§ 2.2-2240.1. Grants paid to the Authority to promote research, development,and commercialization of products.
A. The General Assembly may appropriate grants to the Authority for use by anonprofit, public benefit research institute that (i) conducts research anddevelopment for government agencies, commercial businesses, foundations, andother organizations and (ii) commercializes technology.
B. The Authority is hereby authorized to create a nonprofit, nonstockcorporation to receive such grants and to oversee the administration of thepayment of the grants. As a condition to the payment of any grants to theAuthority under this section, the General Assembly may require that suchnonprofit, nonstock corporation be created.
C. Notwithstanding the provisions of § 2.2-2240, the Board of Directors ofthe nonprofit, nonstock corporation shall consist of nine voting members asfollows: (i) the president of the University of Virginia, or his designee,(ii) the president of Virginia Polytechnic Institute and State University, orhis designee, (iii) the president of James Madison University, or hisdesignee, (iv) the president (or the designee of such president) of VirginiaCommonwealth University, Christopher Newport University, the University ofMary Washington, Radford University, Virginia State University, Norfolk StateUniversity, Old Dominion University, George Mason University, or LongwoodUniversity, as appointed by the Governor, with appointments to this positionrotated equally among such universities, (v) one citizen member who shallhave substantial experience in research and development in the fields ofpharmaceuticals, engineering, energy, or similar sciences, appointed by theGovernor, (vi) a representative of a nonprofit, public benefit researchinstitute that has entered into a Memorandum of Agreement with theCommonwealth, (vii) the Secretary of Commerce and Trade, or his designee,(viii) the Secretary of Technology, or his designee, and (ix) arepresentative of a local government that has concluded a Memorandum ofAgreement with such research institute. Citizen members appointed by theGovernor shall serve for four-year terms, but no citizen member shall servefor more than two full successive terms. A vacancy for a citizen member shallbe filled by the Governor for the unexpired term.
D. The Board is authorized to make grant payments only to those nonprofit,public benefit research institutes described in subsection A that haveentered into a Memorandum of Agreement (MOA) with the Commonwealth. The MOAshall, at a minimum, (i) require the research institute to perform research,development, and commercialization activities that improve society andfacilitate economic growth; (ii) require research to be conductedcollaboratively with Virginia public and private institutions and that suchcollaborative research benefit the capabilities, facilities, and staff of allorganizations involved; (iii) require the research institute to developprotocols for the commercialization efforts of the institute, includingprotocols addressing intellectual property rights; (iv) require the Board toevaluate fulfillment of key milestones for the research institute, whichshall include but not be limited to milestones relating to job creation,research institute reinvestment goals, research proposals submissions, androyalties, and to annually evaluate the Commonwealth's investment in theresearch institute by reporting on the institute's progress in meeting suchmilestones; and (v) establish relationships and expectations between theresearch institutes and Virginia colleges and universities, includingopportunities for principal investigators to serve as adjunct faculty and thecreation of internships for students and postdoctoral appointees.
E. The maximum amount of grants awarded by the Board shall not exceed a totalof $22 million per recipient through June 30, 2013.
F. The Board of any nonprofit, nonstock corporation created under thissection shall be established in the executive branch of state government. Therecords of the corporation, its Board members, and employees that are deemedconfidential or proprietary shall be exempt from disclosure pursuant tosubdivision 3 of § 2.2-3705.6 of the Virginia Freedom of Information Act (§2.2-3700 et seq.).
§ 2.2-2240.1. Grants paid to the Authority to promote research, development,and commercialization of products.
A. The General Assembly may appropriate grants to the Authority for use by anonprofit, public benefit research institute that (i) conducts research anddevelopment for government agencies, commercial businesses, foundations, andother organizations and (ii) commercializes technology.
B. The Authority is hereby authorized to create a nonprofit, nonstockcorporation to receive such grants and to oversee the administration of thepayment of the grants. As a condition to the payment of any grants to theAuthority under this section, the General Assembly may require that suchnonprofit, nonstock corporation be created.
C. Notwithstanding the provisions of § 2.2-2240, the Board of Directors ofthe nonprofit, nonstock corporation shall consist of nine voting members asfollows: (i) the president of the University of Virginia, or his designee,(ii) the president of Virginia Polytechnic Institute and State University, orhis designee, (iii) the president of James Madison University, or hisdesignee, (iv) the president (or the designee of such president) of VirginiaCommonwealth University, Christopher Newport University, the University ofMary Washington, Radford University, Virginia State University, Norfolk StateUniversity, Old Dominion University, George Mason University, or LongwoodUniversity, as appointed by the Governor, with appointments to this positionrotated equally among such universities, (v) one citizen member who shallhave substantial experience in research and development in the fields ofpharmaceuticals, engineering, energy, or similar sciences, appointed by theGovernor, (vi) a representative of a nonprofit, public benefit researchinstitute that has entered into a Memorandum of Agreement with theCommonwealth, (vii) the Secretary of Commerce and Trade, or his designee,(viii) the Secretary of Technology, or his designee, and (ix) arepresentative of a local government that has concluded a Memorandum ofAgreement with such research institute. Citizen members appointed by theGovernor shall serve for four-year terms, but no citizen member shall servefor more than two full successive terms. A vacancy for a citizen member shallbe filled by the Governor for the unexpired term.
D. The Board is authorized to make grant payments only to those nonprofit,public benefit research institutes described in subsection A that haveentered into a Memorandum of Agreement (MOA) with the Commonwealth. The MOAshall, at a minimum, (i) require the research institute to perform research,development, and commercialization activities that improve society andfacilitate economic growth; (ii) require research to be conductedcollaboratively with Virginia public and private institutions and that suchcollaborative research benefit the capabilities, facilities, and staff of allorganizations involved; (iii) require the research institute to developprotocols for the commercialization efforts of the institute, includingprotocols addressing intellectual property rights; (iv) require the Board toevaluate fulfillment of key milestones for the research institute, whichshall include but not be limited to milestones relating to job creation,research institute reinvestment goals, research proposals submissions, androyalties, and to annually evaluate the Commonwealth's investment in theresearch institute by reporting on the institute's progress in meeting suchmilestones; and (v) establish relationships and expectations between theresearch institutes and Virginia colleges and universities, includingopportunities for principal investigators to serve as adjunct faculty and thecreation of internships for students and postdoctoral appointees.
E. The maximum amount of grants awarded by the Board shall not exceed a totalof $22 million per recipient through June 30, 2013.
F. The Board of any nonprofit, nonstock corporation created under thissection shall be established in the executive branch of state government. Therecords of the corporation, its Board members, and employees that are deemedconfidential or proprietary shall be exempt from disclosure pursuant tosubdivision 3 of § 2.2-3705.6 of the Virginia Freedom of Information Act (§2.2-3700 et seq.).
§ 2.2-2240.1. Grants paid to the Authority to promote research, development,and commercialization of products.
A. The General Assembly may appropriate grants to the Authority for use by anonprofit, public benefit research institute that (i) conducts research anddevelopment for government agencies, commercial businesses, foundations, andother organizations and (ii) commercializes technology.
B. The Authority is hereby authorized to create a nonprofit, nonstockcorporation to receive such grants and to oversee the administration of thepayment of the grants. As a condition to the payment of any grants to theAuthority under this section, the General Assembly may require that suchnonprofit, nonstock corporation be created.
C. Notwithstanding the provisions of § 2.2-2240, the Board of Directors ofthe nonprofit, nonstock corporation shall consist of nine voting members asfollows: (i) the president of the University of Virginia, or his designee,(ii) the president of Virginia Polytechnic Institute and State University, orhis designee, (iii) the president of James Madison University, or hisdesignee, (iv) the president (or the designee of such president) of VirginiaCommonwealth University, Christopher Newport University, the University ofMary Washington, Radford University, Virginia State University, Norfolk StateUniversity, Old Dominion University, George Mason University, or LongwoodUniversity, as appointed by the Governor, with appointments to this positionrotated equally among such universities, (v) one citizen member who shallhave substantial experience in research and development in the fields ofpharmaceuticals, engineering, energy, or similar sciences, appointed by theGovernor, (vi) a representative of a nonprofit, public benefit researchinstitute that has entered into a Memorandum of Agreement with theCommonwealth, (vii) the Secretary of Commerce and Trade, or his designee,(viii) the Secretary of Technology, or his designee, and (ix) arepresentative of a local government that has concluded a Memorandum ofAgreement with such research institute. Citizen members appointed by theGovernor shall serve for four-year terms, but no citizen member shall servefor more than two full successive terms. A vacancy for a citizen member shallbe filled by the Governor for the unexpired term.
D. The Board is authorized to make grant payments only to those nonprofit,public benefit research institutes described in subsection A that haveentered into a Memorandum of Agreement (MOA) with the Commonwealth. The MOAshall, at a minimum, (i) require the research institute to perform research,development, and commercialization activities that improve society andfacilitate economic growth; (ii) require research to be conductedcollaboratively with Virginia public and private institutions and that suchcollaborative research benefit the capabilities, facilities, and staff of allorganizations involved; (iii) require the research institute to developprotocols for the commercialization efforts of the institute, includingprotocols addressing intellectual property rights; (iv) require the Board toevaluate fulfillment of key milestones for the research institute, whichshall include but not be limited to milestones relating to job creation,research institute reinvestment goals, research proposals submissions, androyalties, and to annually evaluate the Commonwealth's investment in theresearch institute by reporting on the institute's progress in meeting suchmilestones; and (v) establish relationships and expectations between theresearch institutes and Virginia colleges and universities, includingopportunities for principal investigators to serve as adjunct faculty and thecreation of internships for students and postdoctoral appointees.
E. The maximum amount of grants awarded by the Board shall not exceed a totalof $22 million per recipient through June 30, 2013.
F. The Board of any nonprofit, nonstock corporation created under thissection shall be established in the executive branch of state government. Therecords of the corporation, its Board members, and employees that are deemedconfidential or proprietary shall be exempt from disclosure pursuant tosubdivision 3 of § 2.2-3705.6 of the Virginia Freedom of Information Act (§2.2-3700 et seq.).
