The Mena weekly star., 1918-07-18

farm lands in Arkansas upon nofea Ka- cured by mortgages or deeds of trwSt constituting first liens on such fare lands in amounts which shall not ax- ceed seventy frye per cent of the au- praised value of such lands. The cred 1t Of the State shall not be loaned Se any person to purchase more than co acres or land. nor land valued at mere Of less San sse6 EeT ner small more is $5.O00,0O be made to any purchaser a made except. to owners who "opOrae~N and occupy" lands mortRaged ard shall be made for the following par poses: (a) The payment for lands par chased: (bJ the purchase of livsstack and other equipment. and the makine improvements which, in the judgm&nt or said board, will increase the pva- duetivity of such lands or add to their value as n farm home in degree ks Justify such expenditures; and (c) for such lands. which. in the judgment of said board. were incurred or assunmeS by said applicant for the aforesaid pur-
 Section 6. Every applicant for farm loan shall state clearly in his applfrar tion the purposes for which such bexs the board this statement shaf1 be doaxF- ed part of the note or coutract Hz- ger which the loan is granted. But ns poses stated in such application or enumerated herein shall lnvalidaze q loan when once mace, nor shall say or leasing lands subject to such la cumbrance; but If he shall violate hls said contract by applying the moneys | borrowed to purposes other than thasx stated in his application or enumerxfe6 or or sell sell them to any W person n not not rusali- | ing the conditions and purposes Fwo- | vided for herein, said board Is autkor- ment of said loan upon six months no | tice, and said note or cantract zhE
 contain a ciause providing therefor. :. Section I Such loans shall be repuf' . with interest accruing In annual tp } stallments on the amorfi tion pl [ such installments being fixed al ~ze } sums as will cover the interest r2k ] and win liquidate the debt in a pexfo' . to be agreed on between said boar
 na ess 1he bsn nnr mor Sa,r pthan m a
 eears. but any debtor may lfquf6afl
 my mart or all of his indebtedr as II
 amounts of $50 O0 or muftiples th1tes | date
 Section 8. The rate Of interest es | loans shall be live per cent per annuue provided. that no Farm Credit Dsndz shall be sold for less than par: and pro vided further that the board snail vs. charge of per cent of the loan ass- | ed, the min mum charge to be fx40s to cover the. cost of appraisal an ex-
 Section 9. All surplus funds acee sin . | from the operation ot the system ss rural credits herein pr ovided for after | paving interest accruing on the afox~- 1 said bonds. and all operating and other expenses arising from the adminissra- sion sha, or saia ,o syy,sm s,, or rural crsais1 known as the ..'Arkansas Rural Cretffs 1 Credits Reserve fund saaii be laarsl | on farm lands In the manner herssp provided for the Arkansas Rural cruing from loans made from sat- Al. kansas Rural Credits Reserve Fund shall he added to it and become part 1 of it. The said Arkansas Rural cieslits l Reserve Fun shall he irredncif's. ex- | cept that it may be drawn upon to Fe- 1 irlbnrsc the State for loss incurred sE the administration of said system .. | ction 10 The Isrislafive AssAn- | blv shall provide m st.h detail as Y shall ,'eem advisable for the carr ssr< | out and administering oi me provtsfora | of this amendment. Hnsl shall Dr~vt6s l adeanalas- s@feEuards agitinst the uoe oi such leans as an aid to the puressAs- ] ing and holding of lands far .hs ui.r poses of speculation Such safeE-.s-s shan include clear definitions ..vf tbs l herein In the absence Of such iexts- lation. and subject b the same after It's enactment. the State Land Dcss4
 tenn of rural credits under rules aud regulations provided " itself. but sub feet to the provisions herein contnAned Section II. The provisions or ths | constitutioa of Arkansas in cunEs<s
 with this amendment are hereby re pealed, in so far only as they c1us1ee l herewith. The prOvi ions Of tNts amendment shall be self-executinr srs | shall take effect and he Tn operation 0t days after their approval aud adepsscs by he people of Arlynrsas.
 Approved by the Governor and haet in the office of the cretslry oF SsHeu | March IT. 1917.
 l Each aiaefor may v..ta for .a. -s.~,isz,sx the above amendment
 Witness my official Signatrare <hkr the 24fh day of April 1918.
 tSeal TOM !
 SpcFst4t
 Adv.--First Pub. May 2. issG
 Last. Pub Oct. 3i. 1912