                                 CODE OF VIRGINIA

GRANTS PAID TO THE AUTHORITY TO PROMOTE RESEARCH, DEVELOPMENT, AND
COMMERCIALIZATION OF PRODUCTS (§ 2.2-2240.1)

A. 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.

B. 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.

C. Notwithstanding the provisions of &#xA7; 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. 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&#8217;s investment in
the research institute by reporting on the institute&#8217;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. The maximum amount of grants awarded by the Board shall not exceed a total of
$22 million per recipient through June 30, 2013.

F. 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
&#xA7; 2.2-3705.6 of the Virginia Freedom of Information Act (&#xA7; 2.2-3700 et
seq.).

HISTORY: 2007, c. 693; 2020, c. 738.