(a) The board of trustees may terminate a term contract and discharge a teacher at any time for:
(1) good cause as determined by the board; or
(2) a financial exigency that requires a reduction in personnel.
(b) For a good cause, as determined by the board, the board of trustees may suspend a teacher without pay for a period not to extend beyond the end of the school year:
(1) pending discharge of the teacher; or
(2) in lieu of terminating the teacher.

(c) A teacher who is not discharged after being suspended without pay pending discharge is entitled to back pay for the period of suspension.