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Texas Education Code - EDUC § 12.1166. Related Party Transactions

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The commissioner shall adopt a rule defining “related party” for purposes of this subchapter.  The definition of “related party” must include:

(1) a party with a current or former board member, administrator, or officer who is:

(A) a board member, administrator, or officer of an open-enrollment charter school;  or

(B) related within the third degree of consanguinity or affinity, as determined under Chapter 573, Government Code, to a board member, administrator, or officer of an open-enrollment charter school;

(2) a charter holder's related organizations, joint ventures, and jointly governed organizations;

(3) an open-enrollment charter school's board members, administrators, or officers or a person related to a board member, administrator, or officer within the third degree of consanguinity or affinity, as determined under Chapter 573, Government Code;  and

(4) any other disqualified person, as that term is defined by 26 U.S.C. Section 4958(f).

(b) For purposes of Subsection (a)(1), a person is a former board member, administrator, or officer if the person served in that capacity within one year of the date on which a financial transaction between the charter holder and a related party occurred.

(c) In a charter holder's annual audit filed under Section 44.008, the charter holder must include a list of all transactions with a related party.

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Cite this article: FindLaw.com - Texas Education Code - EDUC § 12.1166. Related Party Transactions - last updated January 01, 2024 | https://codes.findlaw.com/tx/education-code/educ-sect-12-1166/

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