Common use of Board of Finance Suspension Clause in Contracts

Board of Finance Suspension. If at any time, the GOVERNING BOARD’s qualification as a board of finance is suspended by the Department pursuant to NMSA 22-8-39, the COMMISSION shall consider whether to commence proceedings to suspend, revoke or non-renew the charter due to serious or repeated mismanagement, improper recording or improper reporting of public school funds under its control. If the COMMISSION decides not to revoke the charter, the GOVERNING BOARD shall be required to develop and successfully implement a Corrective Action Plan in consultation with the Department to address the conditions and causes that raised for consideration the suspension of the board of finance designation.

Board of Finance Suspension. If at any time, the GOVERNING BOARD’s qualification as a board of finance is suspended by the Department pursuant to NMSA 22-8-3922‐8‐39, the COMMISSION shall consider whether to commence proceedings to suspend, revoke or non-renew non‐renew the charter due to serious or repeated mismanagement, improper recording or improper reporting of public school funds under its control. If the COMMISSION decides not to revoke the charter, the GOVERNING BOARD shall be required to develop and successfully implement a Corrective Action Plan in consultation with the Department to address the conditions and causes that raised for consideration the suspension of the board of finance designation.