{"data":{"id":"us-ar/ark.-code-ann.-6-62-601","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 6-62-601","heading":"Definitions","body":"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. Acts 1983 (Ex. Sess.), No. 11, § 1; 1983 (Ex. Sess.), No. 12, § 1; A.S.A. 1947, § 80-3391; Acts 1999, No. 823, § 1.\n\nAs used in this subchapter, unless the context otherwise requires:\n\n(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;\n\n(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;\n\n(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;\n\n(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;\n\n(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.\n\n(B) No member of the board shall have any interest, direct or indirect, in the owner;\n\n(5) \"Person\" means a natural person, a firm, a general partnership, a limited partnership, an association, a corporation, or a public body;\n\n(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\n\n(7) \"Transfer\" means to sell or to lease, as lessor or lessee.","path":["AR Code","Title 6","Chapter 62","Subchapter 6"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"8e54059dc8667f97b89b0290041fdf8076843e628790b1034b4ff3220ac7607a","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-6-62-507","next":"us-ar/ark.-code-ann.-6-62-602"},"notice":"GroundRules: Original legal text. Not legal advice."}