§ 6-62-601 - Definitions. - Arkansas Statutes

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 in the State Treasury;

(2) "Board" means the board of trustees of either the University of Arkansas, Arkansas State University, 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) "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. 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.