Sharp County record., 1918-08-02

ono satisfaction OF enc nmbrances upo'
ss6h lands, which, In the judgment o;
eatA beard, were incurred or assumea
ny said applicant for the aforesaio
pnsemess.
~. 3. Every applicant for a farm
loan shall state clearly In his appliea-
ii~N the purposes for which such loan
ls 4esired, and upon Its approVal Ds
ttS board this statement shall be DEEM
"a . Fart Of the note or contract unoeI
waich the loan is granted, But u"
fslists TO apply such funds 70 IN.
rayroses stated In such application OF
arSsrerated herein shall invalidhte
'efN when once made, nor shaH ahi,
tMsMH herein contained be deemed ta
prevent any farm owner from selllns
~ leasing lands subject to such IT.
cumhfance; but n he shall violate nis
seiA contract by applying the moheys
hnsscwed TO purposes other than .nVeSS
gtetsd In his application or enumerateu
hsssin or n he shall lease such lon1s
or sell them TO any person not fulnll-
ing the conditions and purposes pro
vitsd for herein, said board is author'
i,ed and directed to require the repay
ment ~ said loan upon six months no,
tics, and said note or contract snnh
contain q clause providing. thereior
ssc. 7. Such loans shall be repa,'
With interest aeeruing IN annual 1r'
9t0llmants on the amortization plan
1uch ,nstallments being hxed at sven
sums az will cover the interest rag
md viii llquidate the debt In q perifli
70 be agreed on between soid pour
md the applicant, said period 70 W
20, lers than fve nor more than th,r'
- yaars; but any debtor may lldV',
Gate any part or all OF his indebtcen 'ts
- smcynts Of 5000 or multiples thei q,
- MON any amortization payment
tstA
Sen, Q. The tnte OF interest on loans
shsii be Ave per cent per onnum pro,
H5ed, that no Farm Credit Bonds shnn
~ sold for less than par; ana pro
9lssd further that the board shall r.,
5uire eoch applicant to pay an inltit'
charge OF per cent OF the loan gihhno
-. the minimum charge TO be tiu'uV
~ rover the cost OF appraisal and eS'
'wination OF title,
Gee ,, All surplus FUNDS acelu'ns
g,nn, the operation OF tho system o'
eural credits herein provided for aflei
saying interest neefuing on the hioip,
1niJ bonds, and all operating ana o,hM
expenses arising from the admins, "
lion of said system Of rural cteditF,
shall be placed In the state Treasury
and become part OF n fund 70 he
snown ns the "Arknnsns Rural cred,
'redts Reserve Fund shall be loRntu
on farm lands IN the manner herein
provided for the AtkAnsaB 1tuiPl
'fedt Loan Fund, and the Interest as'
sruine from loAnA made from sara AZ
ssnaas Rural Credits Reserve Fuh1
ahal be added 10 " and become pr
u n, The aald Afknnsns Rural CtodllS
reserve Fund shall be irredueible, es'
lept that n may be drawn upon 20 70"
ihn qIaIa fay idHa Incurred IN
ihe administration OF said system OF
Soc. 10. Tho Legislative Asten,h',,
,hNll provide IN such deiHll ns " thh
ipom advisable for the carrying oN,
and administering of the provisions ~
hla amendment and shall ptoVlde az,
,luaie safeguards Against th1 ut
uirh lAaus ~ an aid 10 the fNirnf''
rg ana holding ~ lands FOR no rn,,,'
W srs NJ sreeu'ntlon hHoh sAf"au' ,'s
dbil include clear definitions nf "
crns dopornte" and "Oeeup" We
oeren In the Ahaence OF suoll lrt''
la,lon aul subject 10 the same ,e.tI
W. elnetlnnt, the State lana Nll W.
1bnli frNaafd 10 afminifttr Fail FNl,
tnauiaitees Br6phs 4 by itself hli FNl.
as7l a. he provisions hrrelr t9h'hlh -
g6e II Tho rrNvisi1ns of I'VE CrN-
.u,utlrr OF Aihnnppn IN connitt Wit
Al. amendment ain hereby repeated, ~
,a far onp M they conflict herswl,'.
mo rroui1Iona of this ,nmenan,e
bou We seifseErfpting ana fhnll tat'
~, srd bs ip ep5ration 20 dqya a.
a. ,bsF approval and adoption by tFe
Ht1nlr OF Afhantnh.. 49,, aios
Senr6red bv The Governor ana ma
fl he 6ffl6e ef the Secretary OF sta'e
tifl a. 1911 ss.I,st
zach olotior may vote Tor or ese'"''
ne above amondntHt .,.... u,.
hsS Xxx day Of Aptll inis...,
'Seail pserRisry OF state