The spectator., 1918-10-01

uhs satisfsction of efIun.t saaces up,t such lands. which. in the Ja'.sinnut - said board. were Incurred or s:sa:,.rJ by said applicant for Inc aforesaid purposes,
 Sec s, Every applicant for Il fa:;'. toan shall state clearly in his app!tCa ton the purposes for which such i'~f Is desired, and upon its approNa! HH the board this statement shall be d. vuI cd part of the nolc or contract Gnies which the loan Is gran..t. EUt rt failure to apply such funds to the purposes stated In such application oi enumerated herein shah tny:lidstc loan when once made, nor shall any ihinG herein cont,nned be deemed lc prevent any farm owner from scli!D; or leasing lands subject to such in- aumbrancc: but if he stall violate his said contract by applying tl,e moneys aorrowed 10 purposes other than those stated In his application or enUmcra cd herein or 1T he shall lease such ls"t- or sell them to any person not fuiHi- ng the conditions and purposes pro- .ided for herein said board Is author ed and directed 10 require the repay Went of said loan upon six months no tice. and said note or contract ShEll ontain clause providing thorcfor.
 Sec. '. Such loans shall he g' pv ! 'ith Interest accruing 'r ans'al i,' ailments on the amortization P.rn. 1rh iustollmcnts being nN.d g' >uo,'
  nd will liQuidate the debt In per!"A be agreed on between said boat nd the applicant. said period ir Hv .ot less than i've nor more than tNtIt"- K years: but any debtor may iiQU,. tate any part or all of his Indebtedness . amounts of 5000 or multiples there f upon any amortization payment ate.
 See. [. The rate of interest on loans halI be i've per cent per annurn: pro a na "a sk ?" sold for less than par: and pro- ided further that the board shall re- tire each applicant to pay an irltial harge of l per cent Of the loan grant |. the minimum charge to be Sl0.O0 cover the cost of appraisal and ex- 5uination of title.
 Sec. . All surplus funds aceruing rom the operation of the system of nral credits herein provided for. after wing interest accruinE on the aforc- .dd bonds. and all operating and other Spenses arising from the administra- lon of said system of rural credits. nall be placed in the State Treasury md become part Of a fund to be i,eserve Fund" Said Arkansas Rural 'redits Reserve Fund shall be loaned 'n farm lands In the manner herein provided for the Arkansas Rural eruing from loans made from said Ar hausss Rural Credits Rsssrvs Fund shall be added to it and become . part of IL The said Arkansas Rural Credits Reserve Fund shall be trreducibls. ex- opt that it may bs drawn upon ts re- mburse the State fer loss incurred in he administration Of said system of ,ursi credits.
 See. 10 The Legislative Assembly thall provide h such detail ss it shall lcem advisable for the carrying out md administering of the provisions of his amendment. and shaii provide ad- 2quste safeguards against the use of uch loans as an aid to the purchas- ng and holding of lands for the pur- asss of speculation. Such safeguards 4ail include clear definitions Of the 'sm. Operate" and occupy" used
 rein. In the absence of such lesis-
 Ion. and subject to the same after enactment. the State Land Hoard Aall proceed to administer said sys. 'tn Of rural credits under rules and
 sulations provided by Itself. bn, sub. rt to the provisions herein contNinet
 Sec. IT. Titc provisions of t'" C"n- tuition of Alltausas In conft.f V l'h His amendment are hereby rcpeaIed "a far otl% as tanv coSftet her"'. ii'. F. e pro, 4inns nf this mn. nln ,.t
 Hll be Srif-cSecu'ip and shtn talk,
 .cl and he Tn apctJ tiun SC dny~ at. thcir approval end adoption hy th,
 HpiC of Ar'>apeaE
 NpprCy"d be ti-e Governor and rlr
 fhc office of la Secretary Of siat,.
 eth v 1ptG
 acN eleetor niey vote for or sgsin.,
 S-.vrn man uruer nous~s, th,. hicago and Kansas City. ~