The courier-index., 1918-09-27

me sasas.actscn Of encErcra1css 2S11 s1ch lands. ghfEhs h the 111gnssnt .. szf1 board, were incurred or a4s9FE@1 by salc applicant for Ens a9oEsSsA1 purposes.
 ssc. :. Every applicant for farm loan shall state clearly In nis aDpssea ton ths DurDosss for snicn ssch a0an s desired and upon ifs approval oy the board this statement shall Ds ceefn- sc part of tns note or contract lnoef which tEs loan h gr1ntsd 61t no failure to apply such funds tc tne purposes stated in such sppiBcaticc or enuuseraGed herein snail inyaltdats loan when once made. nor sEs8a any ming herein contained Dc dssns1 70 prevent any farm owner from sehlhs or leasing lands subject to such ln- cfyrobrarcs. byt fg he shall violate his said confrsct by applying the noneFS borrowed 10 purDoses other man tnpss stated In his application or engneret.1 herein, or fl he shall lease sucn iano' or sell them 10 any perFon not fu9rli- ing the conditions and purposes pro- nldeS for herein. sai1 board is author lzed and directed 10 require the repay rnent Of said iosr upon six months nC, ice and said note or contract snat contain a clause providing therefor.
 Sec. [. Such loans shall bs repa5i with interest accruing in annual h. staiirnents on the amortization plan suuz as will cover the interest rae anc will i1qBitate the debt Tn perio1 fo D. agreed on between said board and the applicant. said period to De not less than five nor more than thirty slx years. but any debtor may liqui- date any part or all Of his indeotedneas sn amounts Of 5000 or rnuItiples there of upon any amortization payment date.
 See. [. The rate of interest on loans shall be i've per cent per annum, pro- vlded. that no Farm Credit Bonds shall De sold for less than par; and pro- Tidsd further that the board aha. re- qulre each applicant to pay an initial charge of per cent of the loan grant ed the minimum charge 10 be tl0.DD 10 cover the coat of appraisal and eE- animation Of title.
 Sec. g. All surplus funds sccruinz from the operation Of the system or rural credits herein provided for, after paying interest accruing on the afors- Faid -onds. and all operating and other expenses arising from the administra- lion Of said system Of rural credits. shall be placed in the State Treasury and become a part Of fund 10 oe known as the "ArkanEas Rural Credit Reserve Fund" Said Arkansas Rural on farm lands in the manner herein provided for the ArsGnsas Rural Credit Loan Fund. and the interest &C., cruing from loans made from gaid Ar kansas Rural Credits Reserve Fund shall be added 10 it and become part Of it. The said Arkansas Rural Credits Reserve Fund shall be irreducible. eE- eept that it may be drawn upon 10 re- nburse the State for loss incurred In ne administration Of said system Of ural credits.
 Sec. 10 The Legislative Assembly hall provide in such detail as it shall teem sdViaable for the carrying out md administering of the provisions of his amendment and sfwlll provide af- squate safeguards against the use or ,uch loans hs an aid 10 the pIrchss- ng and holding Of ls nds for the pur- poses Of speculation. Such safeguards crrns operate" and occupy used ereln Tn the absence of such legis- atlon. and subject 10 the same after fs enactment. the State Land Board hall proceed 10 administer said sys- em Of rural credits under rules and sgulatiOns provided by itself but sub rct to the provisions herein contained.
 See. IT, The provisions of the Con ftltution Of ArkanHaG 70 conflict with this amendment are hereby repealed. In SO far only as they conflict herewith. The provisions Of this hmendme n { shall be aeif-sxecutlng. and shall take sfect and be in operation GO days af- ter their approval and adoption by the people Of Arkansas
 Approved by the Governor, and ried ln the office ot fhe Secretary Of State. March IT 1917.
 Each elector may -ots for or against Inc above amendment.
 Witness my official signature this. he 2t'h day of April. 1918.
 fsaaII TOM l. HERBAL.
 Secretary of state.