The Wrangell sentinel., 1946-04-12

ly sufficient promisOry notes must
 be taken, but security need not be required. Security must be taken, however. if available. to the extent available In the absence of any | security or what would ordinar- ] fly be regarded as adequate secur- | ity, these loans may be made on a ! character basis in the exercise of l the best discretion of the Commis- sioner in conformity with mini mum requirements prescribed by the board.
 t21 Loans to purchase remodel. repair. build, furnish and'or equip. homes or farms in Alaska, includ- ing the clearing and drainage for such farms. not to exceed ten thousand dollars l$1O,000.0O). In this connection good and sufficient mortgages on the property pur- chased must in all eases be taken as security. Such loans shall not exceed 909s of the appraised value of the property to be purchased unless additional amounts are SC cured by acceptable collateral as determined by the Commissioner in conformity with minimum require ments prescribed by the board.
 t3) Loans to acquire or finance businesses including mining and fishing and.or equipment for the same. but not including farming, not to exceed ten thousand dollars (S1O.000.0O). These loans must be secured in the same manner and to the same extent as the home leans above mentioned. Interest rate shall be at 4gs per annum on the unpaid balance of such loans
 An applicant will be considered eligible for more than one type of loan, but the total standing R. gainst any one borrower may not exceed ten thousand ($1O OO0.00) at any one time Furthermore. if one loan is paid back, a borrower may apply for another loan.
 Money loaned shall be delivered to the borrower in the form of warrant drawn on the Treasury youchered in the manner prescrib- ed for Territorial disbursing of ficers, and charged against the Fund hereinafter designated Such vouchers shall be approved by the Commissioner or any bonded dep uty authorized to act as a certify ing officer
 Upon repayment of loans by in- stallments. or otherwise, in ac- cordance with the terms entered into between the parties. or upon liquidation by foreclosure or other process, or upon receipt of interest or other revenues. the moneys So recovered shall be turned over to the Territorial Treasurer for de- posit in the Veterans Fund here matter designated.
 6) MEETINGS OF THE BOARD. The board shall hold reg ular meetings at least once annual ly at such times and places as t deems wise, and may hold such special meetings as may be called by the Chairman upon the request of two members or of the Commis- sioner The members of the board shall receive travel expense and per diem wtiIa attending a meet ing of the board. and. in addition thereto, the sum of ten dollars (s10.00l Der day for each and ev- cry day such member is actually and necessarily absent from his place of residence in order to at tend board meetings. Except for the foregoing remuneration and re- inbursement the board members shall serve without pay
 Section 3. CREAION OF FUND.
 (a) There is hereby created theI Alaska World War II Veterans Re volying Fund to carry out the pur poses and provisions of this Act There is hereby levied the follow ing tax to carry out the purposes ot the Alaska World War II Vet erans' Act on gross sales, exports andor remuneration for services, to be collected and deposited in AL aska World II Veterans Revolving Fund. The tax above mentioned shall be levied commencing April 1946. and shall be payable on all revenues received on or after said date as result of such sales or service and on all exports exported on or after said date.
 CD One per centum of the gross revenue derived from all retail sales made in the Territory, said revenue being computed in dollars and the tax payable by the retail