Pine Bluff daily graphic., 1918-05-16
the satisfaction of encumbrances upo>

thn satisfaction of encumbrances upoN such lands. which. in the Judgment of said board. were incurred or assumed bE said applicant for the aforesaid purposes.
 Sec. 6. Every applicant for farm loan shall state clearly in his applica- tion the purposes for which such loan IS desIred. and upon it's approval by the board this statement shall be deem ed a part of the note or contract under which the loan is granted. But no fallure to apply such funds tC the purposes stated in such application or enumerated herein shall inNalidatc a loan when once made, nor shall any thlnS herein contained be deemed to prevent any farm owner from selling or leasing lands subject tn such tn- cnmhrancC: but if he shall violate his Sald contract by applying th" moneys borrowed to purposes other ttan those stated in his anplicatiou or enumerated herein, or if he shall lease such lands or sell them to any person not fulfill- ing the conditions and purposes pro- Nlded for herein. said board is auihor- iZed and directed to require the repay mcnt of said loan upon six monlhs' no- tlcc. and said not" or contract shall contain clause providing therefor.
 Sec. '. Sucb lonns shall be repaid with interest ac"rung tn annual in 3fallmentS on the amortization plan. such installmeuts being fixed nt such sums as will cover the interest rnto and will iiduidat" th" debt in q period to be agreed on between srtd board and the applicant said period to h" not less than five nor more than t'irt''- six years: but any debtor may liuui- dat" any part or all of his indeht edn"Ss in a1Hounts of so m or niIltiplc: th"rc- of upon any amortization payment f"tC
 Sec s. The rate of interest on inans -ha II b" five per cent per anrv,n; pro vided. ihat no Farm Credit ionds shah 'r sold for toss' than par: and pro- sidrd further that the board >fjall TO Guire each applicant to pay an initial rharg" of per cent of tho l6aH grant ed. the minimum charge to he 5000 to cover the cost of appraisal and cX animation of title.
 Sec. 9. All surplus funds accruinE from the operation of the system of rural credits herein provided for after paying interest acrluing on the afOrc- said bonds. and all operating and other expenses arising from tho adn1inistra- ton of said system Of rural credits. shall be placed in the State Treasury and become part of a fund to be known as tho "Arhansas Rural Credit Reserve Fund" Said Arkansas Isurhi Credits Reserve Fund shall be loaned on farm lands in tn" manner herein provided for inc Ar'Sansas Rural Credit Loan Fund and tue interest ac- cruing from loans made from said Ar kansas Rural Credits Reserve Fund shall h' added to 1T and h"core part of it. The said Arkansas Rural Credits Reserve Fund sha Il he irrrducibie, cX- copt that it may b" drawn upon to re imburae inc State fni loss incurred ia inc administration of said system of rural crcdits
 Sec. 10. The Legislative Assembly shall provide in such detail as it shall deem adviSabl" for the carrying out and administering of tbe provisions of this amendment. and shall provide ad- equatc safeguards against the Us" of ing and holding of lands for the pur- poses Of speculation. Such safeguards shall include clear definitions of the terms "operateA ard occupy" used herein. In the absence of such lcgiS 'ation, aud subject to the same after it's enactment. tue State Land Board shall proceed to administer said sys- tenn of rural credits under rules and regulations provided by itself. but sub feet to the provisions herein contained.
 Sec Ii. The provisions Of the Con stitution Of Arkansas in conflict With .his amendment arc hereby rep"aled in The provisions of this amendment shall he self and shall take fleet and be in operation 60 days af- 'e. their approval and adoption by the ,cople of Arkansas.
 Approved by the ';overnor, and filed n the office Of the Secretary of Statc March l7. 1ot7.
 Each electOr mas vote fer or against h" above amendment
 Witness my officia signature this, he o4th day Of April. 1918.
 [Seall TOM !. TERRAL.
 Secretary cE State