A local board of education may, by action duly recorded in the board minutes, prescribe a date reasonably in advance of or after the opening of school for the filing of applications for transfer of nonresident pupils into that system and refuse to consider applications filed after that date for the current year. Any transfer student who is admitted to the school system consistent with a policy deadline established according to this section shall be enrolled for one (1) complete school year. School board policies adopted consistent with this section shall establish a date upon which the parent, guardian, or student, as appropriate, shall receive notice of eligibility for reenrollment.