The Little River news. (Ashdown, Little River County, Ark.) 1897-current, 1918-08-28

shs satisfaction OF encumorance. u,
such lands. which, in the judgment
said board. were incurred or assue
by said applicant for the azores
purposes
Sec. s. Every applicant for e.
loan shall state clearly in his appii
ton the purposes for which 81. II Il
is desired. and upon its apSrovaf
the board this tatement shall ne eie4
ed q part OF the note or contract Gi1
which the loan is granted. Buts
failure to apply such funds to
purposes stated in such application
enumerated herein shall invs'ioatt
loan when once made, nor shall al
thing herein contained be deemecs
prevent any farm owner from self
or leasing lands subject to such@
cumbrance; but il he shall violate
said contract by applying the iao
borrowed to purposes other than
stated in his application or enulneI
herein. or if he shall lease such Id
or sell them TO any person not ft;a
ing the conditions and purposes
vided for herein, said board / aHtL
lied and directed to require tl.t = ~
ment of said loan upon six mo-. !
tice. and said note or contract 81
contain a clause providing thercf%e
Sec. Z. Such loans shall b. r &
with interest accruing in annual
stallments on the amortization -
=
sums as will cover the interest p
and will liquidate the debt in a ~
to be agreed on between said 4
and the applicant said period
not less than five nor more than IL
six years; but any debtor may >
date any part or all Of his indehte's.
in amounts of $1,000 or multiples the
date.
Sec. 8. The rate Of interest on
shall be five per cent per annum;
vided. that no Farm Credit Bonds =
be sold for less than par; and
vided further that the board shalf
charge Of 1 per cent Of the loan gf
ed. the minimum charge to be 81
to cover the cost of appraisal and
animation of title.
Sec. 9. All surplus funds accr
from the operation OF the systelf
rural credits herein provided for. lin
paying interest accruing on the afci
said bonds. and all operating and OF
expenses arising from the ad,ninist e
ton Of said system OF rural cred
shall be placed in the State Treast
and become part Of fund to
Reserve Fund" Said Arkansas I;uS
Credits Reserve Fund shall be loaf
on farm lands in the manner here
provided for the Arkansas PpN
Credit Loan Fund, and the interest (
cruing from loans made from said i
kansas Rural Credits Reserve Flu
shall be added to it and become a ~
of 1t. The said Arkansas Rural Cred
Reserve Fund shall be irreducible, I
cept that it may be drawn upon to 4
imburse the State for loss incurred
the administration Of said system
rural credits.
Sec. 10. The Legislative Assent
shall provide in such detail as it 81.
deem advisable for the carrying &
and administering OF the provisions
this amendment, and shall provide 9
eauate safeguards against the usef
such loans as an aid to the purcha
ing and holding of lands for the pt
poses of speculation. Such safeguaq
shall include clear definitions of I
terms Operate" and OCCUPY" u
herein. In the absence Of such lefs
lation, and subject to the same afl
its enactment. the State Land Boa
shall proceed to administer said ss
tenn Of rural credits under rules 4,
regulations provided by itself, but 81,
ject to the provisions herein contain,
Sec. II. The provisions of the ca
stitution Of Arkansas in conflict VI
this amendment are hereby repealed
so far only as they conflict herewa
shall be self-executing, and shall Ia
effect and be in operation 60 days /,
ter their approval and adoption BY 4
people Of Arkansas.
Approved by the Governor, and fiji
in the office Of the Secretary Of Sta.
March II. 1917.
Each elector may vote for or agair
the above amendment.
Witness my official signature tn
lseall TOM ]. TERRALs
Secretary OF StaI