Arkansas Code
Subchapter 6 - Transfer or Lease of Property
§ 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)
(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.

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