The Dermott news., 1918-05-02

the satisfaction ot encumbrances upon such lands, which, in the Judgment or 1 said board, were incurred or assumed by said applicant for the aforesaid 1 purposes.
 Sec 6. Every applicant for farm l loan shall state clearly in his applica- 1 ton the purposes for which such loan l Is desired. and upon it's approval by | the board this statement shall be deem ed part of the note or contract under 1 which the loan Is granted, But no i failure to apply such funds 10 the 1 purposes stated in such application or l enumerated herein shall invaltdate 1 loan when once made. nor shall any i thing herein Conta iued De deemed to prevent any farm owner from selling ] or leasing lands subject to such in- i cumhFance; but if he shall violate his 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 i or sell them to any person not fulhll- | ing the conditions and purposes pro- Ntded for herein. said board Is author izcd and directed to require the repay ment of said loan upon six months no- | ttce, and said note CT contract shall contain clause providing therefor Sec. !. Such loans shall he repaid with interest aCCrulnE In annual in- Stallmehts on the Hmef tt2stt9n plan. sueh mstallNeUts teins a%ed at such sums gs will cover tho interest rate and will Nquidato tn 2ebt in period to he agreed on between ss-.d board and tte or"l'-~~t eafa "eriod to be -.e, less ti.hn l,o I4o. 4..=#4#e s....a ta!rty- six years; but any debtor may iiaui- date any part or all of his indehte edness in amounts of s5000 or multiples therel } date
 Sec. x. 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- Nided further that the board shall re- auire each applicant to pay an initial charge Of l per cent of the loan grant cd. the minimum charge to be 5000 to cover the cost of appraisal and eN- animation of title
 Sec. 9. All surplus funds accruing from the operation of the system Of rural credits herein provided for. after paving interest accruinE on the afore- said bonds. and ali operating and other expenses arising from the administra- ton of said system of rural credits. shall be placed in the state Treasury and become part Of fund to be known as the "Arkapsas Rural Credit Reserve Fund" Said Arkansas Rural Credits Reserve Fund shall he loaned on farm lands in the manner herein praN ided for tho Arkansas Rural Credit Loan Fund. and the interest ac- efutng from loans mad. from said Ar kansas Rural Credits Reserve Fund shall hc added tu II and become 2 part Hnf it The stid Nrkausas EuYai Credits
 
 fseHt that it may he drawn upon ta re imhurse the State for ioss incurred in the administration of ~atd system of rural credits
 See io. The Legislative Assembly shah prov d. in such detail as il shall deem adNt~ahlr for tte carving out and admin. t,'taE uf aAHe provisions of thi= ame udmout. and h=H provide ad- e4Hatc saf'-uord# a.HHn4{ the use uf Fl loans as Ju aid ta the purchas- tnr and hoIi'r. of laHis for inc pur- raEes af sUtuU't'iau Such z8fcsuards zhHl8 include .I.ut dtfH8sfoes of the terms &op"rat, aaa occupy. used herein. lu t'r aHs u.s eE suyh leels- a3teH and subject te sfe==8loe after tt+ enactment the State Land Board =hat proceed tu H3uaufsteT s.aId sys- teH =ef rUHll credits HndeF rules and tc=-ulatfons provided hy nscIf but sub Hsaa to tho provisions tea#n contained,
 Sec IL The provisions Q: the Con StHuitou ut Niklusas= conflict With th#s amendment ure hereby repealed. m su f1f only us they conflict herewith. fhe provisions uf rttz amendment shaH h. selI-rNccutiuE. and shall tako tffeet and be tu operation ta days af- trf thou approval and adoption by the people uf NrkaNs-=
 Approved hy the IioNtHnar and fled in the office of thu SeefetaFs ef State. March r.. l9l7.
 Each clcctor may vott for ar against the above amendment
 Witness my official signature this, the 24th day of Np ,. f9tN.
 tSeall TOW i. TERRhf.
 Secretary of State.