The Monticellonian., 1918-09-13
.,.nt,ao of encum orancas upon

..-,..,,<o of encum orancAs upon
 ths ee,a-ds yTbich. ;tl the taognsol Q!
 sof5 hoard. were 1ncHrreo CT <es- 1n.S
 stti1 sefS sppii-aus for tne arorssala
 5Fs 'aiPSs5f' f Every applicant for farm
 oao shau state clearly ln ms apPilCd-
 t;-.1 tba- -puyUoScs for which Slteh iosn sI,
 is desired and upon its apPIoNIi py
 tne t7erd this statement sh. shall pt ,',dar
 ,.5 ,,7rt Of the note or contract uhder
 , +Ls loan Is granted. But TO
 s55,.-. te cDUlv such funds 10 the
 r1,-,1aSee stated in such appiicatoh or
 er,,-.,r.~ated herein shsl inN aliufte h
 I,,r ,tHcu once inade, nor snail an!
 rfl, I.,,in contained be deemed to
 e,.e,,t any farm owner rom selii-s
 nr leasing lands subject 10 sucH 1T, cumbrsrce; but if he snail Nlo.a.e !1.',.s i,.s
 said contract by applying the Ihoiieg
 borrowed to purposes other lhah M D 1tio as
 ttt.t f,, his duplication or enumerated
 tarcir or if he shall lease such lanus
 ar sell them to any person not lu!i,ii- m! ipe~ the conditions amt purposes plo
 yided Tor herein, sald hoaru l' 'n,lo,
 ilod and directed to require the repay
 rnapt of said loan upon SIX lnohths no
 tice and said note or contract sHull
 contain 6 clause providing, lheteaoa. ne ,a,iafa
 ,,itb interest accruinE In annual ih-
 s+sllmcnts on the amortizauon plan.
 ,neh fnstaIlnentS being nNed at sdch
 suns as will cover the lhteFe7. Iat, snd vii fguidatc the debt in ! pefioa to he agreed on between sald board
 ar5 tb.. applicant. said period to be not loss lhan five nor more than thirty- six wears; but any debtor may nqul- date any part or all Of his lndepteahess in amounts of S50.0O or mGitlPles tneie
 of upon any amortization payment
 Sec. S. The rate of interest on loans shall be five per cent per annum' pro, vided. that no Farm Credit Bonds shai Vnr
 be sold for less than par, anu gnu p1o vfded further that the board shall re- ouire each applicant to pay an initioi charge of per cent of the loan grant ed the minimum charge 10 De Slo.oo to cover the cost Of appralsai anu GA animation of title. from the operation Of the system or rural credits herein provided TOT, after paving interest accrufng on the aTore- sa ia bonds and all operating and other exnenses arising from the administra- ton of said system Of rural cfeUits. shall be placed Tn the State Treasury and become a part of q fund 10 pc known as the "Arkansas Rural Credit Reserve Fund" Said Arkansas Rural Credits Reserve Fund shall be loaned on farm lands in the manner hereln provided for the Arkansas Rural Credit Loan Fund. and the interest ac- | c-uing from loans made from said Ar kansas Rural Credits Reserve Fund shall be added to it and become part l of fl. The said Arkansas Rural Credits Reserve Fund shall be irreducible, ex- cept that it may be drawn upon to re- imburse 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 or l 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 1 shall include clear definitions of the ] terms "operate" and occupy" use4 | herein In the absence of such legis- i lation and subject to the same after 1 it's enactment, the State Land Board shall proceed to administer said sys- 1 tenn of rural credits under rules anA | regulations provided by itself. but sub 1 ject to the provisions herein contained
 Sec. II. The provisions of the Con- | stitution of Arkansas in conflict with | this amendment are hereby repealed, iD i so far only as they conflict herewith. 1 The provisions of this amendment l effect and be in operation 60 days af-
 ter their approval and adoption by tho 1 people Of Arkansas.
 Approved by the Governor. and hle
 In the office of the Secretary of State. March IT 1917
 Each eleetor may vote for or against | the above amendment
 Witness my official signature this, the 24th day Of April, 1918.
 tSeal5 TOM J. TERRAL. Secretary of State.