A. Prior to any charter school closure decision, the chartering authority shall develop a charter school closure protocol to ensure timely notification to parents, orderly transition of students and student records to new schools and proper disposition of school funds, property and assets in accordance with the provisions of Subsection C of this section. The protocol shall specify tasks, time lines and responsible parties, including delineating the respective duties of the charter school, the governing body and the chartering authority.
B. If a charter school is ordered closed for any reason, prior to closure, the chartering authority shall oversee and work with the closing school to ensure a smooth and orderly closure and transition for students and parents according to the closure protocol.
C. When a charter school is closed, the assets of the school shall be distributed first to satisfy outstanding payroll obligations for employees of the school, then to creditors of the school and then to the state treasury to the credit of the current school fund. If the assets of the school are insufficient to pay all parties to whom the schools owes compensation, the prioritization of the distribution of assets may be determined by decree of a court of law.
History: Laws 2011, ch. 14, § 6.
Effective dates. — Laws 2011, ch. 14, § 10 made Laws 2011, ch. 14, § 6 effective July 1, 2012.
Structure New Mexico Statutes
Section 22-8B-1 - Short title.
Section 22-8B-2 - Definitions.
Section 22-8B-4 - Charter schools' rights and responsibilities; operation.
Section 22-8B-4.1 - Charter schools' enrollment procedures.
Section 22-8B-4.2 - Charter school facilities; standards.
Section 22-8B-5 - Charter schools; status; local school board authority.
Section 22-8B-5.1 - Governing body training.
Section 22-8B-5.2 - Governing body conflicts of interest.
Section 22-8B-5.3 - Chartering authority; powers; duties; liability.
Section 22-8B-7 - Appeal of denial, nonrenewal, suspension or revocation; procedures.
Section 22-8B-8 - Charter application; contents.
Section 22-8B-9 - Charter school contract; contents; rules.
Section 22-8B-9.1 - Performance framework.
Section 22-8B-10 - Charter schools; employees.
Section 22-8B-11 - Charter schools; maximum number established.
Section 22-8B-13 - Charter school financing.
Section 22-8B-14 - Charter schools stimulus fund created.
Section 22-8B-14.1 - Repealed.
Section 22-8B-16 - Public education commission; powers and duties.