Sharp County record., 1918-08-09

~ satisfaction Of eneombrances upoI
sNce hnds, which, In the judgment o,
nal1 beard. were incurred or assumed
BY said applicant for the aforesaid
Sss. 3. Every applicant for a farm
oao shall state clearly In his sppll
tieo he purposes for which such loan
y eesired, and upon its approval by
~ eeard this statement shall be deem
% part of the note or contract unaef
Meoh the loan 10 granted. But no
faiiors to apply such funds TO tht
purposes stated In such application OF
seunersted herein shall invalidate .
loen when once made. nor shall any.
hing herein contained be deemed 70
orevent any farm owner from seulnB
~ leasing lands subject TO such IN
'unbrance; but II he shall violate ms
sAie contract by applying the moneys
oorrowsd to purposes other than those
tated In his application or enumerated
osrstA Or n he shall lease such londs
" sell them 10 any person not fulhlI-
NJ tbs conditions and purposes pro-
idsd for herein, said board Is Author-
,ed and directed TO require the repay
tent or said loan upon six months no,
ice, and said note or contract haH
ontsin a clause providing therefor
Doc. T. Such loans shall be repaid
With interest accruing in annual IN
tallments on the amortization plan,
uch tnstallments being h1ed AT such
ums AZ will cover the interest rate
nd win iisuidate the debt In q period
be agreed on between said pourd
Ad the applicant, said period 10 ne
u loss than nve nor more than thirty
IL years; but any debtor may lidul'
ate any part or all OF his Indebtedness
amounts Of 5000 or multiples there.
upon any amortization payment
ate.
sec. .. The rate Of interest on loNns
hsn be ave per cent per annun; pro,
idod, that no Farm Credit Bonds shall
y sold for less than par; and pro-
lded further that the board shall re,
wire each applicant TO pay an Initial
hsrge of ! per cent Of the loan grant.
4, the minimum charge TO be $1,000
cover the cost OF appraisal and ex'
rninetien OF title,
Bee. :, All surplus funds seeruing
rom the operation Of the system of
vrsl credits herein provided for after
1ayinG interest accruing on the afore.
aid bonds, and all operating and other
expenses arising from the adminIstrN-
lon OF said system OF rural credits
hall be placed In the State Treasury
nd become part Of a fund 20 he
nown ns the Arkansas Rural Credit
teserve Fund" Said Arkansas Rural
Tsdits Reserve Fund shall be loaned
n farm lands IN the manner herein
'redit Loan Fund, and the interest nc.
ruing from loans made from said Ar.
,ansas Rural Credits Reserve Fund
hall be added 20 II and become n pnft
4 H. The said Arkansas Rural Credits
deserve Fund shall be irredueible, ex.
spt that II may be drawn upon 20 re-
mburse the state for loss incurred In
ne administration OF said system OF
nrnl credits,
Sec, 10, The Legislative Assembly
hall provide IN such detail as Il shall
'eem advisable for the carrying out
nd administering OF the provisions Of
his amendment, and shall provide ed !.
duete safeguards against the use of
ich loans hs nm Md 10 the purchns'
~ and holding of lands for the pur,
,oset of speeule tion, such sHfesuhrls
hall include clear definitions Of the
erms Operate" and occupy" used
herein, IN the absence OF sueh lesis'
alton, and subject 10 the same after
IL enactment the state Land Board
hall proceed 10 administer said ,ys.
TEN OF rural credits under rules and
regulations provided by Itself, but sub.
Ieot 20 the provisions herein contained
stltution OF Arkansas IN conflict with
his amendment are hereby repealed, IN
80 fsf only AZ they eenaiet herewith
The provisions 81 this amendment
shall he self.eseeutina, and shall take
sNset and he In operation bn DAYS sfs
ter their approval and adoption by the
oeeple of Arksnsss
Approved nv the dovefnet, and Med
~ the etfies ~ the Secretary Of state
March IL 1917
Each eleetot may vote for or against
the above amendment
witness my offioial signature this
the ai,h dsy of April, isis.
taeail TOM 7, TpnnlL.
nsefstAty Of stAtA