The courier-index. (Marianna, Ark.) 1917-current, 1918-06-07

the satisfaction of eacumorances upon
such lands. which. in the judgment OF
said board. were incurred or assumed
by said applicant for the Aforesaid
purposes.
Sec s. Every applicant for a farm
loan shall state clearly in his applica-
ton the purposes for which such loan
is desired. and upon its approval py
the board this statement shall be deem
ed a part of the note or contract under
which the loan is granted. But no
failure to apply such FUNDS to the
purposes stated In such application or
enumerated herein shall invalidate
loan when once made. nor shall any
thing herein contained be deemed to
prevent any farm owner from selling
or leasing lands subject to such In
cumbrance: but IL he shall violate ms
said contract by applying the moneys
borrowed to purposes other than those
stated in his application or enumerated
herein. or if he shall lease such lands
or sell them to any person not fulnll-
ing the conditions and purposes pro-
vided for herein. said board IL author
lied and directed to require the repay
meut of said loan upon six months no.
tics and said note or contract shall
contain a clause providing therefor.
SEC. I. Such loans shall be repaid
with interest accruing Ia annual In
such installments being hxed at such
sums as will cover the interest rate
and will Iiquidate the debt In . period
to be agreed on between said board
and the applicant. said period to Dc
not less than ave nor more than thirty :
six years: but any debtor may ii0ut-
date any part or all OF his indebtedn ess
In amounts OF $4,000 or multipies there
of upon any amortization payment
date.
Sac. 9. The rate Of interest on loans
shall be Ave per cent per annum; pro-
vided. that no Farm Credit Bonds shall
be sold for less than par; and pro-
vided further that the board shall re-
charge of per cent OF the loan grant.
ed. the minimum charge to be $1,000
to cover the cost OF appraisal and ex-
animation OF title.
Sec. .. All surplus funds accruing
from the operation OF the system or
rural credits herein provided for. after
paying interest accrutng on the afore-
said sonds. and all operating and other
expenses arising from the adrinistre-
ton OF said system OF rural credits.
shall be- placed in the State Treasury
and become a part ~ a fund to bs
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
Credit Loan Fund. and the interest ac-
crutug from loans made from said Ar
kansas Rural Credits Reserve Fund
snail De au0Su 10 III anu pcSDfue phtt
of IL. 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 I'm such detail as II 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-
shall include clear definitions OF the
terms Operate" and occupy" used
herein. In the absence OF such legis-
lation. and subject to the same after
it's enactment, the State Land Board
shall proceed to administer said sys-
tenn of rural credits under rules and
regulation provided by itself. but sub
ject to the provisions herein contained.
Sec. IL. 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 ar
ter their approval and adoption by the
people OF Arkansas.
Approved by the Governor. and f1led
IN the office OF the Secretary OF State.
March II. 1917.
Each elector may ~ote for or against
the above amendment.
witness my official signature this.
the gath day Of April. 1918.
rseall TOM j. TERRAL.
Secretary OF State.