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