TITLE 16
Education
CHAPTER 16-32.1
The University of Rhode Island Research Foundation Act=nl [See Title 16
Chapter 97 The Rhode Island Board of Education Act]
SECTION 16-32.1-2
§ 16-32.1-2 Creation and powers.
(a) There is hereby authorized, created and established a public corporation
having a legal existence distinct from the state and not constituting a
department of state government, to be known as the University of Rhode Island
Research Foundation, with such powers as are set forth in this chapter, for the
purposes of the development of scientific research, technology,
commercialization of intellectual property and such other purposes as may be
necessary to develop, promote and enhance scientific research and technology at
the University of Rhode Island.
(b) The research foundation is authorized, created and
established for the benefit of the University of Rhode Island and shall be
organized exclusively for charitable, educational and scientific purposes of
the University of Rhode Island within the meaning of § 501(c)(3) of the
Internal Revenue Code with the following powers and purposes:
(1) To aid and assist the University of Rhode Island in the
establishment, development and fostering of scientific research and technology
which will further the learning opportunities, programs, services and
enterprises of the University and of the state of Rhode Island;
(2) To assist in providing research programs at the
University of Rhode Island which will provide for the advancement of education
and educational programs at the University of Rhode Island and which will
provide for opportunities to individuals for learning and training in subjects
useful to the individual and beneficial to the community;
(3) To promote, encourage and foster the education and
training services, scientific investigations, technology development and
technology commercialization at the University of Rhode Island;
(4) To pursue, obtain and protect intellectual property
rights (including patents, trademarks, tangible materials and copyrights) in
and to all valuable intellectual property flowing from or belonging to the
University of Rhode Island and to administer such intellectual property in
conformity with applicable state and federal laws;
(5) To carry on any other lawful purpose within the meaning
of § 501(c)(3) of the Internal Revenue Code in connection with its
purposes.
(c) The research foundation and its corporate existence shall
continue until terminated by law or until the corporation shall cease entirely
and continuously to conduct or be involved in any business or transactions in
furtherance of its purposes. Upon termination of the research foundation and
its corporate existence, all of its rights, assets and properties shall pass to
and be vested in the board of governors for higher education for the benefit of
the University of Rhode Island.
History of Section.
(P.L. 2007, ch. 232, § 1.)
