Tex.
Educ. Code Section 12.1166
Related Party Transactions
(a)
The commissioner shall adopt a rule defining “related party” for purposes of this subchapter. The definition of “related party” must include:(1)
a party with a current or former board member, administrator, or officer who is:(A)
a board member, administrator, or officer of an open-enrollment charter school; or(B)
related within the third degree of consanguinity or affinity, as determined under Chapter 573 (Degrees of Relationship; Nepotism Prohibitions), Government Code, to a board member, administrator, or officer of an open-enrollment charter school;(2)
a charter holder’s related organizations, joint ventures, and jointly governed organizations;(3)
an open-enrollment charter school’s board members, administrators, or officers or a person related to a board member, administrator, or officer within the third degree of consanguinity or affinity, as determined under Chapter 573 (Degrees of Relationship; Nepotism Prohibitions), Government Code; and(4)
any other disqualified person, as that term is defined by 26 U.S.C. Section 4958(f).(b)
For purposes of Subsection (a)(1), a person is a former board member, administrator, or officer if the person served in that capacity within one year of the date on which a financial transaction between the charter holder and a related party occurred.(c)
In a charter holder’s annual audit filed under Section 44.008 (Annual Audit; Report), the charter holder must include a list of all transactions with a related party.
Source:
Section 12.1166 — Related Party Transactions, https://statutes.capitol.texas.gov/Docs/ED/htm/ED.12.htm#12.1166
(accessed Jun. 5, 2024).