Pine Bluff daily graphic., 1918-08-29

me satisfaction of encumbrances upoA such lands. which, in the Judgment oi said board. were incurred or assumea9 by said applicant for the aforesa''
 Sec. 6. Every applicant for . farm loan sha1l state clearly in his appilca- ton the purposes for which sucn ioan is desired, and upon it's approve " the board this statement shail pc da, ed a part of the note or contract unuea ea which the % loan is .,,es esan.end; f,snd. % to the purposes stated in such app enumerated herein shall tnvaiidate loan when once made. nor shall any. thing herein contained De deemeu, prevent any farm owner rom sh Se ins cumbrance; but if he shall violate ms said contract by applying the monsss borrowed to purposes other than .nV stated in his application or enume,ad herein, or If he shall lease such .neuf aaii or sell them to any person not 1ul,a,- ing the conditions and purposes pro vided for herein, said board IS autnor ized and directed to require the rePa! ment of said loan upon six months n" tice, and said note or contract sna" contain a clause providing tnere1or.
 Sec. 2. Such loans shall be repaio with interest accruing in annual ln stallments on the amortization plan. such installments being nxed at sucn sums as will cover the interest ral. and will iauidate hstssn thf asSs ,m sad rSoard and the applicant said period to ne not less than i've nor more than thirty six years: but any debtor may i,Qul- date any part or all of his indebtenness in amounts of ss0.00 or multirles tnere. of upon any amortization payment date.
 Sec. 8. The rate of interest on loan: shall be five per cent per annum; pro" vided, that no Farm Credit Bonds shall be sold for less than par; ana ana pro TO- quire each applicant to pay an inftiA charge of 1 per cent of the loan grant o ed, the minimum charge to De 3lo.oV to cover the cost of appraisal ana ex- animation of title.
 from the operation of the system or rural credits herein provided for, after paying interest accruing on the afore- said bonds, and all operating and other expenses arising from the administra- shall be placed in the State Treasury and become a part of 8 fund to ne known as the Arkansas Rural Credit Reserve Fund" Said Arkansas Ru-s !! Credits Reserve Fund shall be loaned 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 part of 1t. The said Arkansas Rural Credits Reserve Fund shall be irreducible ex- cept that it may be drawn upon to re. imburse the State for loss incurred in the administration of said system of
 Sec. 10. The Legislative Assembly shall provide in such detail as 1t shall ieem advisable for. the carrying out md administering. of the provisions of this amendment and shall provide ad- equate safeguards against the use Of such loans as an aid to the purchas- poses of speculation. Such safeguards shall include clear definitions of the terms Operate" and occupy" used herein. In the absence of such legis- !ation, and subject to the same after its enactment, the State Land Board shall proceed to administer said sys- tenn of rural credits under rules and .eguiations provided by itself. but sub feet to the provisions herein contained.
 Sec. Il. The provisions of the Con- stitution of Arkansas in conflict with his amendment are hereby repealed, in 10 far only as they conflict herewith. Tho provisions of this amendment shall be self-executing. and shall take atfect and be in operation 60 days af- 'er their approval and adoption by the 'eople of Arkansas. es
 In the office of the Secretary of State. March IT. 1917.
 Each elector may vote for or against he above amendment
 Witness my official signature this he 9th day of April. 1918.
 (ssall TOM J. TERRAL.
 Secretary e 0tatA