The Mena weekly star., 1918-08-01
Walter Nance, Cashier
AT THE CLOSE OF BUSINESS
 JUNE 2s, 1918.

farm lands in Arkansas. npon notes S. cured by mortgages or deeds of trust lands in amounts which shall not sx- ceea seventy-fve per cent of the sp- praised value o- such lands. The cred any person to purchase more than ss acres Of land. nor land valued at more of less an per ssS6o Nor shall Sss yS.oeOoo be made to any purchaser oI
 Section 6. Such loans shall not h. made except to owners who ''opurate" and occupy lands mortgaged and shall be made for the following pur- poses: (a) The payment for lands Dur- ehasedi Cb) the purchase of livestock ana other equipment and the making improvements, which. in the judgment ductivity of such lands or add to their value as farm home in a degree to lustlfy such expenditure; and (cl for the. satisfaction of ncumbrances upon such lands. which, in the Judgment of said board. were incurred or assumed by said applicant for the aforesaid pur- poses
 Section 6. Every applicant for farm Han ton bs nnaii rn state clearly in his applica is desired. and upon it's approval by the board this statement shaii be deem der which the loan ia granted But ns failure to apply such funds to the pur- poses stated In such application CT loan when once made. nor shall any thing herein contained be deemed te or leasing lands subject to such in cumbrance; but if he shall violate his said contract by applying the monays stated in his application or enumerated herein, or if he shall lease such lands or sell them to any person not fulfill l yided for herein. said board is author- ized and directed to require the rspgy- ment Of said loan upon six monthS nc tice, and said note or cantract shah contain clause providing therefor. with interest int accruing % inc in ennuai Ire sn- such installments being fixed at EacA and will iiauidate the debt fin 2 period 10 be agreed on between said board and the applicant. said period @ be not years. but any debtor may iiauidets any part or seldl of hIs indaebtednsss is cf upon any amortization pasIssas
 sectiof. B. The rate of Interest or provided that no Farm Credit pondh shall be sold for less than par; and pro- ylded further that the board snail re, | quire each applicant to pay an Initial | charge of per cent of the loan <~aNt- ed, the minimum charge to be sle.et 10 cover the. cost of appraisal an es-
 Section g. All surplus funds aecrulne from the operation of the system of I | paying interest accruing on the afsre- | said bonds. and all operating and other expenses arising from the administra- l ton of said system of rural credits | shall be placed in the State Treasury l and become a part of fund to he 1 known as the "Arkansas iiural Credit . Reserve Fund" Said Arkansas Rnlal l Credits Reserve fund shall be l0aHaS on farm lands in the manner hersln | Credit Loan Fund and he Interest ac- | eruing from loans made from said Ar kansas Rural Credits Reserve Fund | of 1t. The said Arkansas Rural Credits Reserve Fun shall be irreducihie. ex- imburse the State for. loss incurred iR the admtnistration Of said system 0s
 ssotion 10. The L.eisiative Ass-m- bly shall provide m stsh detail as r l shall deem advisable fhf the carr ving ths sna and od ns sha Rr9ylssda adequate safeRuHrds against the uee Of such loans as an aid to the pnrehas- Ing and holding of lands for tas nur poses of speculation Such safeguards shall include clear deflnitions Of the terms "oPsrate and oscupE used iation and subier, to the same after its enactment. the State Land Board
 of psra cpedn ansr rnes saS sys regulations provided tv itself. but sub ject to the provisions herein contained constitution of Arkansas h cunfics with this Amendment are hereby re pealed In so far only as they c1nniot herewith. The provisions of thfr amendment shall be sslf-executinr ans shall take effect and te in operation as 1 days after their approval aud adoption by the people of Arixnnsas.
 Approved by the Governor and nted In the office Of the s. cretary or State II March IT, 1917.
 Each eiector may v"te for or set'nss the above amendment
 II N itness my official signature thR
 the 24th day of April 1915.
 fSean TOM ] TEE fA t-
 Secrefar
 Adv.--First Pub. May 2. 1918.
 Last. Pub Oct. 31 1912