Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1921-09-29
SIXTH INITIATED LAW

SIXTH INITIATED LAW
CONTINUED From Front Page)
properly divided, shall appear the
words "Rural Credits Board" estate
of North Dakota"
Section 8. BOARD OF APPRAIs-
ERS. The County Treasurer, Coun-
ty Auditor and Chairman of the board
of county commissioners, of such coun
ty where loan is made, shall consti-
tue the Board of Appraisers. The
County Auditor and County Treasur-
; er shall receive their travelling expens
es and the chairman of the board of
county commissioners shall receive
the same mileage and per diem as
when serving on the board of county
commissioners. Before any mortgage
loan is made by the Rural Credits
Board, the application therefore shall
be referred to the Board of Apprais-
ers of the county in which the secur-
ity is situated and they shall make
an appraisal and written report upon
the land offered as security 70 such
loan. Such report shall be accampan-
led by certificate of the county audi
tor showing the assessed valuation of
such property for the last preceding
three years. No such loan shall be
made unless such written report is
favorable and filed with the commits
sioner and approved by said rural
credits board.
Section 9. LOANS. Such board
shall make loans only upon the follow
ing conditions:
1. Each loan shall be secured by a
duly recorded first mortgage on farm
land within the state.
2. Every such mortgage shall con-
tain an agreement providing for the
repayment Of the loan on an amorti-
cation plan by means of annual in
stallments so computed as to pay the
interest on the loan according to the
terms of the mortgage, and also such
amounts to be applied on the princi-
pal as will terminate the debt within
an agreed period of not less than five
years, nor more than, thirty years;
provided, that additional payments
for part or all of the principal may
be made an any annual payment date
under such rules and regulations as
the board may prescribe.
3. The board may loan money on,
and take as security for the same,
farm lands subject to liens or assess
ments for drainage, reclamation or
irrigation purposes, payable in install
ments, not due at the time Of making
such loans, and the mortgage taken
to secure the loan shall, notwithstand
ing such liens or assessments, be
deemed a first mortgage within the
meaning of this act; provided, that
the amount of such liens or. assess
ments shall be considered by the
board in determining the amount to
be loansed on such farm lands.
4. Such loans may be. made for
the following purposes and no other:
(a) To provide for the purchase
Of farm land.
(b) To provide for the purchase
of equipment, fertilizers and live
stock necessary for the proper and
reasonable operation Of the mortgage
ed farm land, the term equipment to
be defined by the board.
(c) To provide for buildings and
other improvements upon farm lands
the term Improvements" to be de-
fined by the board.
(d) To liquidate indebtedness Of
the owner Of the land, consisting Of
ortgages, liens and unpaid taxes or
other Indebtedness incurred for the
purposes mentioned II this section.
s. No such loan shall exceed fifty
per cent. Of the value Of the land, as
escertained and fixed BY the board,
plus twenty-five PR cent Of the n