Sharp County record., 1918-06-21

ma sssssfsction Of ensamorances upon
ssaSN lands, which, in she Juos ie
ssjl board, were lneurfeS - aforesaid
by ssid applicant for the
-, &. Every applicant for iine' a iaia
losS shall state clearly IN ms p appl loan
tin0 tks purposes for which such ioS
10 &seired, and upon Its aPpto'a em.
tnS eoard this statement shall pe 49,,
ID O Fart Of the note or cohsrae1n ~ no
WAeeh the loan Is granted. ou' +hs
faifNrs to apply such lunus tion or
PURPOSES stated in such appllcation
enGsnerated herein shall inValuAes
loon when once made, nor shall sA -
thin9 herein contained be oeeineu
prevent any farm owner from
or leasing lands subject to sucn hio
cuMbrance; but II he shall vlolate I'VE
said contract by applying tne .hoss
borrowed to purposes other than It'd tod
stated In his application or enut eh iends
or sell them to any person not nro.
ing the conditions and purposes ~
vided for herein, said board IS au.no
lied and directed to require the lepao
ment of said loan upon six months ,i ~
tice, and said note or CONTRACT s
contain q clause providing theleiU; "A
Sec. 7. Such loans SHAH pc
with interest accruing IN annuA, n,an
stallments on the amortl2atioh pt
such installments being f1xed al sutn
sums as will cover the interest," ra.s
and will liquidate the debt in perloa
to be agreed on between salo poala
and the applicant, said period 10 Ue
not less than Ave nor more than tn!l.y
six years; but any debtor may liqul.
date any part or all Of his INDEBTEDNESS
in amounts Of $4,000 or multiples there
ne
Sec. 9. The rate Of interest on loans
shall be Ave per cent per annum pro,
vided, that no Farm Credit Bonds shail
be sold for less than par; and pro-
vided further that the board shall r.
ouire each applicant to pay an lnl!l.''
charge Of per cent Of the loan grannoIoo a.
cd, the minimum charge to be $lo'Vo
to cover the cost Of appraisal ana eN-
animation Of title
Sec. 8. All surplus funds accruing
from the operation Of the system OF
rural credits herein provided for after
paying interest acCruing on the aIor'-
said bonds, and all operating ana other
expenses arising from the admnlstia-
ton Of said system Of rural credits
shall be placed in the State Treasury
and become a part of fund to be
known as the Arkansas Rural credit
Reserve Fund" Said Arkansas Rura!
Credits Reserve Fund shall be loaned
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 Ar
kansas Rural Credits Reserve Fund
shall be added to it and become a part
OF 1t. The said Arkansas Rural Credits
Reserve Fund shall be irreducible, e%-
cept that 1t may be drawn upon to re-
inlburse the State for loss incurred IN
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 speculation. Such safeguards
shall include clear definitions Of the
terms operate" and occupy used
lation, and subject to the same after
It's enactment, the State Land Board
shall proceed to administer said sys-
TEN Of rural credits under rules and
regulations provided by itself, but sub.
ject 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 so days af-
ter their approval and adoption by the
people Of Arkansas,
Approved by the Governor, and nled
IN the office OF the Secretary OF State,
March H. 1917
Each elector may vote for or against
the above amendment
witness my official signature this,
the oath day OF April 1918.
tSeall TOM ], TERRAL
Secretary OF State