The courier-index., 1918-10-11

Me satisfaction of easwsaerancss upoa suoh lands. which, h the judgment of said board. were Incurred er assumed sv setd applicant for the afsrssaid purposes.
 Soc (. Every applicant fer . farm loan shall state clearly Ia his appliea- ton the purposes for which such loan is desired. and upon its approval by tho board this staten ent shall be dssm- cd . part of ths 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 shali invalidate loan when once made. nor shall any thing herein contained be deemed to prevent any farm owner from selling or leasing lands subject to such i'm cuabranoe: but if he shall violate his said contract by applying the moneys Borrowed to purposes other than those stated In his application or enumerated herstn. or if he shall lease such lands or sell them to any person not fulhll- ing ths conditions and purposes pro- yided for herein. said board is auth or ized and directed to require the repay mont of said loaE upon six months mo- tics. and said note or contract shall contain . clause providing therefor.
 Sec. T. Such loans shall be repaid with interest accrning in annual i'm stAiiments on the amortization plan. such instalIments being fixed at such
  and Will iiauidats the debt in a period to be agreed on betwcen said board and tho applicant, said period to be not less than i've nor more than thirty dats any part or all of his indebtedness in amounts of t5o.00 or muItiples there of upon any amortization payment date.
 See. :. The rate of interest on loans shall be nvs per cent per annum: pro- vided. that no Farm Credit Bonds sha III be sold for less than par; and pro- vided further that the board sha. re- autrs each applicant to pay an initial charge of per cent of the loan grant ed. the minimum charge to be 5000 to cover the cost of appraisal and ex- animation of title.
 Sec. s All surplus funds accruing from tho operation of the system of rural credits herein provided for. after paying interest accrufng on the afore- said 5onds. and all operating and oth CT expenses arising from the administra- ton of said system of rural credits. shall be placed in the State Treasury and become 6 part of a fund to bs known as the "Arkansas Rural Credit Reserve Fund" Said Arkansas Rural Credits Reserve Fund shall be loaned provided for the Arkansas Rural Credit Loan Fund. and the interest ac- cruing from loans made from said Ar kansas Rural Credits Reserve Fund Su4ii OS 4uuoO tO It RnQ D0COm0 V part of It. The said Arkansas Rural Crsdits Reserve Fund shall be irreducibls. ex- cept that 1t may be drawn upon to re- imburse the State for loss incurred in the administration of said system of rural credits.
 Sec. 1o The Legislative Assembly shall provide fn such detail e it shall deem advisable for the carrying out and administering of the provisions of this amendment. and shall provide ad- equate safeguards against tho use of such loans as an aid to the pdrchas- ing and holding of lands for the -pur- shait include clear definitions of the terms operate" and occupy used erein. In the absence of such legis- stfon. and subject to the same. after itse enactment, the State Land Board shall proceed to administer said sys- tenn of rural credits under rules and reguiations provided by itself. but sub ject to the provisions herein contained.
 See. Il. The provfsions of the Con- stitution of Arkansas in conflict with this Amendment are hereby repealed, fin so'far only as. they condict. herewith. Interpretations A of this am mendmeut effect and be in operation 60 days af- ter their approval and adoption by tn . people of. Arkansas. .sk
 Approved by the 0overnor and nled in the office of the Secretary of State. March fT-1 1gfT s#e-es .@ f 5sa'' -'tr.ra ss s'
 Each eleetor may vote for or again st the above amendment. ns tf~t aif
 witness my official signature this. che A3<th day Of April. 1918.
 'fSeaIJ TOM J. ~TERRAI.
 Secretary of State