The Dermott news., 1918-10-24

ths satisfaction of encumbrances upon such lands, which. iu the judgment Of said board. were incurred or assumed by said applicant for the aforesaid purposes
 Sec .. Every applicant for s farm loan shall state clearly in his applica- ton the purposes for which such loan Is desired. and upon it's approval by the board this statement shall be deem ed part or tho note or contract under which the loan Is granted But no failure to apply such funds to the purposes stated in such application ot enumerated herein shall tuvalldate a loan when once made. nor shall any thing herein contained be deemed to prevent any farm owner from selling or leasing lauis subject to such in rumbrauce but tf he shall violate h15 satd contract by applying the money borrowed to purposes other than those sta Nd .n hIS app'I.atiou or enuGera ted herein. or if he shalt lease such lands OF sell them To any person Hot fuIhIl luE the conditions and purposes pro Nitad for herein, Sa3d board iS author lhNd and directed ta requirc the repay meul of Sati toau unpn StN months Uo tee. and said note or contract shall contain q clause prov tdin& =iheretpE
 Sec. !. Such loans a&ol he r"pt3 N lsh int"rest a"ctuug in annual in +ia1}me1lt eu th" amor jzaDpa plan such nst9iiuhnts beirE UNeI al sfteN sums ar wii =rpvrr ths IEfNrs-t r2t'= and will alHH la" thN dhht#tn pNrfad ta be agreed on b- -.4e-+n =sa, | beard and the app p'taant Snfd "sfut to b. not 1"ss than five nor r9"" than thtEf' six years but any debtor mas iiquz date any part or 8tt Of tFt- indebtedness 1n amounts af ta0 o0 oi muItlplcs there of upon any amortization pay mfnt
 Sac S The rae of interest on loans shall ha Ave per eent per annum. pio-= vrded that no Farm Credit Bonds &hali h" sold for tass than par and Pfe- Y tded further that the board shall e.a gnirr each applicant To pay an tnitla. rharce of per cent of the loan gram Nd the minimum charge to b. Slo.Do 10 eorer the cost ef appraisal and eh- animation of tttle
 See. 3 All surplus funds sCcrutnS from tho operation of the system nf rafaI credits herein provided for t'tes pa&lnS interest 1ccrutuE ou thc 1tarr- sud bonds. aud 9lf= opcratIa. and other " "Spcnsss arising from thc adnaH}~trl- ton of sa}1 system of rurAl credits. shall be placed lu tAe StaE" Treasury and become rart ot 2 funi to ?" known as the .ArkaHe4s Eurad CrE3Ii Reserve Fund Sad .Nrk4H= H=9z Run ''redit@ Ee3ery. Fund shall h" loan on farm lanis in thr manunr here3n provided for the NrNIuEas Haral Credit Loan tnnd. and tbe interest a rrutns from loans made from aaI1 AT kansas RHa7I Nrsdzf~ Reserve tand shall bc added ta a=a aud hrean}. patt nf 1t 7h- sad Nrken-t- Rural .rol5t~ Reserve Fund shaIz be 5tuedusthiN sN. cept that il may he drawn upon te 10 irihurss tho Stlfe for fn~s incurred t' the admin stratton of sad s}stsm of rural credits
 S"c. 10 Tha Legislative Asscmhl, shall prpv8dr Tn such detad as tt shall deem aiv#sa hte fae the oerINinG o2J'# and admluislortnS .or the pIovlsfp''s ot this amendment. md sHalt provide al eqaatr fesuaHis s.a#n-t the H-s of such loans as an aid t1 the pHr. hss ing and he}iiuE of land for th' p1=H pe~rS of Sp"rHfotlen SaeH safeEuzerd> shall in sud" stHsf dshrifspns ot She teImS .op"Hate" and "uggupy used herein. ln-the ahscncn of su,a lcsIs- lattCn. and sub hirct to thc same after is enactment. the State Land Haard shall proceed to administer said syS- tenn Of rural credits under r3tes and regulations provided b. f'se#f but sub feet t0 tue proyi iSInnS heron Contl ned.
 Src- H. I'm provisions q: thc con >tHtHttau et NHkanxas in conflict with tNss amendment ate hereby repealed in So far onix as thrv conflict herewith fhr prov sims af th#S amendment effect and be in operation 60 days af- teg- -their apprevaI and adoption by the people of Arkansa~
 Approved hy the Govrrner. and filed In Inc office ot the Secretary ot State. March T.. lNt5#
 Each cfeetor# may vote for or against the ahase amendment
 Witness my ott5alH# signature this the 2ttl, day Of Ap + lNtS.
 Seal T0M I TERRAI..
 Secretary of State.