The Brinkley argus., 1918-08-09

eAs Ats~fAe<see es eeo.sasra.css xos4 sueA lands. wkich h tAs tsAgmsat = said board. wore incurred ce ass~0e9 by said applicant for the sfereseAe purposes.
 Sec. s. Every applicast for . fer~ loan shall state clearly in his applsoe- ton the purposes for which such loan is desired and upon it's approval hy the board this statement shall be dssm- ed a part of the note or contract anoss which tho loan Is granted. But ns failure to apply such funds to ths purposes stated in such application os enumerated herein shall invaltdate loan when once made. nor shall any thing herein contained be deemed to prevent any farm owner from selling or leasing lands subject to such m cumbrance; 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 to any person not fulfill ing the conditions and purposes pro- vided for herein, said board is author ized and directed to require the repay ment of said loan upon six months no- tice, and said note or contract shall contain a clause providing therefor.
 Sec. '. Such loans shall be repaid with interest accruing in annual in- stallments on the amortization plan, such installments being fixed at such sums as will cover the interest rate and will liquidate the debt in a period to be agreed on between said board and the applicant said period to be not less than five nor more than thirty six years; but any debtor may Hqui- date any part or ali of his indebtedness in amounts Of S50.00 or multiples there of upon any amortization payment date
 Sec. s. The rate of interest on loans shall be five per cent per annum; pro- Tjded, that no Farm Credit Bonds shall ae sold for less than par. and pro- Vi1ed further that the board shall re- aUire each applicant to pay an intJ3af charge Cf 1 per cent Of the loan EraHf- ed the minimum charge to be 5E3p8 to cover the cost. of appraisal and eT- animation of title
 Sec. g. All surplus funds accrulng 9roga the operation of the system of rur0l credits herein provided for, after paying interest aCcTu10g on the atefe- said bonds, and all operating and other expenses arising from the &dfnlniaE1t@ a. ton of said system Of rural credits. shall be placed in the State Treasury and become a part Of fund to pc Reserve Fund" Said Arkansas Rural 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 Arr kansas Rural Credits Reserve Fund shall be added to it and become part of 1t. The said Arkansas Rural Credits Reserve EunQ snail pc lTI6uuElDlcr GA- 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 advisableSfor the carrying out and administering of the provisions or 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 tho 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 'egulations provided by itself. but sub act to the provisions herein contained. Sec. H. The provisions of the Con- 9titution of Arkansas in conflict with his amendment are hereby repealed in SO far only as they conflict herewith. he provisions of this amendment hall be self executing, and shall take
 Feet and be in operation SO days af- ar their approval and adoption by the ,nopie of Arkansas.
 Approved by the Governor. and filed the office of the Secretary of State | '"rch IT, 1917.
 Each eiector may vote for or against above amendment
 Witness my official signature this.
 7A 24th day of April. 1918
 (Seall TOM ]. TERRAL. | Secretary of State.