(1) A faculty member who has been awarded tenure and who has been dismissed or suspended for cause may obtain de novo judicial review of the final decision by filing a petition in a chancery court having jurisdiction within thirty (30) days of the final decision and copies of the petition shall be served upon the board and all parties of record.
(2) Within forty-five (45) days after service of the petition, or within such further time allowed by the court, the board of regents or the state university board shall transmit to the court the original or a certified copy of the entire record of the proceeding.
(3) The chancellor shall reduce the chancellor's findings of fact and conclusions of law to writing and make them parts of the record.
(4) The chancellor may award back pay in the event a determination is made that dismissal was not appropriate.