The Monticellonian., 1918-09-06

-.,tsf.efi11 oE eLc1ubTanees sPon tE- s1dq which in the Judgment or aq-t t5 Eaard were incurred or assumed
 n1 satd applicant for the aforesaid
 putpo Gtc Every applicant for a farm
 -, ,bai state clearly in his applica- ron inc purposes for which such ioah is desired. and upon 1ts apPToNasi si ps Inc board this statement shaIl pc oeeiil- I .. fqIt of the note or contract uhueF .3 a a.' tb loan is granted. But no 5,5if,r, to apply such funds 10 the
 ',5rnoees stated in such application or euIirnc rated herein shall inVa1aate a ,oap when cree radS, nor SHat eH; thing herein contalned pc et,,, aaiii,,ag nrryeu- any farm owner rom SeitiI5 a fa.i,, lands subject 70 sUch ih- cumbr.tnrc: but if he shall Vlolete m ms said contract by applying tHe Iho,less borrowed 10 purposes other lhdl ehoS2 seated "a his application or enuinefaeeo bcratn CT if he shall lease such lanas or sell them 10 any person not luLniI- lI inc tEa conditions and purposes pro yidcd for herein. said board ls authoi- {gea ord directed to require the repay nlert eff said loan upon SIX months ho tf4a ar+l=seil note or contract snail
 contain T clause providing therefor. Sec Such loans shall be repaid with interest accrutng Tn anhuaI m st91Imeuts on the amortzalioh plaii' such irStallments being hxed al such gu,,s as will cover the interest rate
 sui,'2 ,l ,.iu iiniIidote the debt in a period
 to be agreed on between sa1d board and thr applicant. said perlod 10 De not les fhan five nor more than thlfty- six years; but any debtor may llqui- date aH~ part CT all ef his indeDtedhess in amounts of 5000 or multiples there- of upon any amortization payment date. ehall b. five per cent per annum; pro yided. that no Farm Credit Bonds snail
 be sold for less than par ana pro vtded further that the board snail re- quire each applicant to pay an Ia lnd.lai charge uf i per cent Of the loan grant. ed. the minimum charge to be Slo.Oo to cover the cost of appraisal and e3- amina tion of title.
 Sec. g. All surplus funds accfulhg from the operation of the system Of rural credits herein provided for after pa@fng interest accruing on the afore- eail bonas, and all operating and other | expenses arising from the admin1stra- tiou Of said system of rural credits. shall be placed in the State Treasury and become part of fund to Dc known IS 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 IL ana Dttoiile t pai of it. The said Arkansas Rural Credits | Reserve Fund shall be irreducible. ex- cept that it may be drawn upon to re- | imburse the State for loss incurred in the administration of said system of rural credits.
 Sec. 10 The Legislative Assembly
 shall provide in such detail as IL 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 of lands for the pur- poses of speculation. Such safeguards | shall include clear definitions of the herein In the absence of such legis- i lation. and subject to the same after | it's enactment, the State Land Board l shall proceed to administer said sys- l tenn of rural credits under rules and regulations provided by itself. but sub- | jeet to the provisions herein contained. Sec H. The provisions of the Con- stitution of Arkansas in conflict with this amendment are hereby repealed in SO far only as they conflict herewith. The provisions of this amendment shall be self-executing, and shall take | effect and be in operation 60 days af- ter their approval and adoption by the l people of Arkansas.
 l Approved by the Governor, and filed
 in the office of the Secretary of State. l March IT. 1917.
 l Each elector may vote for or against 1 the above amendment.
 l Witness my official signature this.
 the 2fth day or April. 1918.
 ISeaD TOM !. TERRAL. Secretary of State.