The Brinkley argus., 1918-10-18

rs satisfaction of encumbrances upos
 .n lands, which, in the judgment Q. a;a hoard were incurred or assumec ,y said applicant for the aforesa'o purposes
 Sec. 6. Every applicant for a farm onn shah state clearly in his appiica- to4 tLe purposes for which such losa t3 desircI and upon it's approVal p' tho board this statement snail pc aee,h fii a part of the note or contract unoeS which the loan is granted. But no sailure to apply such funds to the purposes stated in such application or enumerated herein shall inyaldate loan when once made, nor shall aho thing herein contained be deemed prevent any farm owner from selnn or leasing lands subject to. Such " eurnbrance: but if he shall violate P said contract by applying the money b6rfo\yed to purposes other than thoa stated in his application or enumeTot@ herein or if he shall lease such lan pr sell taem to any person not iull.I- ing the conditions and purposes pro .ided for herein. said board is author ized and directed to require the rel'aF- .~lent of said loan upon six months no- tice and said note or contract shaH ontain clause providing therefor.
 Sec T. Such loans shall be reps 3d with interest accruing ip annual tn- .tallrnpnts on the amortization plan such installrnents being fixed at surh sums as will cover the interest ra lnNfd1fe 2 be agreed on between said board .-d tho applicant. said period tc be 0t less tEan five nor more than thfrtv- 5ig years; but any debtor inay liqul- .ato any part or all Of his indehtc dnesa in amounts of S5G.00 or muitiples there 2 upon any amortization peEmel' date.
 See. 8. Tho -7to Of interest on 'oHrs
 nil be five per cent per annum; pro, yidod, that no Farm Credit Bonds shall l,a -Af1 g1r O. Vided further that the board shall re- ,ure each applicant to pay an initial charge of 1 per cent of the loan grant. ed. the minimum charge to be 310.os 70 cover the cost of appraisal and eS animation of title.
 Sec. 9. All surplus funds accruins from the operation Of the system CT rural credits herein provided for. afler said bonds, and all operating and other expenses arising from the adininiStra- lion of said system of rural credits. shall be placed in the State Treasury and become part of a fund to ne known as the Arkansas Rural Credit Reserve Fund" Said Arkansas Rura1 credits Reserve Fund shall be loonef on farm lands In the manner herein provided for the Arkansas Rur&i Credit Loan Fund, and the interest ar- kansas Rural Credits Reserve Fund shall be added to it and become a pa of it. The said Arkansas Rural Crodt1 Reserve Fund shall be irreducihle, eN ,ept that it may be drawn upon to - fvlburse the State for loss incurred ! he administration of said system 'fra1 credits.
 Sec. 1O The Legislative Assemb' nall provide in such detail as 1t sha lecm advisable for the carrying on, nd administering of the provisions ot his amendment, and shall provide al. ,quate safeguards against the use n: 'uch loans as an aid to the purch a. ug and holding of lands for the pur- ,oses of speculation. Such safeguard' : nall include clear definitions of thH nrrns "operate" and occupy" used erein. Tn the absence of such legis-
 ton, and subject to the same aft%i it's enactment the State Land Boarf hall proceed to administer said sv'' em of rural credits under rules ana
 ~yulations provided by itself, hut suh-
 to the provisions herein contained
 Soc. II. The provisions of the Con
 tuition of Arkansas in conflict wiiA his amendment gre hereby repealed, 2 far only a s they conflict hereWi-h ~i1n provisions of this ameudn:c'f' -'.o3l be self-ex xccUting, and shGH ta f'r ct and he in opcrn ton c0 days n.- 70 fheir. approval and adoption by t@e
 7}e of Arkansas
 p0rovod bv the Governor and f'ef,
 ,1e office of tho Secretary of State 'f IT. f917
 ,rh elecfor may vote for or aga in~3
 al2ove amendo'onf
 't-ttnees my offioieI si@nature yn.a
 24th day Of Ap~il 1918
 rsealls TOM !. TERRAIs,
 Secretary of Sta. #