Sharp County record., 1918-05-03

Ne subtraction Of encnmbrances upo
such lands. which, In the judgment
said board, were incurred or assun
oy said applicant for the aforesa
purposes.
esc. 9. Every applicant for ia
ioae shall state clearly in his apple
tlee the purposes for which such },
essired, and upon its approval W
go BOARD this statement shall be DEEM
part of the note or contract under
snNn the loan is granted. But no
LeI1re TO apply such funds to the
purposes stated in such application or
,nemersted herein shall invalidate
.S:n when once made, nor shall al
thhe herein contained be deemed
prevent any farm owner from sci.
OF leasing lands subject to such l.
on.orance; but If he shall violate e!s
sh.e contract by applying the monu5@
borrowed to purposes other than those
stated In his application or enumera'o0
MeEsn9 or II he shall lease such ld
or sen them TO any person not full.-
ny me conditions and purposes pro
Vidsd FOR herein, said board is author
zee and directed TO require the repa,
ment OF said loan upon six months ?"
nee. and said note or contract sH
contain a clause providing thereto
bss. Z. Such loans shall be rel
Win interest accruing in annual
staliments on the amortization p
such inHtallments being fixed at s
sums AZ will cover the interest ra
ana VIII lNquldate tho debt in perio
10 % agreed on between said boz
ana the applicant, said period to
not less than five nor more than thir
sh years but any debtor may Il
aAts any part or all of his indebtcdn
IN amounts Of $4,000 or multiples thel
OF upon any amortization paymeEt
Bee. 3. The rate of interest on loar5
snaii be hve per cent per annum; pro
Tided, that no Farm Credit Bonds shal
90 sold for less than par; and pro
Viaed further that the board shall r
auire each applicant to pay an initi
cnarg" NJ ! per cent of the loan gram
90, the minimum charge to be 5000
70 cover the cost Of appraisal and e%-
animation OF title.
Sec. 3 All surplus funds accruiur
from the operation Of the system G"
rural credits herein provided for, after
paying interest acCrulnE on the afor,
said bonds, and all operating and oth'r
erpenses arising from the adminstr0-
tion or said system OF rural credit,
shall he placed in the State Trea SUI "
ana become n part of fund to 10
known as the Arkansas Rural Cred
Reserve Fund" Said Arkansas Rur'
on farm lands in the manner herein
provided for the Arkansas Rural
Credit Loan Fund, and the interest ac-
cruins from loans made from said Ar
kansas Rural Credits Reserve Fund
snail be added to it and become port
or 1t. The said Arkansas Rural Cred 'g
Reaerve Fund shall he irreducible, ey-
cent that 1t may be drawn upon ~ re-
imburse the state for loss incurred in
the administration of said system Of
rural credits
Fec. 10. The Legislative Assombl'
shall provide In such detail 0s II shall
deem advisable for the carrying out
and administering Of the provisions Of
this amendment and shall provide ad-
eauate safeguards against the use Of
such loans A 5 An aid to the purchas-
Ing and holding OF lands for the pur.
poses of speculation Such safeguards
shall include clear definitions Of tho
terms Operate" and occupy" used
herein, In the absence Of such leRis
lstion, and subject to the same after
'ts enactment, the State Land Board
shall proceed to administer said sys-
tenn Of rural credits under rules and
regulations provided by itself, but sub
'ect to the provisions herein contained,
| Sec II, The provisions OF the Con
/ Htltution OF Arkansas In conflict with
this amendment are hereby repealed, in
! no taf only as lheY ConnlCt hefeWltN,
! 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 flled
IN the office Of the Secretary OF State,
| March H. 1917.
Each elector may vote for or against
| the above amendment,
witness my official signature this,
The gath day Of April 1918.
| tseall TOM !. TERRAL,
| Secretary OF State.