The spectator., 1918-10-25

tu... ,Ht cI.,..ui rI,es Dliec '@eh lnnds, winch, in me JadrInrut "t Stld euItd. We incurred or aSsutted by said appi Tt for the aforesn ij pur. oses
 Sec. 6. Every applicant for a farm loan shall state clearly in hi. applioa~ ton the purposes for which such loan is desired and upon its approNi.. Dy the board this statement shall be deesn ed part Of the note or contract unIer which the loan is granted. But no failure to apply such funds to tho purposes stated In such application of enumerated herein shah invalidats loan when once made. nor shall any ming herein contained be deemed o prevent any farm owner from selling pr leasing lands subject to such in cumbranCe; but If he shall violate hi. Said contract by applying the moneys 'orrowed to purposes other than those stated in his application or enumerated heroin. or If he shall lease such lands ar sell them to any person not fulhll- 'ng the conditions and purposes pro- ,ided for herein said board Is author 0hcd and directed to require the repay .uent of said loan upon six months no ice. and said note or contra,t shall .ontain . clause providing therefor.
 Sec. T. Such loans shall b" repaid With interest sccruins in annual i"~ 3tallments on the amortization plan. -uch installments being hIed al Su . ums as will cover the interest r,.te nd will liquidste the debt in a per3a8 .o be agreed on between said to.,ri nd the applicant. said period tO He not less than i've nor more than thiftN- .ix years but any debtor may liQui- late any part or all of his indebtedness n amounts of $50 co or multiples there upon any amortization payment
 Seq .. The rate of interest on loans nall be i've per cent per annUm pro- vided. that no Farm Credit Bonds shall he sold for less than par; and pro- Ided further that the board shall rc- 'uire each applicant to pay an mlt1l hargs of per cent of the loan grant d, the minimum charge to be SlG "a lo cover the cost of spprsisal and eS- Ntntnation of title.
 Sec. ' All surplus funds sccruinS rom the operation Of the system gr rursl credits herein provided for after noytns interest accruins on the afurr- aid bonds. and all operating and other. Npenses arising from the sdministfa- ion of said system of rural credits. hall be placed in the State Treasury md become part or fund to hs Enown as the "Arkansas Rural Credit Reserve Fund" Said Arkansas Rural 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 Rsservs Fund shall be added to II and become . part of t. The said Arkansas Rural Credits tessrvs Fund shah be irreducibls, ex- 'ept that it may be drawn upon ts re- tmburse the State fer loss incurred in he administration of said system of rurai credits
 Sec. 10. The Legislative Assembly shall provide h such detail as tt shall leem advisable for the carrying out md administering of the provisions of his amendment, and shall provide sd~ 'quate safeguards against the use of uch loans as an aid to the purchas- nd hAI Atn~ A( la A. R4r 'osss of speculation. Such safeguards rms Operate" and occupy" used rein. In the absence of such legis- 'tion, and subject te the same after ts enactment. the State Land Board hall proceed to administer said sys- rm of rural credits under rules and rgulations provided by Itself. but sub II to the provisions herein contained.
 Sec. II. The provisions of the Con- tltution of Arkansas in conflict with His amendment are hereby repealed in far only as they conflict herewith, he provisions of this anendme nt fa,l be self-executing. and shall taks
 ct and he Tn operation SO days af. .t their app ova' and adoption by ths
 nlc of ArltNN-n.
 'pprovcd hv ta. Governor and rfe i
 he office "' n" Secretary oe State.
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