI.,
 Ser Such leans ShaH be Fepal1 with interest accruln@ tt aiiildat 4- sr4flreu-s on the amortizaton pan such ir~-aIlmente being fixed at Such sums s- EflI cover Inc interest rate and w4z zcuidate the dcht ln q peIios to be arrred on between fald boaru and tAe applicant Sald Paliot sG nat les han five nor more than tnlitS- six years: but any debtor may llqnl- date any Eart or all of his inde5tedness n amounts of 5000 or multipies lhefe- Of upon any amortization payment date
 Sec. {. The rate of interest on loans shall b. five per cent per annum; pro, vided tHat no Farm Credit Bonds snail be sold for less than par ana pre- yided further that the board shall re- quiFe each applicant te pay an 1nltlat charge of per cent of the loan grant ed. the minimum charge to be sIOVo 10 cover the cost Of appraisal and eS- animation of title.
 Sec 2 All surplus funds accruing from the operation Of the system or rural credits herein provided for. after pa-fng interest aecruing on the afoFe- saHi bonds. and all operating and other expenses arising from the admlnlstra- tion of said system of rural credits, shall b. placed in the State Treasury and beroma part of fund to De known as the Arkansas Rural Grealt Reserve Fund" Said Arkansas Rural Credits Reserve Fund shall De loaned on farm lands in the manner herein provided for the Arkansas Rural Credit Loan Fund. and the interest ac- c-uing from loans made from said Ar. kansas Rural Credits Reserve Fund
  Of it. The said Arkansas Rural Credits Reserve Fund shall be irreducible. ex- cept that il may be drawn upon to re- imburse the State for loss incurred in the administration Of said system Of rural credits.
 Sec. 10. The Legislative Assembly shall provide in such detail as II shall deem advisable for the carrying out and a risterinE of the provisions or this amendment and shall provide ad- equate safeguards against the use Of such loans as an aid 10 the purchaS- ing and holding Of lands for the pur- shall include clear definitions Of the terms operate" and occupy" used herein In the absence of such 1egis- lation ard subject to the same after its enactment the State Land Board shall proceed 70 administer said sys- tenn Of rural credits under rules and regulations provided by itself. but sub ject 10 The provisions herein contained.
 Sec Il. The provisions of the Con- stitutioa ot Arkansas in conflict with this aMe ndment are hereby repealed, in SO far aulF as they conflict herewith. The provisions Of this amendment sha44 be seIf-e1a outing. and shall take effect and he n operation so days af- ter their approval and adoption by the people of Arkansas
 Approved bE tne Governor. and filed in the office ot the Secretary of State, March I, z9l9
 Each s.se1Or may vote for or against the above amendment.
 WitHass my official signature this. tke a4th day of ABsiH 1918.
 lseal3 TOM J. TERRAL.
 Secretary of State.