The Little River news., 1918-10-16

.uch lands. which, in the Judgment said board. wers incurred or assun,. oy said applicant for the aforcsai Sec. 6. Every applicant for a far loan shall state clearly in his applica ton <he purposes for which such loi.i IS desired, and upon its approval b, the board this statement shall be deem sd a part of the note or contract unde' which the loan is granted. But h failure to apply such funds to t'r purposes stated in such application enumerated herein shall invalidate loan when once made. nor shall any hing herein contained be deemed r. prevent any farm owner from sel]ir or leasing lands subject to such Y cun1brance: but if he shall violate Ii said contract by applying the n1one! borrowed to purposes other than tho stated in his application or enumsrst" herein. or if he shall lease such lar IT sell them to any person not fu'n ing the conditions and purposes p''' ,ided for herein, said board is autho" 'rad and directed to require. the re- a 7. nent of said loan upon six months nc ice. and said note or contract sh. 'ontain a clause providing therefor
 Sec. T. Such loars shall be rcpa'f rith interest accrung in annual I" 'allments on the amortization plar rch installnents being fixed at sr'' un,s as will cover the interest r"; nd will liquidate the debt in a perif
  nd the applicant, said period to + ot less than five nor more than thictr K years; but any debtor may licui ate any part or all of his indebtedness amounts of $50.00 or multiples there- upon any amortization paymen; ate.
 Sec. g. The rate of interest on loans gail be five per cent per annum: pre- ided. that no Farm Credit Bonds shal e sold for less than par; and pro ide.d f,vvt Y, khnk t,<,o, .1a nire each applicant to pay'an initia h;trEe of 1 per cent of the loan gran, I, the minimum charge to be $10ct cover the cost of appraisal and eX. tn,ination of title.
 Sec. 9. All surplus funds accruing rom the operation of the system of ural credits herein provided for, after aying interest accruing on the afore- aid bonds. and all operating and other .xpenses arising from the administra- = ion of said system of rural credits hall be placed in the State Treasury mo become a part of a fund to be nown as the "Arkansas Rural Credi: ."serve Fund" Said Arkansas Rural m farm lands in the manner herein ,rovided for the Arkansas Rural 'redit Loan Fund. and the interest ac- .ruing from loans made from said Ar nall be added to it and become par; 7 it. The said Arkansas Rural Credits ;eserve Fund shall be irrcducible. = opt that it may be drawn upon to re- fnburse the State for loss incurred if he administration of said system Of ura1 credits.
 Sec. 10. The Legislative Assemb,v hall provide in such detail as 1t sha,l '"em advisable for the carrying ou' I'd administering of the provisions cf his amendment. and shall provide af- ruate safeguards against the use ct uch loans an aid to the purchas- n= and holding of lands for the pur- ases of speculation. Such safeguards rms "operate''s and Occupy" used arein. In the absence of such lee:- : 'tion. and subject to the same afte, IS enactment. the State Land Boa,ti hall proceed to administer said sys en of rural credits under rules anG ""ulations provided by itself, but suh. .set to the provisions herein containra Sec. Il. The provisions of the Cor 'itution of Arkansas in conflict wi''i his amendment are hereby repealed. ir n far only as they conflict herewith he provisions of this amentlmer' hall be self-executing. and shall tafs Feet and be in operation 60 days af- or their approval and adoption by the "ople of Arkansas.
 Approved by the Governor. and 6Ief the office of the Secretary of State '"rch IT. 1917.
 Each elector may vote for or agains; ." above amendment.
 Witness my official signature this. a 24th day of April 1918.
 tSeall TOM ]. TEERAL.
 Secretary of State