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2015 SESSION
15105047DBe it enacted by the General Assembly of Virginia:
1. That § 23-4.4 of the Code of Virginia is amended and reenacted as follows:
§ 23-4.4. Authorization to transfer interest; Governor's approval required under certain circumstances.
A. The boards of visitors, the State Board for Community Colleges, or their designees are authorized to assign any interest they possess in intellectual property or in materials in which the institution claims an interest, provided such assignment is in accordance with the terms of the institution's intellectual property policies adopted pursuant to subsection A of § 23-4.3. However, the Governor's prior written approval shall be required for transfers of such property developed wholly or predominately through the use of state general funds, exclusive of capital assets, and either (i) such property was developed by an employee of the institution acting within the scope of his assigned duties, or (ii) such property is to be transferred to an entity other than the Innovation and Entrepreneurship Investment Authority, an entity whose purpose is to manage intellectual properties on behalf of nonprofit organizations, colleges and universities, or an entity whose purpose is to benefit the respective institutions. The Governor may attach conditions to these transfers as he deems necessary. In the event the Governor does not approve such transfer, the materials shall remain the property of the respective institutions and may be used and developed in any manner permitted by law.
B. The president of each state-supported institution of higher
education, including the chancellor of the Virginia Community College System,
shall report annually to the Governor and the Joint Commission on Technology
and Science regarding the assignment of any intellectual property interests by
that institution by July 31 of each year, beginning with fiscal year
2016, include in its six-year plan adopted pursuant to § 23-38.87:17 the
following for the most recently ended fiscal year: (i) the assignment during
the year of any intellectual property interests to a person or nongovernmental
by the institution, any foundation supporting the intellectual property
research performed by the institution, or any entity affiliated with the
institution; (ii) the value of externally sponsored research funds and in-kind
contributions received during the year from a person or nongovernmental entity
by the institution, any foundation supporting the intellectual property
research performed by the institution, or any entity affiliated with the
institution; and (iii) the number and types of patents awarded during the year
to the institution, any foundation supporting the intellectual property
research funded by the institution, or any entity affiliated with the
institution that were developed in whole or part from externally sponsored
research provided by a person or nongovernmental entity. In each case
where the plan refers to a person or nongovernmental entity the plan shall
indicate if such person or nongovernmental entity has a principal place of
business in Virginia as reflected in the assignment agreement or awarding
documents.