(a)
(1) As used in this section, "immediate family member" means an individual's spouse, children of the individual or spouse, a child's spouse, parents of the individual or the spouse, brothers and sisters of the individual, anyone living or residing in the same residence or household with the individual or the spouse, and anyone acting or serving as an agent of the individual.
(2) As used in this section, "public educational entities" means Arkansas public school districts, public charter schools, education service cooperatives, or any publicly supported entity having supervision over public educational entities. "Public educational entities" does not include institutions of higher education.
(b) It is hereby declared against public policy and prohibited for any public educational entity to give, donate, or transfer without adequate market value consideration any public property to administrators, board members, or employees of the public educational entity, or immediate family members of any of these individuals.
(c) Public educational entities are prohibited from giving public property having a value of over one hundred dollars ($100) to leaving or retiring board members, administrators, employees, or members of their immediate family.
(d) Unless specifically mandated by law or court order, public educational entities are prohibited from retroactively raising the salary, granting stipends, or providing other compensation for an administrator beyond the current fiscal year.
(e) The State Board of Education shall establish rules and regulations consistent with the provisions of this section regarding the disposition of public property by public educational entities.
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