The Monticellonian., 1918-08-09
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,r,, 5at..ta.ti.n e9 s&s-sne+GE.s3 ~yaG such lands which, in tho ;uogmeht oI saId board, were incurred or assu1I.So oy said applicant for the aroreselo
 Sec. 6. Every applicant for Q farm i0an shall state clearly in hls appLlca tion-thc purposes fer Whlch sdeh i9di k desired. and upon its appfoFal pf inc board thia statement shat pe oeeih. .,li.. sd a usrI of the note or contract hhde' which the loan is granted. t'ut II" fatiuic io apply such funds 10 tle ~ purposes stas@d in such appIlcatiioi o, enumerated herein shall ihNa'Luhte a loan when once made, nor snail an! tI,ipf~ herein contained be deemed 10 prevent any farm owner from sehills or leasing lands subject To sHeH H HiH cunb.es.ce: but if he shall Nloiatt HIS HIS said contract by applying the moneys horrc,,r1 10 purposes other than those stated in his application or enamefa1ea herein or if he shall lease such idnu' or sell them to any person not laliIit @ ing the conditions and purposes plo Vided Inr herein. said board Is au9hoi ized and directed to require the repay ment of said loan upon SIX months ho tice and said note or contract shaii contaia a clause providing therefor.
 See ! Such loans HhaH be ftpala with interest accruing in annual m stallraents on the amofuZ2tloh pan such iastallments being fixed at such sums as will cover the interest fate and NH hquidate the debt Tn Perlo9 Pa to be az,ted on between said board and the applicant, said period to De not les than five nor more than thirty six years; but any debtor may liqal- date any rart or all ef his indebtednes5 in amounts of $50.00 or multiples there- of upon any amortization payment
 Sec. s. The rate of interest on loans shall hc five per cent per annum' pro vided. that no Farm Credit Bonds shall L. a1Il fg9 lose vided further that the board snail re- qure each applicant to pay an 1nloai charge of 1 per cent of the loan grant ed. the minimum charge to be $10,Oo to cover the cost of appraisal ana eS- animation of title.
 Sec. 2 All surplus funds accruing from the operation Of the system or rural credits herein provided for, after paving interest accfuiHg on the afere- said bonds. and all operating and other expenses arising from the adminlstra- tion Of said system of rural credits. shall be placed in the State Treasury 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 Rurai Credit Loan Fund and the interest ac- csuing from loans made from said Ar kansas Rural Credits Reserve Fund shall be added to it and become part of it. The said Arkansas Rural CfeallS 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 in such detail as 1t shall deem advisable for the carrying out md ministering 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- poses Of speculation Such safeguards shall include clear definitions of the terms operate" and Occupy" used herein. In the absence of such 1egis 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 regulations provided by itself. but sub ject to the provisions herein contained.
 Sec. II. The provisions of the Con- stitution of Arkansas in conflict with this amendment gre hereby repealed, in so far onlH as they conflict herewith. The pros islous ef this anne ndment effect and be in operation a days af- ter their approval and adoption by the people ot Arkan7as.
 Approz#d by the Governor. and filed in the office of the Secretary Of State. March T.. 1917. Each elector may vote for or against the above amendment.
 Witness my official signature this, the 2lth day Of April 1918.
 tSeall TOM J. TERRAL. Secretary of State.