Pine Bluff daily graphic., 1918-10-03
NEW PRICES soc, COG, $l.2o

she satisfaction os encumbrances upoA such lands. which, III the Judgment ot said board. were incurred or assumed by said applicant for the aforesaid purposes.
 Sec. 6. Every applicant for a farm loan shall state clearly in his applica- ton the purposes for which such loan is desired. and upon its approval by the board this statement shall be deem- ed a part of the note or contract under which the loan is granted. But no failure to apply such funds to thA purposes stated in such application or enumerated herein shall invalidate loan when once made. nor shall any thing herein contained be deemed to prevent any farm owner from selling or leasing lands subject to such in cumbrance: but if he shall violate his said contract by applying the moneys borrowed to purposes other than those stated in his application or enumerated herein. or if he shall lease such lands or sell them to any person not fulhll- ing the conditions and purposes pro- vided for herein said board is author ized and directed to require the repay ment of said loan upon six months no. tice. and said note or contract shall contain a clause providing therefor.
 Sec. I. Such loans shall be repaid with interest accruing in annual in- stallments on the amortization plan. such installments being fixed at such sums as will cover the interest rate and will liquidate the debt in a period to be agreed on between said board and the applicant. said period to he not less than i've nor more than. thirty six years: but any debtor may liaui- date any part or all of his indebtedness in amounts of $50.OO or multiples there of upon any amortization payment date
 Sec 8. The rate of interest on loan. vided. that no Farm Credit Bonds shall be sold for less than par: and pro- yided further that the board shall re quirs each applicant to pay an initiA' ed, tho minimum charge to be 5000 to cover the cost of appraisal and ex- animation of title.
 Sec. g. All surplus funds accruing from the operation of the system of rural credits herein provided for, after paying interest accruing on the afore- said bonds. and all operating and other expenses arising from tho administra- shall be placed in the State Treasury and become a part of a fund to De known as the "Arkansas Rural Credit Reserve Fund" Said Arknnsa' ga ,I.nsd R1,a, 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 AT, kansas Rural Credits Reserve Fund shall be added to 1t and become . part of 1t. The said Arkansas Rural Credits Reserve Fund shall be irreducible. ex- cept that 1t may be drawn upon to re- imburse the State for. loss incurred Tn the administration of said system of rural credits.
 Sec. 10. The Legislative Assembly shall provide in such detail as 1t shall deem advisable for the carrying out and administering of the provisions Of this amendment and shall provide ad. equate safeguards against the use Of such loans as an aid to the purchas- ing and holding of lands for the pur- poses of specula tion. Such safeEuards terms "operate" and occupy" used herein. In the absence of such legis- lation, and subject to the same after it's enactment, the State Land Board shall proceed to administer said sys. tenn of rural credits under rules and regulations provided by itself. but sub feet to the provisions herein contained.
 Sec. II. The provisions of the Con stitution of Arkansas in conflict with this amendment are hereby repealed: in so far only as they conflict herewith. The provisions of this amendment shall be self-executing. and shall take effect and be in operation 60 days af- ter their approval and adoption by the people of Arkansas.
 Approved by the Governor and hled in the office of the Secretary of state March IT. 1917.
 Each elector may vote for or agatnst the above amendment.
 Witness my official signature thtA he 24th day of April 1918.
 rsee0 TOM J. TERRAI.
 Secretary e StAtA