6-23-506. Assets of school as property of state.

Arkansas Code — all titles (historical 2020) · legal_authorities

6-23-506. Assets of school as property of state.

6-23-506. Assets of school as property of state. (a) Upon dissolution of the open-enrollment public charter school or upon nonrenewal or revocation of the charter, all net assets of the open-enrollment public charter school, including any interest in real property, purchased with public funds shall be deemed the property of the state, unless otherwise specified in the charter of the open-enrollment public charter school. (b)(1) If the open-enrollment public charter school used state funds to purchase or finance personal property, real property, or fixtures for use by the open-enrollment public charter school, the Division of Elementary and Secondary Education may require that the property be sold. (2) The state has a perfected priority security interest in the net proceeds from the sale or liquidation of the property to the extent of the public funds used in the purchase.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-23-506

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.