{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2240.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2240.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2240.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2240.1.html"}],"law_id":58846,"edition_id":1,"section_id":58846,"structure_id":14474,"section_number":"2.2-2240.1","catch_line":"Grants paid to the Authority to promote research, development, and commercialization of products","history":"2007, c. 693; 2020, c. 738.","full_text":"A\n\nThe General Assembly may appropriate grants to the Authority for use by a nonprofit, public benefit research institute that (i) conducts research and development for government agencies, commercial businesses, foundations, and other organizations and (ii) commercializes technology.B\n\nThe Authority is hereby authorized to create a nonprofit, nonstock corporation to receive such grants and to oversee the administration of the payment of the grants. As a condition to the payment of any grants to the Authority under this section, the General Assembly may require that such nonprofit, nonstock corporation be created.C\n\nNotwithstanding the provisions of § 2.2-2240, the Board of Directors of the nonprofit, nonstock corporation shall consist of nine voting members as follows: (i) the president of the University of Virginia, or his designee, (ii) the president of Virginia Polytechnic Institute and State University, or his designee, (iii) the president of James Madison University, or his designee, (iv) the president (or the designee of such president) of Virginia Commonwealth University, Christopher Newport University, the University of Mary Washington, Radford University, Virginia State University, Norfolk State University, Old Dominion University, George Mason University, or Longwood University, as appointed by the Governor, with appointments to this position rotated equally among such baccalaureate public institutions of higher education, (v) one citizen member who shall have substantial experience in research and development in the fields of pharmaceuticals, engineering, energy, or similar sciences, appointed by the Governor, (vi) a representative of a nonprofit, public benefit research institute that has entered into a Memorandum of Agreement with the Commonwealth, (vii) the Secretary of Commerce and Trade, or his designee, (viii) the Secretary of Administration, or his designee, and (ix) a representative of a local government that has concluded a Memorandum of Agreement with such research institute. Citizen members appointed by the Governor shall serve for four-year terms, but no citizen member shall serve for more than two full successive terms. A vacancy for a citizen member shall be filled by the Governor for the unexpired term.D\n\nThe Board is authorized to make grant payments only to those nonprofit, public benefit research institutes described in subsection A that have entered into a Memorandum of Agreement (MOA) with the Commonwealth. The MOA shall, at a minimum, (i) require the research institute to perform research, development, and commercialization activities that improve society and facilitate economic growth; (ii) require research to be conducted collaboratively with Virginia public and private institutions and that such collaborative research benefit the capabilities, facilities, and staff of all organizations involved; (iii) require the research institute to develop protocols for the commercialization efforts of the institute, including protocols addressing intellectual property rights; (iv) require the Board to evaluate fulfillment of key milestones for the research institute, which shall include but not be limited to milestones relating to job creation, research institute reinvestment goals, research proposals submissions, and royalties, and to annually evaluate the Commonwealth’s investment in the research institute by reporting on the institute’s progress in meeting such milestones; and (v) establish relationships and expectations between the research institutes and public institutions of higher education in the Commonwealth, including opportunities for principal investigators to serve as adjunct faculty and the creation of internships for students and postdoctoral appointees.E\n\nThe maximum amount of grants awarded by the Board shall not exceed a total of $22 million per recipient through June 30, 2013.F\n\nThe Board of any nonprofit, nonstock corporation created under this section shall be established in the executive branch of state government. The records of the corporation, its Board members, and employees that are deemed confidential or proprietary shall be exempt from disclosure pursuant to subdivision 3 of § 2.2-3705.6 of the Virginia Freedom of Information Act (§ 2.2-3700 et seq.).","order_by":null,"text":{"0":{"id":215579,"text":"The General Assembly may appropriate grants to the Authority for use by a nonprofit, public benefit research institute that (i) conducts research and development for government agencies, commercial businesses, foundations, and other organizations and (ii) commercializes technology.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":215580,"text":"The Authority is hereby authorized to create a nonprofit, nonstock corporation to receive such grants and to oversee the administration of the payment of the grants. As a condition to the payment of any grants to the Authority under this section, the General Assembly may require that such nonprofit, nonstock corporation be created.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":215581,"text":"Notwithstanding the provisions of § 2.2-2240, the Board of Directors of the nonprofit, nonstock corporation shall consist of nine voting members as follows: (i) the president of the University of Virginia, or his designee, (ii) the president of Virginia Polytechnic Institute and State University, or his designee, (iii) the president of James Madison University, or his designee, (iv) the president (or the designee of such president) of Virginia Commonwealth University, Christopher Newport University, the University of Mary Washington, Radford University, Virginia State University, Norfolk State University, Old Dominion University, George Mason University, or Longwood University, as appointed by the Governor, with appointments to this position rotated equally among such baccalaureate public institutions of higher education, (v) one citizen member who shall have substantial experience in research and development in the fields of pharmaceuticals, engineering, energy, or similar sciences, appointed by the Governor, (vi) a representative of a nonprofit, public benefit research institute that has entered into a Memorandum of Agreement with the Commonwealth, (vii) the Secretary of Commerce and Trade, or his designee, (viii) the Secretary of Administration, or his designee, and (ix) a representative of a local government that has concluded a Memorandum of Agreement with such research institute. Citizen members appointed by the Governor shall serve for four-year terms, but no citizen member shall serve for more than two full successive terms. A vacancy for a citizen member shall be filled by the Governor for the unexpired term.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":215582,"text":"The Board is authorized to make grant payments only to those nonprofit, public benefit research institutes described in subsection A that have entered into a Memorandum of Agreement (MOA) with the Commonwealth. The MOA shall, at a minimum, (i) require the research institute to perform research, development, and commercialization activities that improve society and facilitate economic growth; (ii) require research to be conducted collaboratively with Virginia public and private institutions and that such collaborative research benefit the capabilities, facilities, and staff of all organizations involved; (iii) require the research institute to develop protocols for the commercialization efforts of the institute, including protocols addressing intellectual property rights; (iv) require the Board to evaluate fulfillment of key milestones for the research institute, which shall include but not be limited to milestones relating to job creation, research institute reinvestment goals, research proposals submissions, and royalties, and to annually evaluate the Commonwealth’s investment in the research institute by reporting on the institute’s progress in meeting such milestones; and (v) establish relationships and expectations between the research institutes and public institutions of higher education in the Commonwealth, including opportunities for principal investigators to serve as adjunct faculty and the creation of internships for students and postdoctoral appointees.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":215583,"text":"The maximum amount of grants awarded by the Board shall not exceed a total of $22 million per recipient through June 30, 2013.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":215584,"text":"The Board of any nonprofit, nonstock corporation created under this section shall be established in the executive branch of state government. The records of the corporation, its Board members, and employees that are deemed confidential or proprietary shall be exempt from disclosure pursuant to subdivision 3 of § 2.2-3705.6 of the Virginia Freedom of Information Act (§ 2.2-3700 et seq.).","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":14474,"edition_id":1,"name":"Virginia Economic Development Partnership Authority","identifier":"4","label":"article","depth":5,"order_by":1,"parent_id":13344,"metadata":{},"date_created":"2026-06-26 03:48:15","date_modified":"2026-06-26 03:48:15","permalink":{"id":174259,"object_type":"structure","relational_id":14474,"identifier":"4","token":"2.2\/I\/D\/22\/4","url":"\/2.2\/I\/D\/22\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13344,"edition_id":1,"name":"Authorities","identifier":"22","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:44:41","date_modified":"2026-06-26 03:44:41","permalink":{"id":173945,"object_type":"structure","relational_id":13344,"identifier":"22","token":"2.2\/I\/D\/22","url":"\/2.2\/I\/D\/22\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":71466,"structure_id":14474,"section_number":"2.2-2234","catch_line":"Short title; declaration of public purpose; Authority created","url":"\/2.2-2234\/","token":"2.2\/I\/D\/22\/4\/2.2-2234","metadata":false},{"id":82244,"structure_id":14474,"section_number":"2.2-2235","catch_line":"Repealed","url":"\/2.2-2235\/","token":"2.2\/I\/D\/22\/4\/2.2-2235","metadata":false},{"id":57763,"structure_id":14474,"section_number":"2.2-2235.1","catch_line":"Board of directors; members and officers; Chief Executive Officer","url":"\/2.2-2235.1\/","token":"2.2\/I\/D\/22\/4\/2.2-2235.1","metadata":false},{"id":76103,"structure_id":14474,"section_number":"2.2-2236","catch_line":"Powers and duties of the Chief Executive Officer","url":"\/2.2-2236\/","token":"2.2\/I\/D\/22\/4\/2.2-2236","metadata":false},{"id":59928,"structure_id":14474,"section_number":"2.2-2236.1","catch_line":"Internal auditor; duties","url":"\/2.2-2236.1\/","token":"2.2\/I\/D\/22\/4\/2.2-2236.1","metadata":false},{"id":82287,"structure_id":14474,"section_number":"2.2-2237","catch_line":"Powers of Authority","url":"\/2.2-2237\/","token":"2.2\/I\/D\/22\/4\/2.2-2237","metadata":false},{"id":74531,"structure_id":14474,"section_number":"2.2-2237.1","catch_line":"Board of directors to develop strategic plan for economic development; marketing plan; operational plan; submission","url":"\/2.2-2237.1\/","token":"2.2\/I\/D\/22\/4\/2.2-2237.1","metadata":false},{"id":55858,"structure_id":14474,"section_number":"2.2-2237.2","catch_line":"Office of the Attorney General to provide instruction to Board","url":"\/2.2-2237.2\/","token":"2.2\/I\/D\/22\/4\/2.2-2237.2","metadata":false},{"id":57659,"structure_id":14474,"section_number":"2.2-2237.3","catch_line":"Division of Incentives","url":"\/2.2-2237.3\/","token":"2.2\/I\/D\/22\/4\/2.2-2237.3","metadata":false},{"id":80575,"structure_id":14474,"section_number":"2.2-2238","catch_line":"Economic development services","url":"\/2.2-2238\/","token":"2.2\/I\/D\/22\/4\/2.2-2238","metadata":false},{"id":59231,"structure_id":14474,"section_number":"2.2-2238.1","catch_line":"Repealed","url":"\/2.2-2238.1\/","token":"2.2\/I\/D\/22\/4\/2.2-2238.1","metadata":false},{"id":68142,"structure_id":14474,"section_number":"2.2-2239","catch_line":"Planning and research","url":"\/2.2-2239\/","token":"2.2\/I\/D\/22\/4\/2.2-2239","metadata":false},{"id":81200,"structure_id":14474,"section_number":"2.2-2239.1","catch_line":"Advisory Committee on Business Development and Marketing","url":"\/2.2-2239.1\/","token":"2.2\/I\/D\/22\/4\/2.2-2239.1","metadata":false},{"id":85170,"structure_id":14474,"section_number":"2.2-2239.2","catch_line":"Advisory Committee on International Trade","url":"\/2.2-2239.2\/","token":"2.2\/I\/D\/22\/4\/2.2-2239.2","metadata":false},{"id":73328,"structure_id":14474,"section_number":"2.2-2240","catch_line":"Nonstock corporation to assist economic development","url":"\/2.2-2240\/","token":"2.2\/I\/D\/22\/4\/2.2-2240","metadata":false},{"id":58846,"structure_id":14474,"section_number":"2.2-2240.1","catch_line":"Grants paid to the Authority to promote research, development, and commercialization of products","url":"\/2.2-2240.1\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.1","metadata":false},{"id":84186,"structure_id":14474,"section_number":"2.2-2240.2","catch_line":"Repealed","url":"\/2.2-2240.2\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.2","metadata":false},{"id":61025,"structure_id":14474,"section_number":"2.2-2240.2:1","catch_line":"Virginia Business Ready Sites Program Fund","url":"\/2.2-2240.2_1\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.2_1","metadata":false},{"id":67862,"structure_id":14474,"section_number":"2.2-2240.2:2","catch_line":"(Expires June 30, 2028) Virginia Business Ready Expedited Permitting Program","url":"\/2.2-2240.2_2\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.2_2","metadata":false},{"id":70905,"structure_id":14474,"section_number":"2.2-2240.3","catch_line":"Definitions; Virginia Jobs Investment Program and Fund; composition; general qualifications","url":"\/2.2-2240.3\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.3","metadata":false},{"id":60629,"structure_id":14474,"section_number":"2.2-2240.4","catch_line":"Virginia New Jobs Program","url":"\/2.2-2240.4\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.4","metadata":false},{"id":76902,"structure_id":14474,"section_number":"2.2-2240.5","catch_line":"Workforce Retraining Program","url":"\/2.2-2240.5\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.5","metadata":false},{"id":76617,"structure_id":14474,"section_number":"2.2-2240.6","catch_line":"Small Business New Jobs and Retraining Programs","url":"\/2.2-2240.6\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.6","metadata":false},{"id":68073,"structure_id":14474,"section_number":"2.2-2241","catch_line":"Moneys of Authority","url":"\/2.2-2241\/","token":"2.2\/I\/D\/22\/4\/2.2-2241","metadata":false},{"id":67421,"structure_id":14474,"section_number":"2.2-2242","catch_line":"Forms of accounts and records","url":"\/2.2-2242\/","token":"2.2\/I\/D\/22\/4\/2.2-2242","metadata":false},{"id":57058,"structure_id":14474,"section_number":"2.2-2243","catch_line":"Exemptions from taxes or assessments","url":"\/2.2-2243\/","token":"2.2\/I\/D\/22\/4\/2.2-2243","metadata":false},{"id":65043,"structure_id":14474,"section_number":"2.2-2244","catch_line":"Exemption of Authority from personnel and procurement procedures; adoption of procurement policies","url":"\/2.2-2244\/","token":"2.2\/I\/D\/22\/4\/2.2-2244","metadata":false},{"id":78223,"structure_id":14474,"section_number":"2.2-2245","catch_line":"Appropriations by any government","url":"\/2.2-2245\/","token":"2.2\/I\/D\/22\/4\/2.2-2245","metadata":false},{"id":80171,"structure_id":14474,"section_number":"2.2-2246","catch_line":"Conveyance, lease or transfer of property by a city or county to the Authority","url":"\/2.2-2246\/","token":"2.2\/I\/D\/22\/4\/2.2-2246","metadata":false}],"previous_section":{"id":73328,"structure_id":14474,"section_number":"2.2-2240","catch_line":"Nonstock corporation to assist economic development","url":"\/2.2-2240\/","token":"2.2\/I\/D\/22\/4\/2.2-2240","metadata":false},"next_section":{"id":84186,"structure_id":14474,"section_number":"2.2-2240.2","catch_line":"Repealed","url":"\/2.2-2240.2\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.2","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2240.1\/","history_text":"

This law was first created in 2007. The record of its establishment is cataloged in chapter 693<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2020, chapter 738<\/a>.<\/p>","references":[{"id":63830,"section_number":"11-7.1","catch_line":"Certain entities' authority to extend performance agreements","order_by":null,"url":"\/11-7.1\/"}],"refers_to":[{"id":73328,"section_number":"2.2-2240","catch_line":"Nonstock corporation to assist economic development","order_by":null,"url":"\/2.2-2240\/"},{"id":55569,"section_number":"2.2-3700","catch_line":"Short title; policy","order_by":null,"url":"\/2.2-3700\/"},{"id":59772,"section_number":"2.2-3705.6","catch_line":"Exclusions to application of chapter; proprietary records and trade secrets","order_by":null,"url":"\/2.2-3705.6\/"}],"permalink":{"id":174321,"object_type":"law","relational_id":58846,"identifier":"2.2-2240.1","token":"2.2\/I\/D\/22\/4\/2.2-2240.1","url":"\/2.2-2240.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2240.1\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.1","dublin_core":{"Title":"Grants paid to the Authority to promote research, development, and commercialization of products","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2240.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The General Assembly may appropriate grants to the Authority<\/span> for use by a nonprofit, public benefit research institute that (i) conducts research and development for government agencies, commercial businesses, foundations, and other organizations and (ii) commercializes technology. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Authority<\/span> is hereby authorized to create a nonprofit, nonstock corporation to receive such grants and to oversee the administration of the payment of the grants. As a condition to the payment of any grants to the Authority<\/span> under this section, the General Assembly may require that such nonprofit, nonstock corporation be created. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Notwithstanding the provisions of § 2.2-2240<\/a>, the Board<\/span> of Directors of the nonprofit, nonstock corporation shall consist of nine voting members as follows: (i) the president of the University of Virginia, or his designee, (ii) the president of Virginia Polytechnic Institute and State<\/span> University, or his designee, (iii) the president of James Madison University, or his designee, (iv) the president (or the designee of such president) of Virginia Commonwealth<\/span> University, Christopher Newport University, the University of Mary Washington, Radford University, Virginia State<\/span> University, Norfolk State<\/span> University, Old Dominion University, George Mason University, or Longwood University, as appointed by the Governor, with appointments to this position rotated equally among such baccalaureate public institutions of higher education, (v) one citizen member who shall have substantial experience in research and development in the fields of pharmaceuticals, engineering, energy, or similar sciences, appointed by the Governor, (vi) a representative of a nonprofit, public benefit research institute that has entered into a Memorandum<\/span> of Agreement with the Commonwealth<\/span>, (vii) the Secretary of Commerce and Trade, or his designee, (viii) the Secretary of Administration, or his designee, and (ix) a representative of a local government that has concluded a Memorandum<\/span> of Agreement with such research institute. Citizen members appointed by the Governor shall serve for four-year terms, but no citizen member shall serve for more than two full successive terms. A vacancy for a citizen member shall be filled by the Governor for the unexpired term. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The Board<\/span> is authorized to make grant payments only to those nonprofit, public benefit research institutes described in subsection A that have entered into a Memorandum<\/span> of Agreement (MOA) with the Commonwealth<\/span>. The MOA shall, at a minimum, (i) require the research institute to perform research, development, and commercialization activities that improve society and facilitate economic growth; (ii) require research to be conducted collaboratively with Virginia public and private institutions and that such collaborative research benefit the capabilities, facilities, and staff of all organizations involved; (iii) require the research institute to develop protocols for the commercialization efforts of the institute, including protocols addressing intellectual property rights; (iv) require the Board<\/span> to evaluate fulfillment of key milestones for the research institute, which shall include but not be limited to milestones relating to job creation, research institute reinvestment goals, research proposals submissions, and royalties, and to annually evaluate the Commonwealth<\/span>’s investment in the research institute by reporting on the institute’s progress in meeting such milestones; and (v) establish relationships and expectations between the research institutes and public institutions of higher education in the Commonwealth<\/span>, including opportunities for principal investigators to serve as adjunct faculty and the creation of internships for students and postdoctoral appointees. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The maximum amount of grants awarded by the Board<\/span> shall not exceed a total of $22 million per recipient through June 30, 2013. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The Board<\/span> of any nonprofit, nonstock corporation created under this section shall be established in the executive branch of state<\/span> government. The records of the corporation, its Board<\/span> members, and employees that are deemed confidential or proprietary shall be exempt from disclosure pursuant to subdivision 3 of § 2.2-3705.6<\/a> of the Virginia Freedom of Information Act (§ 2.2-3700<\/a> et seq.). <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nGRANTS PAID TO THE AUTHORITY TO PROMOTE RESEARCH, DEVELOPMENT, AND\nCOMMERCIALIZATION OF PRODUCTS (\u00a7 2.2-2240.1)\n\nA. The General Assembly may appropriate grants to the Authority for use by a\nnonprofit, public benefit research institute that (i) conducts research and\ndevelopment for government agencies, commercial businesses, foundations, and\nother organizations and (ii) commercializes technology.\n\nB. The Authority is hereby authorized to create a nonprofit, nonstock\ncorporation to receive such grants and to oversee the administration of the\npayment of the grants. As a condition to the payment of any grants to the\nAuthority under this section, the General Assembly may require that such\nnonprofit, nonstock corporation be created.\n\nC. Notwithstanding the provisions of § 2.2-2240, the Board of Directors of\nthe nonprofit, nonstock corporation shall consist of nine voting members as\nfollows: (i) the president of the University of Virginia, or his designee, (ii)\nthe president of Virginia Polytechnic Institute and State University, or his\ndesignee, (iii) the president of James Madison University, or his designee, (iv)\nthe president (or the designee of such president) of Virginia Commonwealth\nUniversity, Christopher Newport University, the University of Mary Washington,\nRadford University, Virginia State University, Norfolk State University, Old\nDominion University, George Mason University, or Longwood University, as\nappointed by the Governor, with appointments to this position rotated equally\namong such baccalaureate public institutions of higher education, (v) one\ncitizen member who shall have substantial experience in research and development\nin the fields of pharmaceuticals, engineering, energy, or similar sciences,\nappointed by the Governor, (vi) a representative of a nonprofit, public benefit\nresearch institute that has entered into a Memorandum of Agreement with the\nCommonwealth, (vii) the Secretary of Commerce and Trade, or his designee, (viii)\nthe Secretary of Administration, or his designee, and (ix) a representative of a\nlocal government that has concluded a Memorandum of Agreement with such research\ninstitute. Citizen members appointed by the Governor shall serve for four-year\nterms, but no citizen member shall serve for more than two full successive\nterms. A vacancy for a citizen member shall be filled by the Governor for the\nunexpired term.\n\nD. The Board is authorized to make grant payments only to those nonprofit,\npublic benefit research institutes described in subsection A that have entered\ninto a Memorandum of Agreement (MOA) with the Commonwealth. The MOA shall, at a\nminimum, (i) require the research institute to perform research, development,\nand commercialization activities that improve society and facilitate economic\ngrowth; (ii) require research to be conducted collaboratively with Virginia\npublic and private institutions and that such collaborative research benefit the\ncapabilities, facilities, and staff of all organizations involved; (iii) require\nthe research institute to develop protocols for the commercialization efforts of\nthe institute, including protocols addressing intellectual property rights; (iv)\nrequire the Board to evaluate fulfillment of key milestones for the research\ninstitute, which shall include but not be limited to milestones relating to job\ncreation, research institute reinvestment goals, research proposals submissions,\nand royalties, and to annually evaluate the Commonwealth’s investment in\nthe research institute by reporting on the institute’s progress in meeting\nsuch milestones; and (v) establish relationships and expectations between the\nresearch institutes and public institutions of higher education in the\nCommonwealth, including opportunities for principal investigators to serve as\nadjunct faculty and the creation of internships for students and postdoctoral\nappointees.\n\nE. The maximum amount of grants awarded by the Board shall not exceed a total of\n$22 million per recipient through June 30, 2013.\n\nF. The Board of any nonprofit, nonstock corporation created under this section\nshall be established in the executive branch of state government. The records of\nthe corporation, its Board members, and employees that are deemed confidential\nor proprietary shall be exempt from disclosure pursuant to subdivision 3 of\n§ 2.2-3705.6 of the Virginia Freedom of Information Act (§ 2.2-3700 et\nseq.).\n\nHISTORY: 2007, c. 693; 2020, c. 738.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}