§ 6-62-601 — Definitions

As used in this subchapter, unless the context otherwise requires: (1) "Bank funds" means any funds of a board that are neither appropriated from the State Treasury nor required to be deposited into the State Treasury; (2) "Board" means the board of trustees of either the University of Arkansas, Arkansas State University system, the University of Central Arkansas, Henderson State University, Arkansas Tech University, or Southern Arkansas University; (3) "Lease agreement" means an agreement between an owner and a board pursuant to which the owner leases or subleases, or agrees to lease or sublease, property to the board; (4) (A) "Owner" means a person or group of persons to whom a board makes a transfer of property in accordance with the provisions of this subchapter. (B) No member of the board shall have any interest, direct or indirect, in the owner; (5) "Person" means a natural person, a firm, a general partnership, a limited partnership, an association, a corporation, or a public body; (6) "Property" means any buildings or structures, utilities, on-site and off-site improvements, and other appurtenances and improvements, including the land upon which the building or structure is located, and undivided interests in any such property; and (7) "Transfer" means to sell or to lease, as lessor or lessee.

Legislative History

Acts 1983 (Ex. Sess.), No. 11, § 1; 1983 (Ex. Sess.), No. 12, § 1; A.S.A. 1947, § 80-3391; Acts 1999, No. 823, § 1.