Nevada Revised Statutes 388A.275 – Charter contract not assignable or transferable; charter contract may not be used as security for loan
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1. A charter contract entered into between the governing body of a charter school and the sponsor of the charter school is not assignable or transferable and may not be delegated to a third party.
Terms Used In Nevada Revised Statutes 388A.275
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Charter school: means a public school that is formed pursuant to the provisions of chapter 388A of NRS. See Nevada Revised Statutes 385.007
- Contract: A legal written agreement that becomes binding when signed.
2. A charter contract may not be used as security for any loan and shall be deemed to have no monetary value.
3. For the purpose of this section, an amendment to a charter contract which consolidates two or more charter schools, the restart of a charter school pursuant to NRS 388A.300 and the reconstitution of the governing body of a charter school pursuant to NRS 388A.330 do not constitute the assignment, transfer or delegation of a charter contract.