Newport daily independent., 1918-05-24

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 loan s sery ths Y sssssua,sosf sssus of ( tlon !Bass Bats ciee DD,,icaa, rsssiaq At, s9 s6e o sta 1Doa ;whichS IFS appi;errro 0.xSr y3 NC noeeessnenf'ss. :. approocah Joan % no n5 j'e or coonnau De ssal d. byfko the enrpa enumy sueb ,at, tion or loan whS such sade' nor T shall h any thing heiEin contained be deemed to prevent any farm owner from selling or leasing lands subject to such in- cumbrance; but if he shall violate his 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 fulfill- Ing the conditions and purposes pro- vided for herein. said board Is author ized and directed to require the repay ment of said loan upon six months no- tice, and said note or contract shall contain clause providing therefor.
 Sec, ( Such loans shall be repaid with interest accruing in annual fn- stallments on the amortization plan such instal1ments being fixed at such sums as will cover the interest rat and will liquidate the debt in a period to be agreed on between said board and the applicant said period to be not less than five nor more than thirty sjx years; but any debtor may liQui- dAte any part or all of his indebtedness sin amounts of $50.00 or multiples there of upon any amortization payment date.
 Sec. 8. The rate of interest on loans shall be five 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. quire each applicant to pay an initial charge of per cent of the loan grant. ed. the minimum charge to be 5000 to cover the cost of appraisal and ex-
 Sec. 9. All surplus funds accruing from the operation of the system or rural credits herein provided for, after paving interest accruing on the afore- said bonds. and all operating and other expenses arising from the administra- tion of said system of rural credits, shall be placed in the State Treasury and become part of fund to pc pc 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 bA sdded to 1t and become part of iy Ts~- said Arkansas Rural Credits Reserve Fund shall be irreducible ex- cept that it may be drawn upon to re- ilnburse 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 it 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-s poses Of speculation. Such safeguards shall include clear definitions of the terms .operate' and occupy used herein. Tn the absence of such 1egis- lation, and subject to the same after its enactment the State Land Board shall proceed to administer said sys- tenn of rural credits sunder rules and regulations provided by itself, but sub ject to the provisions herein contained.
 Sec. II. The provisions of the Con-s 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 people of Arkansas.
 Approved by the Governor and filed in the office of the Secretary of State. March IT. 1917.
 Each elector may vote for or against the above amendment.
 Witness my official signature this, the 24th day of April 1918.
 ISAall TOM .J.STERRAL.
 Secretary of State.