The spectator., 1918-11-01

Eas sAnsfsotlon ot eEeu eunarxauces upoa such lands. which. in the Judgment of said board. were incurred or assumed by said applicant for the aforesaid purposes.
 Sec. 6 Every applicant for A farm loan shall state clearly In his applics- ton the purposes for which such loan IS desired, and upon it's approval 3y the board this statement shall be deem. cd part Of the note or contract uI@of which the loan is gSanted But aS failure to apply such funds to tho purposes stated in such application or enumerated herein shall invalidats loan when once made. nor '" all any hing herein contained be deemed te prevent any farm owner from selling or easing lands subject to such in- cumbrance: but if he shall violate his said contract by applying n. moneys borrowed to purposes other than those stated in his application or enumerated herein, or fl he shall lease such lands or sell them 10 any person not fulfll- ng the conditions and purposes pro- 'yed and directed to require the repay 'nent of said loan upon six nonths' no- lice. and said note or contract shah ontain . clause providing therefor.
 Sec. !. Such loans shah be repaid with tnterest sccruink in annual in tsllments on the amortization plan. uch installments being fixed at such sums will cover the interest rate
 
 70 bs agreed on between said board nd the applicant. said period to hs 1ot less than i've nor more than thirty stx years: but any debtor may liaui- late any part or all of his indebtedness u amounts of 5000 or multiplss there. .f upon any amortization paypasnS dats.
 ses. s The rate of interest oA loans Vided. that no Farm Credit Bonds shalR ne sold for less than par: and pros dsa furthsr that the board shall re- tuire each applicant to pay an initial hsrgs of per cent of the loan grant d. the minimum charge to be sle0a to cover the cost of appralsal AAd ex> anination of title.
 See. . All surplus funds aceruing rural credits herein provided for. after 2ayins interest accruinx on the afore- nid bonds. and all operating and other Npenses arising from the AdminlStra- nall be placed In the State Treasury md become part of & fund to be llnown as the "Arkansas Rural Credit Reserve Fund" Said Arkansas Rural CreHts ReseIvs Fund shall be leaned on farm lands in the manner hsysin provided for the Arkansas Rural Credit Loan Fund. and the intersst ae-, cruing from loans made from said AP- kan.As Rural Credits Reserve runA shall be added to 1t and become . part of N. The said Arkansas Rural Crsdisa Reserve Fund shall bs irreducibla sx- opt that it may be drawn upon to re- mburss the State for Ioss incurred i1 he administratioa sf said systsa of iural credits
 Seq To- The Legislative AsssuSly 4hall provide In such detail as t aAail lcem advisable for the carrying out md administering of the provisions of his amendment and shar provide ad- 'quAte safeEuards against the use of rch loans as an aid to the purchas- tng and holding of lands for the pur- 'nsss of speculation. Such safeguards all include clear definitions of the rms operate" and occupy" used 'rein, Tn the absence of such legis- ton. and subject to the same after fs enactment, the State Land BoarA nall proceed to administer said eye. m of rural credits under ruIss ann gulatons provided by itself, but sub- 'ct to the provisions herein contained. Sec. II. The provisions of the Goa tuition of Arkansas ip conflict with his amendment are hereby repealed n n far only ss they conflict herewith he provisions of this amendnsaA hall be self-enecuting. and shali tahn foct and he in operation e days ef- their approval and adoption by the
 'ple of Arkansas
 Approved by the Governor and nlsA
 he office of the Secretary os State, .rch IT. 1atT
 'fAch elector may vote for or arstpst
 above amendr}cut
 Witness my offici'd sii~nature thtA
 2ith day of AphL i9lS
 SealJ TON ! TDRRu.
 Secretary of StAux