The Little River news. (Ashdown, Little River County, Ark.) 1897-current, 1918-09-04

1uch lands, which, IN the Judgement q
said board. were incurred or assumed
by said applicant for the aforesaid
purposes.
Sec s. Every applicant for a farm
loan shall state clearly in his applica-
ton the purposes for which such loaii
is desired and upon its approval by
the board this statement shall be DEEM
ed part OF the note or contract under
which the loan is granted. But no
failure to apply such funds to the
purposes stated in such application or
enumerated herein shall invalidate q
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
cusnbrance; but if he shall violate his
said contract by applying the moneys
borrowed 20 purposes other than tho"
stated in his Applicant or enumerated
-;crein. or If he shall lease such lan! :
or sell them to any person not fu'fii-
inG tffe conditions and purposes pro-
vided fer herein. said board is author
lied and directed to require the repay
ment of said loan upon six months no.
tice. and said note or contract shall
contain a clause providing therefor.
Sec. Z. Such loans shall he repaid
rith interest accruing in annual ir-
:tallments on the amortization plan
uch installnlents being fixed at s'ic'
AIMS as will cover Tie interest RAJ
nd Will iiq,idate the debt in 4 poril
% be agreed ON between said hoefa
I'd the applicant, said period to h.
ct less than five nor more than thirty
* years; but any debtor may liGCi-
ste any part or all of his indci1t edn eGs
amounts of $4,000 or multiples there
# upon any amortization payment
late
Sec. s. The rate OF inteWst on loans
han be FIVE per cent per annuin pro-
'ided. that no Farm Credit Bonds shall
'e sold for less than par; and pro-
Hided further that the board shall re-
stnire each applicant to pay an initial
harge OF per cent of the loan grant
d, the minimum charge to be $1,000
% cover the cost Of appraisal and ex-
animation of title.
Sec. 9. All surplus funds accruine
rom the operation of the system Of
"ural credits herein provided for, after
paving interest accruing on the aforc-
aid bonds. and all operating and other
Expenses arising from the administra-
ion Of said system OF rural credits
md become part of a fund to he
tnown the Arkansas Rural Credit
Deserve Fund" Said Arkansas Kurai
'redits Reserve Fund shall be loaned
,rovidcd for the Arkansas Rural
edit Loan Fund. and the interest &C.
'rring from loans made from said -.
tansas Rural Credits Reserve Fund
hall be added to it and become a part
'f 1T. The said Arkansas Rural Credits
Deserve Fund shall be irreducible. OK
opt that it may be drawn upon to re-
'aburse the State for loss incurred il
he administration of said system OF
ural credits.
Sec. 10. The Legislative Assembly
hall provide in such detail as it shall
Gem advisable for the carrying or
nd administering of the provisions of
his amendment. and shall provide ad-
quate safeguards against the use q
Hch loans as an aid to the purchas
t:g and holding OF lands for the pur-
.oses of speculation. Such safeguards
hail include clear definitions of t."
e'plS' Operate" and occupy" u9ed
erein. In the absence of such leCi:.-
alton. and subject to the same after
is enactment, the State Land Board
hall proceed to administer said sys-
en- of rural credits under rules and
equations provided by itself, but sub
ct to the provisions herein contained.
sec. IL. The provisions of the Con-
:itution of Arkansas in conflict with
% far only as they conflict herewith.
"he provisions OF this amendment
hall be self-executing, and shall take
Feet and be in operation co days ST
- their approval and adoption by tie
"ople of Arkansas.
Approved by the Governor. and fled
the office of the Secretary of State
-nrch II. 1914
Each elector may vote for or against
. above amendment.
Witness my official signature this,
2tth day OF April 1918.
iSeall TOM J. TEERAL,
Secretary OF State