The Division shall provide $160,000 in each school year to the Association to establish a Professional Development Fund for individual professional development of teachers.
The Fund is subject to the following:
(a) The Fund shall be administered by the Association.
(b) Release time of the teacher shall be paid for by the Division and must be approved in advance by the school principal; such release time is subject to the availability of a suitable substitute.
(c) At the end of each school year the Association will present a detailed report to the Division regarding the operation of the Fund.
(d) At the end of each school year the Association shall carry forward any remaining money in the Fund for use in the next school year.