The Monticellonian., 1918-10-04

,,. sattsfaction of encufnpIsn ness ..f .F of
 the 1s,ede 1rhicb in the tudgTnen. ot
 said board were incurred or sSssesaI6
 a@ eaiG applicant for the aIoi
 purposes 1tcart for farm
 ,oau shall state clearY iu LtAs e.,rh loau
 fion the purposes for whlen n.>,1ro1ai bv
 = daeired and upon its appiicNdi ia.o,,1.
 Inc board this statement sh1ll h1}.t p under
 sd a part of the note or con ant no
 which the loan is Efahleu. ta inc
 failure to apply sut1 ianTieat tion or
 purposes stated in such a2p.tGijtdi a2p'l!eiidate a
 er5,r,eYatad herein shall lnNaIiu1". ,1 anv-
 Ioan when once made, nor shali s.toa fo
 thing herein contained pc selling
 prevent any farm owner tLoi-i ,cb in-
 or leas u@ lands suo1ep violate his
 cumbrerce: but if he shal ,-.aneys
 said contract by applying the thosa
 borrowed to purposes othcF tii' tad
 stated in his application or h ionds
 herein. or if he shall lease sut" s"IelI-
 or sell thau1 to any person not iu.nal
 tne. tba conditions and purposes p
 vided Ta, herein said board is autn at.
 ized and directed to require the no.
 ment of said loan upon SIX ntolisti nt shah
 tiee. and said note 7i,iee or con therefor. her
 Sec. : Such loans shall De Igpd,r dn
 with interest aceruins m anu" anu nlan
 staUfncnts on the atnofliza5'o Fet,ch
 such insfalIments being hxed ata
 sums as will cover tlte - nariod and will iduidate the debt in 2 PeiIodi
 to be agreed on between salq poasa
 and the applicant, said petloa tV
 not less than five nor more lhah tn;a 1ia,;;- six years: but any debtor may tiqU III, date any rart or all of his 1ndeDteahes' In nmoliufs of s50.00 or multiples there
 of upon any amortization pay yhioh'
 date. ,oons shall be five per cent per anhuih' p,I piJ,I lOndS
 be sold for less than par; ana pro vided further that the board snail quire each applicant to pay an e Inl.t. charge of 1 per cent of the ioah e.tn m ed, the minimum charge to De S Si, eYe to cover the cost of appralsal anu eN animation of title.
 Sec. Q. All surplus funds aeeru1ng from the operation of the system on rural credits herein provided TOT ai paving interest aceruing on the aioie- said bonds. and all operating and other expenses arising from the adnlnlss,ifa- tion of said system of rural creolts.
 shall be placed in the State treasury
 and become part Of Iuhd Soajt Io known as the Arkansas Rural Creoi, Reserve Fund" Said Arkansas Rural
 Credits Reserve Fund shall be loaned
 on farm lands in the manner hereln provided for the Arkansas Hurai
 Credit Loan Fund, and the interest ac- c:ung from loans made from said AT, kansas Rural Credits Reserve faho shall be added to it and become part
 of it. The said Arkansas Rural Credits | Reserve Fund shall be irreducible, e1- 1 cept that it may be drawn upon to re- 1 imburse the State for loss incurred m the administration of said system or | rural credits.
 Sec 10. The Legislative Assembly l shall provide In such detail as 1t shall l deem advisable for the carrying out l and administering of the provisions or this amendment. and shall provide ad. | equate safeguards against the use or such loans as an aid to the purchas- 1 ing and holding Of lands for the pur- | poses of speculation. Such safeguards | shall include clear definitions of the | terms operate" and occupy used
 herein. In the absence of such legis- i lation and subject to the same after it's enactment, the State Land Board l tenn of rural credits under rules nna
 regulations provided by itself, but sub- 1 ject to the provisions herein contained. 1 Sec II. The provisions of the Con. | stitution of Arkansas in conflict witk | this amendment are hereby repealed, iD
 SO far only as they conflict herewith. The provisions of this amendment shall be executing, and shall take effect and be in operation 60 days af- | ter their approval and adoption by tho
 people of Arkansas
 in the office of the Secretary of State. March IL 1917.
 Each elector may vote for or against | the above amendment.
 | Witness my official signature this, 1 the 24th day of April 1918.
 [Seall TOM J. TERRAL. | Secretary of State.