Section 8.
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Rate of Interest, Fee for Appraisal and Examination of Title
The rate of interest on loans shall be five per cent per annum, provided that in case any series of said farm credit bonds is sold at an average of less than par, the board may charge upon such farm loans as are made from the proceeds of the series so sold below par a rate of interest in excess of five per cent, but which shall not exceed by more than one per cent the rate which the state must pay for the funds actually obtained from the disposal of its said bonds. The board, however, shall require each applicant to pay an initial charge of one per cent of the loan granted, the minimum charge to be $10, to cover the cost of appraisal and examination of title.