Sec. 10a-98a. (Formerly Sec. 10-115c). Establishment and management of foundation.
Sec. 10a-98a. (Formerly Sec. 10-115c). Establishment and management of
foundation. The board is authorized to establish and manage the foundation as provided
herein. The foundation may, subject to direction, regulation and authorization or ratification by the board: (1) Receive, solicit, contract for and collect, and hold in separate
custody for purposes herein expressed or implied, endowments, donations, compensation and reimbursement, in the form of money paid or promised, services, materials,
equipment or any other things tangible or intangible that may be acceptable to the foundation; (2) disburse funds acquired by the foundation from any source, for purposes of
instruction, research, invention, discovery, development or engineering, for the dissemination of information related to such activities, and for other purposes approved by the
board and consistent with sections 10a-98 to 10a-98g, inclusive; (3) file and prosecute
patent applications and obtain patents, relating to inventions or discoveries which the
Connecticut State University System may be justly entitled to own or control, wholly
or partly, under circumstances hereinafter defined; and receive and hold in separate
custody, assignments, grants, licenses and other rights in respect to such inventions,
discoveries, patent applications and patents; (4) make assignments, grants, licenses or
other disposal, equitably in the public interest, of any rights owned, acquired or controlled by the foundation, in or to inventions, discoveries, patent applications and patents;
and to charge therefor and collect, and to incorporate in funds in the custody of the
foundation, reasonable compensation in such form and measure as the board authorizes
or ratifies; and (5) execute contracts with employees or others for the purpose of carrying
out the provisions of sections 10a-98 to 10a-98g, inclusive. All property and rights
of every character, tangible and intangible, placed in the custody of the foundation in
accordance with said sections shall be held by the foundation in trust for the uses of the
Connecticut State University System. The entire beneficial ownership thereof shall vest
in said university and the board shall exercise complete control thereof.
(P.A. 79-202, S. 2; P.A. 82-218, S. 39, 46; P.A. 91-256, S. 56, 69.)
History: P.A. 82-218 replaced "state colleges" with "Connecticut State University" pursuant to reorganization of higher
education system, effective March 1, 1983; Sec. 10-115c transferred to Sec. 10a-98a in 1983; P.A. 91-256 made a technical change.
See Sec. 4-73a re determination of actual rate for fringe benefits for funds of the constituent units of the state system
of higher education.