Pine Bluff daily graphic., 1918-09-26

tne satisfaction Of encumhr.nc.
 sucn lands. which, Tn the iudemen1 pot %a, ooaro were incurred or assun,e6 py said applicant for the aforesaid purposes SAoresaio ,oss Sec 6. Every applicant for farm an +i Shall state clearly in his apnIica ton the purposes for which s,nt, ,n. 70 H ueslred, and upon it's approval h,, .ne board this statement shall be deem. ,., u part or the note or contract under faii',ra iiur the ne loan is granted But no nurnosa o apply such funds to the pu.p .poses stated in such application or enumerated herein shall inyalidate .oan when once made, nor shall any- .nlng herein contained be deemed to prevent any farm owner from selling on ieaslne lands subject to such i,,- cum norance; but if he shall violate his said contract by applying the monevs oiIo"eo 10 purposes other than those slaHed In his application or enumerated nerein; or if he shall lease such lands , in se,l 'hem to any person not fulfl- vided fo euilol!lohs and purposes pro- sloeo Tor herein. said board is author lZed and directed to require the repay i!ehl or sald loan upon six months no- llce. and said note or contract shall coSea'n S a clause providing therefor
 sec z. Such loans shall be repaid with interest accruing In annual pir1 in- staiiments on the amortization plan, such installments being fixed at such sums as will cover the interest rate ana Will liauidate the debt in 2 period ana .o oe agreed on between said board ana the applicant. said period to be l; .aot less than live nor more than thirty SIX years; but any debtor may loui oate any part or all of his indebte edncss m amounts of s50.00 or multiples there da te. oA p''' '''eii'
 Sec. 5. The rate of interest on loans siail DC nVe per cent per annum: pro- ylded, that no Farm Credit Bonds shah De sold for less than par; and pro .ioeo further that the board shall re- qulre each applicant to pay an initiS' charge of l per cent of the loan grant cd. the minimum charge to be s1O 10 cover the cost of appraisal and ex- animation of title
 Sec. 9. All surplus funds accruing rural credits herein provided for, after paying interest accruing on the afore- said bonds. and all operating and other expenses arising from the administra- tion or said system of rural credits, shall be placed in the State Treasury and become a part of a fund to be known as the Arkansas Rural Credit reserve Fund" Said Arkansas Rurai credits Reserve Fund shall be loaned on 1arm lands in the manner herein Credit Loan Fund, and the interest ac- c.rulng from loans made from said Ar kansas Rural Credits Reserve Fund snail De added to it and become a part or 1t. The said Arkansas Rural Credits Reserve Fund shall be irreducible. ex- cept that it may be drawn upon to re- lmburse 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 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 of lands for the pur- poses of speculation. Such safeguards terms operate" and occupy" used herein. In the absence of such legis- 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 the provisions herein contained.
 Sec. Il. The provisions of the Con- stitution of Arkansas in conflict with 70 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 people of Arkansas.
 Approved by the Governor and hled in the office of the Secretary of State. March 17. 1917.
 Each elector may vote for or against he above amendment.
 Witness my official signature thia he 24th day of April. 1918.
 lseall TOM J. TERRAL.
 Secretary Qf StatA