The Nevada County picayune., 1918-10-24

the satisfaction of encumbrape. such lands, which, in the iuass said board, were incurred or by said applicant for the s,s , purposes. aaet
 Sec. 6. Every applicant for loan shall state clearly in his ton the purposes for which say Is desired, and upon it's annseh the board this statement shali hs ed a part of the note or conts.s which the loan is granted failure to apply such fun5. purposes stated in such annIt. Tnumerated herein shall inysfapeia fpal when once made, nor saa' thing herein contained be daal prevent any farm owner fron' or leasing lands subject to sn cumbranCe; but if he shall via1sa said contract by applying tba borrowed to purposes other tb. stated in his application or enn, herein. or if he shall lease sn.l or sell them to any person m. ing the conditions and purnos. vided for herein. said board is iZed and directed to require fla ment of said loan upon six mon. tice, and said note or contr.n. contain a clause providing tba..,
 Sec. '. Such loans shaiI bs with interest accruing in ann..; stallments on the amortizat;a such installments being fixed s, sums as will cover the intars.. and will liquidate the debt in to be agreed on between sa,s and the applicant. said period \ not less than five nor more tban \, six years: but any debtor ma. date any part or all of his indeh,.a in amounts of $50.00 or multinlss N of upon any amortization n,s' date.
 Sec. 3. The rate of interest q, i, shall be five per cent per annnm. vided. that no Farm Credit RonS. be sold for less than par. and vided further that the board sbsn quire each applicant to pay an \. charge of 1 per cent of the loan r1 ed, the minimum charge to hs to cover the cost of appraisal s,s animation of title.
 Sec. g. All surplus funds ac.- from the operation of the syst, rural credits herein provided fo, paying interest accruing on the ,1 said bonds. and all operating and expenses arising from the adminIl ton of said system of rural es. shall be placed in the State Trsl and become a part of a fund |, known as the Arkansas Rural Reserve Fund" Said Arkansas N Credits Reserve Fund shall be la on farm lands In the manner bs provided for the Arkansas Credit Loan Fund. and the interss cruing from loans made from sas kansas Rural Credits Res rye shall be added to it and become of 1t. The said Arkansas Rural cr. Reserve Fund shall be irreducibls eept that 1t may he drawn upon K imburse the State for loss incurry the administration of said systsu rural credits.
 Sec 10. The Legislative Assss shall provide in such detail as f. deem advisable for the carryins and administering of the provisie this ame ndment, and shall provd. equate safeguards against the us such loans as an aid to the pur.] ing and holding of lands for the poses of speculation Such safeg. shall include clear definitions Q, terms operate" and occupy" herein. In the absence of such lation, and subject to the same its enactment. the State Land B shall proceed to administer said tenn of rural credits under rules regulations provided by itself, but jeat to the provisions herein conhj
 See. Il. The provisions Of the ! stitHtion of Arkansas in conflict | this amendment gre hereby repealsI so far only as they conflict herss1 The provisions of this amenlsI shall be self executing, and shall ! effect and he in operation SO day ter their approval and adoption bt1 people of Arkansas.
 Approved by the Governor. and { in the office of the Secretary of s March IT. 1917.
 Each elector may vote for or aga} the above amendment.
 Witness my official signature the 24th day of April, 1918
 Seal TOM J. TERRI
 Secretary of s