The Monticellonian., 1918-07-26

me satisfaction of encumbrances upon
 such lands which, in the Judgment of said board. were incurred or assumed by said applicant for the aforesaid
 x: sdS, 6. Every applicant for a farm isan shall state clearly n ms app!lco- tio.! ths purposes for EhicA 5ach 1oan .s desired ard upon itS appfCEa4 pt n bod this statement snail Dc deem n z p4it ot tho note or con flifeei uheet which The loan Is granted. but no
 failure 10 apply such funds 10 the purposes stated in such appheatton ot eiurz z-rat5d herein shall lilNStiid1te a
 loan b arn once naoe, nor Shall tH? lining herein contained be deemeo 10 prevent any farm owner from SellIls or IeasiHa lands subject to sGch Sh- cumb.anee: but if he shall Nloiate ms
 said coaaact by applying the moheys borrog s4 to purposes other lhan lnoss stated, m hts application or enumefa'eo
 herein. or if ne shall lease sueh i3a9s
 or sell them To any person le,., Ii"t nrn- ing tlI,. conditions and purposes pro yided loY herein said board Is &Cthor- fzed aud directed to require the repay ment or said IoaH upon six months ho7 tfce and said notc or contract Shu4i contain | clause providing therefor. See such loans shall be repaid ! with interest acerutne !e anhuai aia- stalImentS on the amorllZa tloH pan such in stallmerts being hNed al such sums as will cover the interest Ials and will HGIiidate the debt in period
 to be agreed on between said board | and the applicant, said period 10 De not less than five nor more than thifty six years: but any debtor may lqul- date any Eart or all Of his indebtedness 1 in amounts of $5000 or multiples there- 1 of upon any amortization payment | date
 Sec. &. The rate of interest on loans | shall be five per cent per annum; pro, vided tltat no Farm Credit Bonds snail | be sold for less than par; ana pro- i rd quire each applicant to pay an lnltlai | charge of l per cent Of the loan grant ed the minimum charge to De Slo.oo 1 to cover the cost of appraisal ana eA- animation of title.
 See. 9 All surplus funds accruing from the operation of the system or
 rural credits herein provided for after paving interest aecruinS on the afofe- l sai bondS. and all operating and other
 expenses arising from the adminlsiria- | ton of said system of rural credits | shall he placed in the State treasury
 and become part Of fund 10 pe 1 known u the Arkansas Rural Credit | Reserve Fund" Said Arkansas Rural Credits Reserve Fund shall be loaned i on farm lands in the manner hefeip l provided for the Arkansas Rural Credit Loan Fund and the interest ac- | eruing from loans made from said Ar l kansas Rural Credits Reserve tunu shall be added to IL and become part | of it. The sa i'd Arkansas Rural Credits | cept that it may be drawn upon to re- | imburse the State for loss incurred in
 the administration of said system or rural credits.
 Sec 10 The Legislative Assembly | shall provide in such detail as 1t shall deem advisable for the carrying out and administering Of the provisions or | this amendment, and shall provide ad- | equate safeguards against the use or | such loans as an aid to the purchas- ing and holding of lands for the pur- poses of speculation Such safeguards shall include clear definitions of the , terms Operate" and occupy" used herein. In the absence of such legis- i iation, and subject.to the same after l its enactment the State Land Board shall proceed to administer said sys- | tenn of rural credits under rules and
 regulations provided by itself. but sub | ject to the provisions herein contained.
 Sec. IL. The provisions of the Con | stitutiou of Arkansas in conflict with 1 this amendment are hereby repealed, in 1 so far only as they conflict herewith. 1 The provisions of this amendment | shall be Self-executing. and shall take l effect and be in operation 60 days af- | ter their approval and adoption by the l people of Arkansas.
 | Approved by the Governor, and filed ! In the office Of the Secretary Of State 1 March r. 1917.
 Each efectOr may vote for or against | the above amendment.
 Witness my official signature this, 1 the 24th day of April. 1913.
 fSeall TOM J. TERRAL. | Secretary Of State.