The Monticellonian., 1918-08-30

t,s sattststt!sz = snseys ofsasss s;ss s"sS Iesds. gkIah .g ta9 5EGsfaSat os said board. were incurred or assumed av said applicant for the aforesaid
 9U5 Sec 6. Every applicant for farm oar, shall state clearly in his applica- ffon the purposes for Which such loan is desired. and upon its aPpIo'al ns tbe board this statement small De oeeiii- 6 q part of the note or contract uhaef which the loan is granted. But no .,ffur. 10 apply such funds to the aurro.cs stated in such application or enumerated herein shall lhVai iHa.e a loan when once nade, nor siiI sii"it thing herein contained be deehieu .o nrrxent any farm owner from selilhs or leasing lands subject to such iii- cun1b1.nce: but if he shall violate ms said contract by applying the Htness borrowed 10 purposes otlsr ,,,,n,srateS I,,,r stated in his application or ehuIhe, alSu herein. or fl he shall lease such ianus or sell them to any person not Iuliit- ing the conditions and purposes vided for herein Satn podFu lS ~au.no ~ izea ard directed to require the repay n1eut of safd loan upon six months mo- tice and said note or contract snail contain a clause providing therefor
 Sec. | Such loans shall be repaid y1tb interest accruing in annual lh-
 s+.IInerts on the amortization plan, alrh i,lstqtfments being fixed at such sums as will cover the interest Iats md viii iiquidate the debt in a peFlo1 10 be agreed on between said board and theaapplicant said period to be not less :han five nor more than thirty six years. but any debtor may Ilqa1- late any part or all of his lndebteahess n amounts of $54.00 or multiples thefc- If upon any amortization payiheh'
 Sec. &. The rate of interest on loans shall b. five per cent per annum' pro, vided, that no Farm Credit Bonds shall .. Q vfded further that the board shall re. quire each applicant to pay an lnltlai charge of per cent of the loan grant. ed the minimum charge to be Slo.oo to cover the cost of appra1sal ana e4- animation of title.
 Sec q All surplus funds aceruing from the operation of the system or ! rural credits herein provided for. after paying interest accruing on the alore- said bonds and all operating and other expenses arising from the administra- ton Of said system of rural credits. shall he placed in the State Treasury and become a part of fund to De known ss 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 Rural Credit Loan Fund. and the interest ac- c.uing from loans made from said Ar kansas Rural Credits Reserve tund shah be added to it and become a part of it. The said Arkansas Rural Credits 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.
 See. 10 The Legislative Assembly shall provide In such detail as 1t shall
 deem adyisable for the carrying out and administering 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 l shall include clear definitions of the terms operate" and occupy" used herein In the absence of such legis- 1ation, and subject to the same after it's enactment. the State Land Board shall proceed 10 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 are hereby repealed in The provisions Of this amendment shall be self-exeeuting. and shall take effect and be in operation GO days af ter their approval and adoption by the people of Arkansas.
 Approved by the Governor, and filed in the office of the Secretary of State, March r. 1917
 Each elector may vote for or. against the above amendment
 Witness my official signature this, the 24th day Of April. 1918.
 ISeal1 TOM J. TERRAL. Secretary of State.