Watauga Democrat. [volume] (Boone, Watauga County, N.C.) 1888-current, 1926-12-02
PROVISIONg ,F
VET. is AN ACT
Authorizes Issuar $2,OOO,OOO in
State Bonds F oans to World
War Soldiers ny Homes Etc

due to the favorable vote of the peo-
pie of North Carolina at the recent
general election.
The purpose of the act is, in recog-
milton of military service, for the
encouragement of patriotism and to
promote the ownership of homes, to
provide a means by which soldiers.
sailors, marines and others who serv-
ed with the armed forces of the Uni
ted States in the World War against
the Central powers may acquire ur-
ban homes or farms upon favorable
terms. Every person who was enlist
ed, inducted, warranted, or commits
stoned, and who served honorably in
active duty in the military or naval
service of the United States at any
time between the sixth day of April,
1917, and November II, 1918, and
who at the time of entering such
service, was a resident of the state of
North Carolina, and who is honorably
discharged from such service or has
been retired, or who has been fur
loughed to reserve, and who was in
such service for period longer than
60 days, shall be entitled to borrow
money from the fund provided by
this act upon filing application and
otherwise complying with the terms.
The benefits of the act will not be
extended to those who were dishon-
orably discharged or discharged with
honor, those who being in the mill
tary or naval services refused on
conscientious, political or other
grounds to subject themselves to dis
cipline or to render unqualified serv-
ice, those who did civilian work at
civilian pay, those whose military
service was confined to taking train
ing in any student army or navy
training corps.
All applications must have attach
ed copy Of the honorable discharge,
which discharge must be certified by
the register of deeds and attested by
the official seal of his office.
The administration of the act shall
be under the direction and control of
A board of advisers, consisting of the
secretary of state, the commissioner
Of agriculture, the attorney general.
he commissioner of labor and print
ng and the .'CaSurer of the state of
North Carolina. A competent person
% be known as commissioner of the
veterans loan fund" will be appoint
ed and will have his office in Raleigh.
The commissioner will be sur
rounded by competent office force
% make Investigations and do other
necessary work in connection with
he applications for loans. No loan
shall be made unless it is approved
by the commissioner and two mem
bers of the board of advisers.
No loan will be made in excess of
$4,000, nor for a longer period than
20 years, and only one loan shall be
made to any one person. No loan
will exceed rs per cent of the ap-
praised value of the real property Of
fered for security. A fund must be
sent with every application out of
which the cost and expense of APP
praising the property offered as Sc
curity will be taken.
All loans will be repayable in not
more than 20 equal annual payments
or not more than 40 equal semi-an-
nual payments. All loans will bear
six per cent interest, payable semi
The principal or any part
thereof, in multiples of $50, may be
repaid upon any interest payment
date after the expiration of five
years from the date of the loan or
within five years by consent of the
commissioner, provided in case of
loan made on city OF town roperty,
the commissioner in his discretion
may require monthly payments to be
made thereon.
To create fund for the purpose
of carrying out the provisions of the
act the board of advisers are autho-
rized to issue and sell bonds of the
state of tht amount of $2,000,000.
All payments on loans, whether
principal or interest, shall be made
to the state treasurer and shall be
deposited and held in a separate fund
and applied to the payment of the
bonds issued. The cost of adminis-
tering the act will be paid from the
difference between the interest re-
ceived from the loans made and the
interest on the bonds of the state to
be issued.
In case any section of the act is
declared unconstitutional, the re-
mainder of the act will continue in