The courier-index., 1918-05-03


the satisfaetion OF encumnrsncss upon
raid board, were incurred OF assumed
10y said applicant for the Aforesaid
purposes.
See. q. Every applicant for n farm
loan shall state clearly in bis applica-
ton the purposes for which such loan
is desired and upon It's approval by
the board this statement shall beedeetn-
"a n part Of the note or contract under
which the loan is granted. But no
failure to apply such funds TO the
purposes stated in such application Or
enumerated herein shall invaiidst~
loan when once made. nor shall any
hing herein contained be deemed 10
prevent any farm owner from selling
or Leasing lands subject 70 such ir-
cunibrance: but If he shall violate his
said contract nv applying the rnons%t
borrowed To purposes other than tho'e
stated in his application or enumerated
herein. or if ne shall lease such lau'f"
or sell them 10 any person not fulhN-
ing the conditions and purposes pro-
vided for herein. said hoard Is author-
ized end directed TO require the rspaG-
inent of said loan upon six Monthss no.
tice. and ssid note or contract shall
contain a clause providing therefor.
See. Z. Such loans shah be repaid
with interest accrnipg In annual in
stxllmeHts ON the amortization pfsn.
such installments being fxed ~ su"'s
sums M Will cover the interest ~ -
nd will iiauidste the debt in peri"'
% he agreed between said hosr't
md the applicant. said period To he
aot less than hve nor more thsh tbirtN-
tx years: but any debtor may liaui-
date any part or all OF his indebtedness
u amounts OF $1,000 or mnItiples there
~ upon sny amortization payment
date.
See. 3. The rate OF interest on loans
hall be FIVE per cent per annum: pro-
'ided. that no Farm Credit Bonds shall
ne sold for less than par; aud pro-
fded further that the board shall re-
uire each applicant to pay an intisi
barge Of / per cent OF the losD grsii;
=. the minimum charge to be $I0.c0
70 cover the cost OF appraisal and ex-
animation OF title.
Sec. g. All surplus funds accruing
rom the operation OF the system of
ural credits herein provided for after
aging interest aceruing on the nfor--
id ,-onds. and all operating and other
Spenses arising from The administers
ION OF said system OF rural credits,
hall he placed in the State Treasury
nd become a part OF fund To be
cnown as the Arkansas Rural Credit
Hcserve Fund" Said Arkansas Rural
credits Reserve Fund shah he loaned
on farm lands in the manner herein
nroN ided for thek Arkansas Rural
Credit Loan Fund. and The interest ac-
rfuine from loans made from said Ar
kansas Rural Credits Reserve Fund
sl,all be added 10 il ard becon. pr ~
q IL. The said Arkansas Plural Credits
.eServe Fund shall he irreducibie, ex-
opt that ii may be drawn upon TO re-
bursc The State for loss incurred in
administration OF said system 81
RAJ credits
Sec 10. The Legislative Assembly
all provide in such detail ~ il shall
en- ADV isable for the carry ing ot;f
"a administering or the provisions ~
his amendment. and shall provide adj
uat. SAFEGUARDS against the use ~
eh loans Ms nm ed Z" the purchas-
and holding Of lands FOR the pur--
sSes Of peri.lation. Such safeEaar'is
all ineluGe clear defaiiinns of ~"
ms operate" and .oee up." usea
rein. In the absence OF such leeis-
ion. aud suhjrct 10 the same aff,r
enactment. III. Stat. Land Sof u
all proceed to ndmi-i~trr said sss-
" az rural crc'.st. u"f.pt rulrs aHa
~ul& ,innS prny if.d ~ its"if Dnt srft-
4 TO the provisions heron contai,s' .
Sec. IL TIA" provisions ~ III f'sf-
tuition Of Arkansas li r"aaia, tsi'h
ITS 5endlresIt are hereh, repoai'',1
far osiN as thev conflict h.fs.',ftf T..
ne PROV sicus ~ this amtudus"li
all he5 sclf-execntinG and sh'N f;N'
fect ~ se ia op"ra' on CO f,ass ~
nell approval and adop;iou D., th'
npis Of Ari a"sas
Approx = hy ;n" Governor. and fkH
The oftice OF the Secretary of Sfs'e
rch IL 1ai7.
t.3ch ei.ctor n,a, vote FOR or again n
hove rtaf T. sgt
witness nv offfeiei si~natllfr ttis
2sfh day OF April iFiS
sealI rrf wfEa -.