(1) Charter schools:
(a) are considered to be public schools within the state's public education system;
(b) are subject to Subsection 53E-3-401(8); and
(c) shall be governed by an independent board whose members have taken the oath of office as described in Section 53G-5-406.5, and held accountable to a legally binding written contractual agreement.
(2) A charter school may be established by:
(a) creating a new school; or
(b) converting an existing district school to charter status.
(3) A parochial school or home school is not eligible for charter school status.