23-4.4 - Authorization to transfer interest; Governor's approval required under certain circumstances. - Virginia Statutes

§ 23-4.4. Authorization to transfer interest; Governor's approval requiredunder certain circumstances.

A. The boards of visitors, the State Board for Community Colleges, or theirdesignees are authorized to assign any interest they possess in intellectualproperty or in materials in which the institution claims an interest,provided such assignment is in accordance with the terms of the institution'sintellectual property policies adopted pursuant to subsection A of § 23-4.3.However, the Governor's prior written approval shall be required fortransfers of such property developed wholly or predominately through the useof state general funds, exclusive of capital assets, and either (i) suchproperty was developed by an employee of the institution acting within thescope of his assigned duties, or (ii) such property is to be transferred toan entity other than the Innovation and Entrepreneurship InvestmentAuthority, an entity whose purpose is to manage intellectual properties onbehalf of nonprofit organizations, colleges and universities, or an entitywhose purpose is to benefit the respective institutions. The Governor mayattach conditions to these transfers as he deems necessary. In the event theGovernor does not approve such transfer, the materials shall remain theproperty of the respective institutions and may be used and developed in anymanner permitted by law.

B. The president of each state-supported institution of higher education,including the chancellor of the Virginia Community College System, shallreport annually to the Governor and the Joint Commission on Technology andScience regarding the assignment of any intellectual property interests bythat institution.

(1986, c. 358; 2003, c. 708; 2006, cc. 77, 899; 2009, cc. 325, 810.)