The Little River news., 1918-08-14
uch lands. which. tp the Judgment Of aid board, were incurred or assumed oy said applicant for the aforesaid

uch lands. which. tp the Judgment Of aid board. were incurred or assumed oy said applicant for the aforesaid purposes.
 Sec. 6. Every applicant for . fari., 'oan shall state clearly in his applica- ton the purposes for which such loan IS desired, and upon its approval b! he board this statement shall be defnl- d 6 part of the note or contract under which the loan is granted. But no allure to apply such funds to the purposes stated in such application or "numerated herein shall invalidate loan when once made. nor shall any hing herein contained be deemed tf prevent any farm owner from selliE IT leasing lands subject to such r.. umbrance: but if he shall violate Iii aid contract by applying the mone' borrowed to purposes other than tho tated in his application or enumerat' ''erein. or if he shall lease such lano, sell them to any person not fu!n'!- 1g the conditions and purposes pro- ided for herein said board is author oent of said loan upon six months nc. ice. and said note or contract shall ,ontain clause providing therefor.
 Sec. T. Such loans shall be repaid rfth interest accruing in annual r. tallments on the amortization plan nch installments being fixed at HNc' ums as will cover the interest rate nd will liquidate the debt in a peric 2 be agreed on between said boarf ad the applicant. said period to he iX years: but any debtor may licui- ate any part or all of his indebtedness , amounts of $50.00 or multiples there upon any amortization payment late.
 Sec. 8. The rate of interest on loans hall be five per cent per annum; pro- ided. that no Farm Credit Bonds shal 'e sold for less than par; and pro ided further that the board shall re- uire each applicant to pay an initial harge of 1 per cent of the loan gra d. the minimum charge to be $10.o0 Q cover the cost of appraisal and ex- imitation of title.
 Sec. g. All surplus funds accruing rom the operation of the system of 'ural credits herein provided for. after 'aying interest accruing on the afore- aid bonds. and all operating and other xpenses arising from the administra- hall be placed in the State Treasury md become a part of a fund to h" -nown as the "Arkansas Rural Credit seserve Fund" Said Arkansas Rural n farm lands in the manner herein 'rovided for the Arkansas Rural '"edit Loan Fund. and the interest ac- rung from loans made from said Ar ansas Rural Credits Reserve Fund ',all be added to it and become a part [ It. The said Arkansas Rural Credits scserve Fund shall be irreducible. cN- opt that 1t may be drawn upon to re- lburse the State for loss incurred i'l e administration of said system of ural credits
 Sec. 10. The Legislative Assembly hall provide in such detail as it shall ,ecIn advisable for the carrying out nd administering of the provisions of his amendment, and shall provide ad- 'auate safeguards against the use of cch loans as an aid to the purchas- "'; and holding of lands for the pur- 'ses of speculation. Such safeguards all include clear definitions of the
 rms operate" and occupy" used erein. In the absence of such legis- stion. and subject to the same after hall proceed to administer said sys- em of rural credits under rules an6 ,Gulations provided by itself. but sub ct to the provisions herein conta ined.
 Sec. Il. The provisions of the Con- titution of Arkansas in conflict with his amendment are hereby repealed. in Q far only as they conflict herewith. The provisions of this amendment hall be self-executing, and shall take feet and be in operation 60 days af- CT their approval and adoption by the eople of Arkansas.
 Approved by the Governor. and filed T the office of the Secretary of State. iarch 17. 1917.
 Each elector may vote for or against Ne above amendment.
 Witness my official signature this. ,e 24th day of April. 1918.
 tScal] TOM J. TERRAT.,
 Secretary of State