The spectator., 1918-09-24

the satisfaction ot eneumErsnces upoA such lands. which. Tn the Judgment of said board. were incurred or assumed by said applicant for the sforesAid purposes.
 Soc 6. Every applicant for e farm losn shall state clearly in hts applica- ton the purposes for which such loan IS desired, and upon its approval by the board this statement shall be deem ed part of tho note or contract under which the loan Is Btanted. But no failure to apply such funds to the purposes stated in such application or enumerated herein shall tnvalidats . 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 shah violate his sstd contract by applying the moneys borrowed to purposes other than thoss stated in his application or enumerated herein, or if he shall lease such lands or sell them to any person not fulfill ns the conditions and purposes pro- vtded for herein. said board is author tzed and directed to require the repay ment of said loan upon six months mo- ucs. and said note or contract shall "ontstn a clauss providing therefor.
 Sec '. Such loans shall be repaid with interest accruing in annual in 'tailments on the amortization plan, 'uch instsilments being h1ed at such fums as will cover the interest rats md will liQuidate the debt in . period 10 be agreed on between said board md the applicant. said period to he lot less than i've nor moro than thirty K years; but any debtor may iiaui. late any part or all of his ind bt edness II amounts of 3So.oo or multipIss there- 1T upon any amortization payment
 See. c. The rate of interest O. loans hsu be nvs per cent per annum: pro Eided. that no Farm Credit Bonda shah 'e sold for less than par and pro- Eided further that the board shall re- lnlrs each applicant to pay an initial nsrgs of l per cent of the loan grant d. the minimum charge te be olcoo To cover the cost of appraisal And sx: animation of title.
 Sec. . All surplus fuaAs aceruins rom the operation of the system of 5ural credits herein provided for. after HaytnG interest Aecruing en the afore- aid bonds. and all operating and other xpenses arising from the admisistra- "n h. 2, !. sla nso.s :y;tsT ,n r,rsl credits. ma become a part of fund ts be tnown as the "Arkansas Rural Credit deserve Fund" Said ArkAnsas Rural credits Reserve Fund shall be leaned on farm lands in the mannsr herein provided for the Arkansas Rural Credit Loan Fund and the iatsrsst as- cruing from loans made from said Ar kan.As Rural crsdits Reserve FunA ue 8oooo 10 II anu become q part of it. The said ArkaAsas Rural Crelits sessrvs Fund shall bs irreducibiA sx- ept that it may be avawn upon to vs. mburss the State fer loss incurred in he administration of ssiA systsa of
 sss. is' Ts. L.g,s,ss.vs As...,,y hall provide in su6A detail as tt SAAil leem advisable for the carrying out md administering of the provisions of his amendment aAd shall provide ad- eauats safeguards against the use of uch loans as an aid to the purchas- ng and holding of lands for the pur. 'osss of speculation. Such safsguards hall include clear definitions of the ersin. In the absence of such leGis- aton. and subject ts the sams after Is enactment. the State Land Board hall proceed to administer said sys. am of rural credits under rulss and egulstions provided by itself but sub cot to the provisions herein contained
 Sec. II. The provisions of the Con. tltution of Arkansas in conflict with his amendment are hereby repealed. Ia 1 . far only as they conflict herewith The provisions of this amendment nall De self~e1ecuting, and shall talk nect and De In operation 50 days af. CT their approval and adoption by th, .vople of Arkansas
 Approved by the Governor and risi
 the office of the Secretary Of stst~ tareh IF 1917.
 Each elector may vote for or axsln.t
 above amendment
 Witness ml official signature tbi, | "e s'th day or April, 1918
 lSsail TON TERRAL
 Secretary of stAts