The Nevada County picayune., 1918-05-30

the satisfaction of encumbrances upon such lands, which, in the Judgment of said board were incurred or assumed oy said applicant for the aforesaid purposes
 Sec. 6. Every applicant for a farm loah shall state clearly in his applica- uon the purposes for which such loan IS desired, and upon it's approval by the board this statement shall be deem- ru part of the note or contract under which the loan is granted. But no ialIure to apply such funds to the purposes stated in such application or enumerated herein shall invalidate i7ah when once made. nor shall any ihlng herein contained be deemed to prevent any farm owner from selling or leasing lands subject to such in- tuinbranCe; but if he shall violate his said contract by applying the moneys borrowed to purposes other than those stated in his application or enumerated herein or if he shall lease such lands or sell them 10 any person not fulfill InE the conditions and purposes pro- Elded for herein. said board is author iZ|d and directed to require the repay ment of said loan upon six months no tlce, and said note or contract shall contain clause providing therefor.
 See. '. Such loans shall be repaid with interest aocruiug in annual tn- ='altfnents on the amortization plan, such miscellaneous being fixed at such 7HhtS as WIli cover the interest rate and will iiquidate the debt Tn a period :" be agreed on between said board md the applicant, said period to be not less than five nor more than thirty TX years but any debtor may liqut- late any part OF all of his indebtedness n amounts of S5000 or multiples there af upon any amortization payment date
 See. 8. The rate of interest on loans hall be five Der cent per annum; pro ftI hot h.1i gt hs3l be sold for less than par; and pro- Fided further that the board shall re- 4nire each applicant to pay an initial eharge of 1 per cens of the loan grant ed. the minimum charge to be $l0.o0 to'tover the cost of appraisal and ex- animation of title
 Sec. 9. All surplus funds aecruing Tom the operation of the system of rural credits herein provided for after paving interest accfuing on the afore- aid bonds and all operating Qu4 Qthfr &penscs arising from the 3dministra- tIon of said system of rural credits, =tall be placed in the State Treasury and become part of fund to be known aa the Arkansas Rural Credit Reserve Fund" Said Arkansas Rural credits Reserve Fund shall be loaned an farm lands in the manner herein provided for the Arkansas Rural 3fedtt Loan Fund, and the interest ae- aruing from loans made from said Ar
 
 shall be added to 1t and become part ef it. The said Arkansas Rural Credits Reserve Fund shall be irreducible. ex- .npt that il may be drawn upon to re- imburse the State for loss incurred in the administration e ~~td system of sulai credits.
 See. TO- The Legislative Assembly shall provide in such d. all as it shall deem advisable for thr carrying out md administering of tho provisions of shis amendment. and shall provide ad- eouate safeguards against the use of such looms an aid 'o 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 herein. In the absence of such legis- lation, and subject to the same after it's enactment, the State Land Board shall proceed to administer said sys- tenn of rural credits under rules and 5ect to t.4e provisions herein contained.
 See. II. Tn Frot isiens of the Con ti.ution Of AEi.anSas in conflict with this amendment are hereby repealed, in % far only as they conflict herewith. ''he provisions Of this amendment shall be scfr-cvc ccu' inc. and shall take feet and be in operation 60 days af- ter their approval and adoption by the people of Arkansas.
 Approved by the Governor, and filed n the office of the Secretary of State. March r, 1917.
 Each elector may vote for or against he above amendment
 Witness my official signature this. he 24th day Of April. 1918.
 fSeaU T0T :. TERRAI.
 Secretary of State.