(a)

(1) The maximum annual salary established for any position established as a nine-month educational and general academic position in the regular salaries section of the biennial operations appropriation act of any institution of higher education is declared to be the maximum annual salary for a nine-month contract, at a rate of pay not to exceed one-ninth (1/9) of the maximum authorized salary during any one (1) month.

(2) The employee's contract or subsequent contract may exceed nine (9) months, and the maximum annual salary authorized for such position may be exceeded by not more than one-ninth (1/9) of the maximum annual salary for each additional month or part thereof contracted.

(3) However, when a faculty member is assigned overload teaching responsibilities, as defined by the Arkansas Higher Education Coordinating Board, an amount in excess of one-ninth (1/9) of the maximum annual salary may be paid during any one (1) month if the applicable maximum authorized salary is not exceeded by more than ten percent (10%).

(b) For those positions identified as part-time in the biennial appropriations act for operations of any institution of higher education, payment may be made in one (1) or more payments each semester or term with the total of all payments made during a fiscal year not to exceed the applicable maximum authorized salary.

(c)

(1) Any institution of higher education may, at the option of its board of trustees, enter into contracts for the hiring of nine-month and part-time employees to provide payment of annual salaries on the basis of twelve (12) equal monthly installments.

(2) In no case shall the monthly installments under such contracts commence earlier than the first day of the month in which the employee begins work.