Common use of Board of Finance Suspension Clause in Contracts

Board of Finance Suspension. If at any time, the Governing Body’s qualification as a Board of Finance is suspended by the Department pursuant to §22-8-39 NMSA 1978 or otherwise, the Commission shall consider whether to issue a notice of breach under the Intervention Ladder as defined by the Commission Rule or commence proceedings to revoke or non-renew the charter for failing to meet generally accepted standards of fiscal management as contemplated by §22-8B-12(K)(2) NMSA 1978. If the Commission decides not to revoke or does not deny a School’s renewal because of the Department’s suspension of the board of finance, the Governing Body shall be required to develop and successfully implement a Commission-approved Corrective Action Plan in consultation with the Department to address the reasons for the suspension of the board of finance designation to obtain this designation again within a reasonable time.

Board of Finance Suspension. If at any time, the Governing BodyGOVERNING BODY’s qualification as a Board of Finance finance is suspended by the Department pursuant to §NMSA 1978, § 22-8-39 NMSA 1978 or otherwise39, the Commission COMMISSION shall consider whether to issue a notice of breach under the Intervention Ladder as defined by the Commission Rule or commence proceedings to revoke or non-renew the charter for failing to meet generally accepted standards of fiscal management as contemplated by NMSA 1978, §22-8B-12(K)(2) NMSA 1978). If the Commission COMMISSION decides not to revoke or does not deny a School’s renewal because of the Department’s suspension of the board of finance, the Governing Body GOVERNING BODY shall be required to develop and successfully implement a Commissioncommission-approved Corrective Action Plan in consultation with the Department to address the reasons for the suspension of the board of finance designation to obtain this designation again within a reasonable time.

Board of Finance Suspension. If at any time, the Governing Body’s qualification as a Board of Finance finance is suspended by the Department pursuant to §§ 22-8-39 NMSA 1978 or otherwise, the Commission shall consider whether to issue a notice of breach under the Intervention Ladder intervention ladder as defined by the Commission Rule or commence proceedings to revoke or non-renew the charter for failing to meet generally accepted standards of fiscal management as contemplated by §22-8B-12(K)(2) NMSA 1978. If the Commission decides not to revoke or does not deny a School’s renewal because of the Department’s suspension of the board of finance, the Governing Body shall be required to develop and successfully implement a Commissioncommission-approved Corrective Action Plan in consultation with the Department to address the reasons for the suspension of the board of finance designation to obtain this designation again within a reasonable time.