The Little River news., 1918-08-21

n0 U8yIBI8CtI0n or 0nCuHn OI4MC01 upon uch lands, which, tn the Judgment or aid board, were incurred or assumed " said applicant for the aforesaid purposes.
 Sec. 6. Every applicant for farm ogn shall state clearly in his applica- tion the purposes for which such loan $ desired and upon it's approval by the board this statement shall be dccEl- d part of the note or contract under which the loan is granted. But no failure to apply such funds to the purposes stated in such application or Enumerated herein shall invalidate q loan when once made, nor shall any thing herein contained be deemed to prevent any farm owner from selling 1T leasing lands subject to such in- sumbrance; but if he shall violate his aid contract by applying the moreN> borrowed to purposes other than those 'tated in his application or enumerated lerein. or if he shall lease such laa : IT sell them to any person not fulfill ing the conditions and purposes pro- 'ided for herein, said board is author Zed and directed to require the repay nent of said loan upon six months mo- ice, and said note or contract shall 'ortain a clause providing therefor.
 Sec. z. Such loans shall be repaid i rith interest accruing in annual in tallrlents on the amortization plan uch miscellaneous being fixed at su"i ums as will cover the interest rat% nd will iiauidate the deht in 2 p"rinf. be agreed on between said hoa:f I'd the applicant said period to ''. ct less than five nor more than thirtv- K years: but any debtor may licUi- late any part or all of kis indebtedness n amounts of $50.00 or rlu1tiples there- If upon any amortization payment late.
 Sec. 8. The rate of interest on loans hall be five per cent per annum; pre- ided. that no Farm Credit Bonds shall 'e sold for less than par; and pro 'idcd further that the board shall re- uire each applicant to pay an initial harge of 1 per cent of the loan grant d. the minimum charge to be s10.e0 70 cover the cost of appraisal and ,eS- animation of title.
 Sec. 9. All surplus funds accruine rom the operation of the system of 'urai credits herein provided for. after paying interest accruing on the nfore- aid bonds, and all operating and other axpenses arising from the administra 'hail be placed in the State Treasury md become a part of q fund to hc >nown as the Arkansas Rural Credit Reserve Fund" Said Arkansas Rural 'rcdits Reserve Fund shall be loaned on farm lands in the manner herein provided for the Arkansas Rural 'redit Loan Fund. and the interest ac-' 'ruing from loans made from said 4 <0nsas Rural Credits Reserve Fund hall be added to it and become a part If 1t. The said Arkansas Rural Credits .eserve Fund shall be irreducible. ex .cpt that it may be drcwn upon to r"- 'nburse the State for loss incurred in he administration of said system Of ural credits.
 Sec. 10. The Legislative Assembly hall provide in such detail as it shall ecm advisable for the carrying ont ud administering of the provisions of his amendment. and shall provide-ea- Guate safeguards against the use of Uch loans as an aid to the purchase ng and holding of lands for the pur- oses of speculation. Such safeguafds "rms "operate'' and Occupy" used erein. In the absence of such 1egis otion. and subject to the same afte, ts enactment. the State Land Board hall proceed to administer said sys- em of rural credits under rules and oEulations provided by itself. but sub ct to the provisions herein contained.
 Sec. II. The provisions of the Con- titution of Arkansas in conflict with his amendment are hereby repealed i'll far only as they conflict herewith. he provisions of this amendment hall be self-executing. and shall take Feet and be in operation 60 days of TT their approval and adoption by the "ople of Arkansas.
 Approved by the Governor. and filed the office of the Secretary of State. orch r. 1917.
 Each elector may vote for or against 10 above amendment.
 Witness my official signature this. ne 24th day of April. 1918.
 (Seall TOM J. TERRAL. Secretary of State.