The Mena weekly star., 1918-07-04

of less than s20o.00 nor more ,ka. iSS,vIvVVV be made to any purchaser 5T Section 5. Such loans shau ro, n~ made except to owners who "oporat~- and occupy" lands mortgaReS. and Snsdi Sns De made for the following pun chased; Cbl the purchase of liv.stoek ana other equipment and the making nf ss,d rents nLs which, in the judRmsnk uueuvity of such lands or add to their value as farm home in a degree to the satisfaction of incumbrances ,,Don such lands. which. in the judumenf 0f sald l board, were Incurred or assumed py said applicant for the aforesaid p1rr- poses. Section 6. Every applicant for a farm loan shall state clearly in his apDliea- ton the purposes for which such Ioan IS desired, and upon its approval by the board this statement shall be deens- der which the loan is granted But no failure to apply such funds to the pur- poses stated in such application or enumerated herein shall invalidAte a loan when once made. nor shall any thlng herein contained be deemed S0 ereYIeast or Ieastp any y,dI IadFm owner from selling cumbrance; but if he shall violate hIs said contract by applying the moneys stated in his application or enumerafeG herein, or 1T he shall lease such lands pr pr, sell them to any person not fuin1l-
 
 ylded Tor herein, said board Is author lzed and directed 10 require the rsnag- m19ent or said loan upon six months no- tlee, and said note or cantract shali contain a clause providing therefor
 Section 7 Such loans shall be repaid staliments on the amortizaiion piar. such installments being fixed at such sums as will cover the interest rate to be agreed on between said boar@ and the applicant. said period to be not ess Nears snan bn hVe nor dh3r mers than thirtysix any part or all of his indebtedness Ia Gs Gate. upon any amortization payment
 Section 8; The rate of interest on loans loans shall be i've per cent per annums | shall be sold for less than par: and uro- | yided further that the board snail ra- | charge of 1 per cent of the loan s-ant- | ed. the minimum charge to be $ie.se so eovsr the cost of appraisal an l ex- Section 3. Ali surplus funds accruinE rom the, operation CT the system of rural credits herein pF 5vided for after paying interest accruing on the afors- l said bonds. and all operating and other expenses arising from the administra- shall be placed in the State Treasury | and become part of fund to he Reserve % Fund" md aHsa sasd Arkansas n fnsuss nssss | Credits Reserve fund shall be loaned | on farm lands in the manner hersta | 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 1t and become a uaYt Of it The said Arkansas Rural Credits Reserve Fund shall be irreducih'e. ex- cept that 1t may be drawn upon to rs- imburse the State for. loss incurred kn the administration of said system os rural credits
 section 10. The l., eislative Assem- bly, shall provide m tch detail a& ff shall deem advisable for the carr virE out and administering of the provisions of this amendment. and shall provide adequate safeguards against the Wse 0f such loans as an aid to the purchas- poses of speculation Such safeguards shall include clear definitions of the terms operate" and "occapy used herein. In the absence of sWch iegis~ lation, and subject to the same aftcF It's enactment, inc State Land SoaHd shall proceed fo administer said sya- tenn of rural credits under rules and reg ulatiOns provided ? itself bur aut.- iect to the provisions herein contained
 section IT. The provisions of the with this amendmens are herel re pealed, In so far only as they conflict herewith The provi ions of this amendment shall be self-executtnr an1 shall take effect and fa ip operation SO days after their. approval aud adoption by he people of Arkersaa.
 Approved by the Go"ernOr and ftN6 in the office of the Secretary of State March IT, 1s17
 Each eiector may v.te for or rwy'nst
 W itness my official signature th% the 24th day of April 1918.
 (Seal) TOM j. rasRlfht~
 Seeretaf of rsfS