| (a) A charter holder shall take and refrain from all
acts necessary to maintain its status as an "eligible entity" within
the meaning of Texas Education Code, §12.101(a), and shall notify
the commissioner of education immediately in writing of any change
in such status.
(b) If a charter holder's exemption from taxation under
26 United States Code, §501(c)(3), is ever revoked by action
of the Internal Revenue Service, for any reason, the charter shall
be null and void and shall return to the commissioner without any
further action on the part of the commissioner.
(c) Failure to act in accordance with subsections (a)
and (b) of this section shall not only affect eligibility for state
funding as outlined in §100.1041(d)(1) of this title (relating
to State Funding), it will also constitute a material violation of
the charter contract.
|
| Source Note: The provisions of this §100.1217 adopted to be effective April 18, 2002, 27 TexReg 3110; amended to be effective September 12, 2012, 37 TexReg 7097; amended to be effective September 18, 2014, 39 TexReg 7295 |
