The spectator., 1918-08-27

the sattsfActioR of eaegHEEaaeea upon such lands. which. In th@ judgment ot said board. were incurred or assumed by said applicant for the aforesaid | purposes.
 Sec. c. Every aLplicau. for farm loan shall state clearly in hls spplila. lion the purposes foi NLtch s4ct luau Is desired. and upon its approx al ht the board this statement sl:a!l be Geuns ed part os the note ot contract under which the loan Is s..-ntsd BUt ne 'aiiure to apply such funds to the purposes stated in such application ot enumerated herein shall inNaltdntc s loAn when once made. nor shaIl an! . thing herein contained be deemed ta prevent any farm owner from s.lilir, or leasing lands subject to such iu- cuinhrance: but II he shall violate hi~ saic contract by applying h" moncya borrowed to purposes other han those >t3ted in his application or enumerated herein, or if he shall lease such taL'.t pr sell them 10 any person not fC'Ell- ing the conditions and purposes s.rp- Nided for herein. said board is author tEed and directed 10 require the reptf- 'aent of said loan upon six months Ho- ice. and said note or contract shall rprtain clause providing theTero:.
 Sec. !. Such loans shall hH rvr" | "lth interest accruinE in annual l"- tallments on the amortization p'sn 'uch installments being nsed at su." -ums as will cover the interest r% nd will liquldate the debt In R pcr'' 'o be agreed on between said boa, nd the applicant. said period |" '" Not less tha IT hvs nor more than tNiftN- ~ix years: but any debtor may lisuj- late any part or all of his indcbtrGnra < 1T upon any amortization payment
 See. .. The rate of interest on loans hall be hvs per cent per annum pro Nided. that no Farm Credit Ponds shall ie sold for less than par; and pro- ded further that the board shall re- Hirs each applicant to pay ar in. Fl 'harEs of per cent of the loan Erar - "d, the minimum charge to be Sl0 % 70 cover the cost of appraisal and ex- animation of title
 Sec. :. All surplus fuads accruinS rom the operation of the system ot rural credits herein provided for. after payinE Interest accruing on the atore- cid bonds, and all operating and other 'Npenses arising from the administra- hall be placed in the State Treasury tnd become . part of fund to he knowa as the "Arkansas Rural Credit deserve Fund" Said Arkansas Rural credits Rsservs Fund shall be loaned provided for the Arkansas Rural Credit Loan Fund. and the interest ac- cruing fren loans made from said Ar kanees Rural Credits Reserve Fund shall be added to it and become . part of N. The said Arkansas Rural Crsdits Reserve Fund shall be frreducibls. ex- cept that it may be drawn upon ts TO- nburse the State fer loss incurred ip he administratien of said system of
 s.s. ie' n. L.s,.,..,v. Assembly, shall provide in such detail as it shall deem advisable for the carrying out ond administering of the provisions of his amendment. and shall provide ad- eauate safeguards against the use of such loans as an aid to the purchas' 2osss of speculation. Such sAfeguarcs hall include clear definitions of the crms Operate" and occupy" used crsin. In the absence Of such lesis. 1tion. and subject to the same after Us enactment. the State Land Boa' d ial proceed to administer said sy,,. cm of rural credits under rules and eSulations provided by itself but sub. rct to the provisions herein contsiurd
 Sac. II, The provisions Of the Cen. itution or Arkansas iH couhirt MtlN his amendment arc herchV repealed ia q far only as they conflict her"-V itll 'he provisions of this ein.ndn,c'. [ ball be self-eSecutinT. and shnll tai,' 'fect and he in operation GO davs nt, CT their approval and adoption hy tha
 Dpie Of -ArsaNsita.
 Approved bv tas GoNerrar. snd f,i. the ofrie. of the Secretary ur State. 'prch i7. t9i7
 'ach elector latN vote for or atsaln. {
 above amend '1ent
 Witness my officia' sl e'thture mn
 2'th day of AptN 'ets
 tsssll ToN TGEltu.
 Secretary of Slate