Common use of Property Ownership Clause in Contracts

Property Ownership. Following the termination of a charter agreement and after the settlement of outstanding obligation, there is a presumption that the property of a School shall revert to the Board. A School may defeat the presumption of Board ownership with documentation that the School purchased the property with private funding, and may be requested to provide documentation that the School or its founders or directors were never reimbursed from public funds.

Property Ownership. Following the termination of a charter agreement and after the settlement of outstanding obligationobligations, there is a presumption that the any property of a School shall revert to the Board. A School may defeat the presumption of Board ownership with documentation that the School purchased the property with private funding, funding and may be requested to provide documentation that the School or its founders or directors were never reimbursed from public funds.