Sharp County record., 1918-07-26
>...,...,.n Of .neombraness upoI

N s>saefsetien Of snsambraness upol
~ SaAs, which, In yhs judgment "
~ hsNrd, were incurred or assuMSS
By sAid applicant for the aieresS'N
-. & Every applicant for q farm
loaa shall state clearly In his appiiea
tis0 The purposes for which sueh US
10 eesired, and upon its appro's
The beard this statement shall pc ueea
ed . part Of the note or contract '. unu NO
vhtaA the loan 10 granted. bu' Az M
faiinrs to apply such funds TO tns
purposes stated In such applicatioh "
saunerated herein shall invsl1Sos
lo0A when once made, nor shall an;
thtag herein contained be oeeIheu
prevent any farm owner from sehins
or leasing lands subject to sueh ~
cunbrance; but II he shall violate n
said contract by applying the meho thoss
borrowed = purposes other thah nt tsd
stated In his application or enuhe,aS iSs
or sell them to any person not 1ulnii
ing he conditions and purposes pr
vidsd for herein, said board Is autnol-
lied and directed to require the repay
ment Of said loan upon six months MI
tice, and said note or contract shah
contain q clause providing therefor.
Sec. Z. Such loans shall be repay
with interest accruing In annuai III
stallments on the amortization piah
such installments being h1ed AZ sutn
sums a. will cover the interest rate
and will liQuidate the debt In a perloa
to be agreed on between saia poaIu
and the applicant, said period 10 pe
not less than ave nor more than thirty-
six years; but any debtor may nQul-
date any part or all Of his Indebtedness
in amounts Of 5000 or multiples there.
Of upon any amortization payment
date.
SEQ 8. The rate Of interest on loans
shall be hve per cent per annum; pro,
be sold for less than par; and pro-
vided further that the board shall re-
quire each applicant to pay an initlai
charge Of per cent Of the loan grant
I'd, the minimum charge to be slOoo
to cover the cost of appraisal and ex-
animation of title.
Sec. 9. All surplus funds accruins
from the operation Of the system OF
rural credits herein provided for, attef
paying interest accruing on the afore-
said bonds, and all operating and other
expenses arising from the administra'
ton Of said system Of rural credits
shall be placed in the State Treasury
and become part Of fund to be
known as 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-
cruing from loans made from said Ar
kansas Rural Credits Reserve Fund
shall be added to it and become part
Of It. The said Arkansas Rural Credits
Reserve Fund shall be irreducble, ex-
cept that II may be drawn upon to re.
imburse the State for loss incurred In
the administration Of said system OF
rural credits.
Sec. 10. The Legislative Assembly
shall provide In such detail as 1t shall
deem advisable for the carrying out
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
shall include clear definitions OF the
terms Operate" and occupy" used
herein. In the absence OF such legis'
letion and subject to the same after
Its enactment, the State Land Board
TEN 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-
stitutlon Of Arkansas in conflict with
this amendment are hereby repealed IN
so far only as they conflict herewith.
The provisions OF this amendment
shall be self-executing. and shall take
effect and be In operation 60 days af-
ter their approval and adoption by the
people Of Arkansas.
Approved by the Governor, and f'ed
In the office Of the Secretary Of State,
March H. 1917.
Each elector may vote for or against
the above amendment
Witness my official signature this,
the cath day OF April, 1918.
tSeall TOM ]. TERRAL,
Secretary OF State