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2015 SESSION
15101976DPatrons-- Wagner, Ruff, Smith and Stanley; Delegates: Byron, DeSteph, Lingamfelter and Marshall, D.W.
Be 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 submit a written document to the
Governor, the General Assembly, and the Joint Commission on Technology and Science reporting the
following for the most recently ended fiscal year: (i) the
assignment during the year of any intellectual property
interests to a person or entity with a physical presence in
Virginia 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 entity with a physical presence in
Virginia 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
performed 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
entity with a physical presence in Virginia.