The Monticellonian., 1918-08-02

, th4 sa tisfs7tiaa of el-1uf1- 5faaess = = e ..e such lands which, tn ta9 9aosinstte 9t said board, were incurred or ass d!-a1l . ny said applicant for the aloFeSdlo
 'Is eac 6 Every applicant for farm joan shall state clearly in ms appiiCa ton the purposes for "EicE luch lu, { is desired. and upon it's ahpfoF5l ,,' tha board this statement Shtil ne uSF,i' u, ad t pau 1t of the note or cohifaST uiiGI ,eI whica the lean is granted l'"' tt failure to uEply such tands To LII BupoSae stated in such GppHeatii tiOt V, enurlt He :=d teeatn shall lHF a '.4e-., loan #,.trn once made, nor thtlt sth' thina herein contained be aeeIGet to prevent auT farm owner rom eiti-S or leasing lands subject to sGch i,i, t' cumLiaaeh: but if he shall Nloidte said contract by applying the money borrov-tI 10 purposes other than thoAo stated !. his application or chtliet 1'S
 herein or if he shall lease such aan 3anH or sell them to any person not iuLitit ing the conditions and purposes pro yjded tz,, herein said board is author ized ana directed to require the fep1s ment of #atd ban upon six months no 1l
 tice and said note or cohtfaet S,"i'
 contain a clause providing theIeloi, Sec r. Such loans shall De rSpaln with interest accrutnE in aahual lh-
 stallrnnts on the amofti2otoh pan
 such in>tallments being hNed a Su[n sums ps will cover the interest Id
  to be asreed on between sala poaiu and the applicant, said period To De not less than five nor more than ttti i " six years: but any debtor may liqhi-
 date any part or all of his indeptedhesS
 in amounts of S50G0 or multples there of upon any amortization payment date.
 Sec. S The rate of interest on loans shall be five per cent per annum' pro
 vfded. that no Farm Credit Bonds shall be sold for less than par; anu pro vded further that the board shall re, quire each applicant to pay an lhllIat charge of 1 per cent of the loan grant ed, the minimum charge to De $lV.Vo to cover the cost of appraisal and ex- animation of title.
 Sec [ All surplus funds accruin: from the operation of the system or rural credits herein provided for. after paving interest aceruing on the afofe- sail bonds. and all operat ting and other expenses arising from the adtninistra- tion of said system of rural eredlts, shall be placed in the State Treasury and become a part Of q fund to be known d. the "Arkansas Rural Credit 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 Ar kansas Rural Credits Reserve Fund shall be added to it and become part
  Reserve Fund shall be irreducible. e6- ccpt that 1t may be drawn upon to re-
 imburse the State for loss incurred h
 the administration of said system or rural credits
 Sec 10 The Legislative Assembly shall prov ide in such detail as 1t shall deem advisable for the carrying out and administering of the provisions Of this amendment. and shall provide ad- equate safeguards against the use Of such loans as an aid to the purchas- ing and holding ef lands for the puf- poses of speculation. Such safeguards shall include clear definitions of the terms "opefaten and "oecupy" used herein. In the absence of such legfs- iation, and subject 10 the same after it's enactment, the State Land Board shall proceed b administer said sys- tenn Of rural credits under rules and regulations provided by itself. but sub ject to the provisions herein contained. Sec. II. The provisions of the Con- this amendment are hereby repealed in so far only as they conflict herewith. The provisions of this amendment shall be self-eNeeaine, and shall take effect and be in operation 60 days af- ter their approval and adoption by the people Of Arkansas.
 Approved by the Governor, and filed in the office ef the Secretary Of State, harch IT. faf7.
 Each eiector may vote for CT against
 the above amendment.
 Wines my efficial signature this,
 the 24th day Of Apsil. 1918.
 tSeall TOM j. TERRAL.
 Secretary of State.