Kansas Statutes 76-721. Authority to contract; contracts with controlled corporations to have certain provisions; contracts subject to K.S.A. 75-3711b
Terms Used In Kansas Statutes 76-721
- Board of regents: means the state board of regents provided for in the constitution of this state and described in article 32 of chapter 74 of Kansas Statutes Annotated and amendments thereto. See Kansas Statutes 76-711
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Institution: means any institution under the control and supervision of the state board of regents. See Kansas Statutes 76-739
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: means the state of Kansas. See Kansas Statutes 76-779
- State educational institution: means the university of Kansas, Kansas state university of agriculture and applied science, Wichita state university, Emporia state university, Pittsburg state university, and Fort Hays state university. See Kansas Statutes 76-711
The board of regents, or any state educational institution with the approval of the board of regents, may enter into contracts with any party or parties including any agency of the United States or any state or any subdivision of any state or with any person, partnership or corporation if the purpose of such contract is related to the operation or function of such board or institution. If such contract is with a corporation whose operations are substantially controlled by the board or any state educational institution, such contract shall provide that the books and records of such corporation shall be public records and shall require an annual audit by an independent certified public accountant to be furnished to the board of regents. All contracts of state educational institutions shall be subject to the provisions of Kan. Stat. Ann. § 75-3711b, and amendments thereto.