The Nevada County picayune., 1918-05-16

sUeh lands, which. in the judgment of said board, were incurred or assumed oy said applicant for the aforesaid purposes.
 Sec. 6. Every applicant for a farm toah snail state clearly in his applica- lioh the purposes for which such loan ls desired. and upon its approval by tiie board this statement shall be deem- eq part of the note or contract under Which the loan is granted. But no laEufe to apply such funds to the purposes stated in such application or enumerated herein shall invalidate a loan when once made, nor shall any thlnB herein contained be deemed to prevent any farm owner from selling or casing lands subject to such in- HNmbrance; but if he shall violate his Sald contract by applying the moneys borrowed to purposes other than those stated Tn his application or enumerated herein. or if he shall lease such lands pf sell them 10 any person not fulfill ing the conditions and purposes pro- vided for herein, said board is author lzAd and directed to require the repay ment of said loan upon six months mo- tlce. and said note or contract shall contain clause providing therefor.
 Sec. '. Such loans shall be repaid With interest accruing in annual in Stallments on the amortization plan, such installments being fixed at such sums as will cover the interest rate and will liquidate the debt in a period to be agreed on between said board ana the applicant said period to be not less than five nor more than thirty six years: but any debtor may 1iqui- date any part or all of his indebtedness in amounts of $50.Gn or multiples there of upon any amortization payment date.
 Sec. 8. The rate of interest on loans SHal De hve per cent per annum: pro- Vided. that no Farm Credit Bonds shall De sold for less than par; and pro- Vided further that the board shall re- qulre each applicant to pay an initial chafse or per eens of the loan grant ed, the minimum charge to be $10.00 to cover the cost of appraisal and ex- animation of title.
 Sec. 9. All surplus funds aecruing rom the operation of the system of rural credits herein provided for, after pa$ing interest aCcruing on the afore- said bonds, and all operating and other expenses arising from the administra- ton of said system of rural credits shall be placed in the State Treasury and become a part of q fund to be known as 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 Cs"dit Loan Fund. and the interest ac- cruing from loans made from said Ar " "9nsas Rural Credits Reserve Fund shall be added to it and become a part of 1t. The said Arkansas Rural Credits 1
  cept that it may he drawn upon to re- imburse the State for loss incurred in th" administration nf said system Of ural credits.
 See. 10. The Legislative Assembly i shall provide in such detail as it shall 1 deem advisable for the carrying out | and administering of the provisions of | this amendment. and shall provide ad- l equate safeguards against the use of 1 such loans as an aid to the purehas- tnS and holding of lands for the pur- poses of speculation Such safeguards | shall include clear definitions of the | terms Operate" and occupy" used | herein. In the absence of such legs- l lation. and subject to the same after | Its enactment. the State Land Board | shall proceed to administer said sys- | tenn Of rural credits under rules and | regulations provided by itself. but sub | ject to tl,e provisions herein contain nd. |
 See. II. The provisions of the Con stitutic- of Arkansas in conflict win | this amendment are hereby repealed, in | so far only as they conflict herewith. | The provisions of this amendment | shall la seIf-executing, and shall take | effect and be in operation 60 days af- | ter their approval and adoption by the | people of Arkansas.
 Apprc"ed by the Governor, and filed | In the rfice of the Secretary of State. | March IT. 1917.
 Each elector may vote for or against | the above amendment.
 Witness my official signature this. | the 24th day Of April. 1918.
 ISeall TOW '. TERRAI. !
 Secretary of State