The courier-index., 1918-10-25

the - abstraction OF eneum ORANGES 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 farm
loan shall state clearly in his applfca-
ton the purposes for which such loan
Is desired, and upon its approval oy
the board this statement shall be deem
ed . part of the note or contract under
which tho 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 tnan those
stated in his application or enumerated
herein, or IL he shall lease such lands
or sell them to any person not fulhll-
ing the conditions and purposes pro-
vided for herein. said board Is author
lied and directed to require the repay
ment OF said loaE upon six months no.
tice. and said note or contract shall
contain a clause providing therefor. j.
Sec. Z. Such loans shall be repaid
with interest accruing in annual in
stallments on the amortization pie n.
such instalments being nxed at such
sums as will cover the interest rate
and will liouidate the debt in perioc
to be agreed on between said board
and the applicant. said period to be
not less than fve nor more than thirty :
six years: but any debtor may liqui-
date any part or all OF his indebtednc ss
in amounts OF 5000 or multiples there
Of upon any amortization payment
date.
Sec. 8. 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 shat. re-
quire each applicant to pay an initial
charge of l 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.
from the operation of the system OF
rural credits herein provided for. after
paying interest accrufng on the afore-
said bonds. and all operating and othe
expenses arising from the administra-
ton OF said system OF rural credits.
shall be placed in the State Treasury
and become a part of fund to be
known "a the Arkansas Rural Credit
Credits Reserve Fund shall be loaned
on farm lands I'm 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 be added to 1t and become a part
of 1t. The said Arkansas Rural Credits
Reserve Fund shall be frreducibie. ex-
cept that IL may be drawn upon to re-
imburse the State for loss incurred In
the administration OF said system OF
rural credits.
Sec. TO- The Legislative Assembly
all provide In 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 aid to the pIrchas-
'ng and holding OF lands for the pur-
shalt include clear definitions OF the
erms Operate" and occupy useo
| ierein. In the absence OF such legis-
ation, and subject to the same after
| its enactment, the State Land Boarc
hall proceed to administer said sys-
| tenn OF rural credits under rules anc
equations provided by itself but sub
oct to the provisions herein contained
| Sec. IL The provisions of the Con
| stitutlon of Arkansas in conflict with
| this amendment are hereby repealed TX
| SO far only as they conflict herewith
| The provisions OF this amendment
| shall be seif-executing. and shall TAXI
| effect and be In operation so days ar
| ter thu cir approval and adoption by thu
| people OF Arkansas.
| n the office Of the Secretary OF State
! March IT. 1917
| Each elector may -ote for or agafns
| the above amendment.
witness my official signature this
| he Gath day OF April. 1919.
| TseaIl TOM j. TERRAL.
| Secretary OF State