§ 16-32.1-2 - Creation and powers.
SECTION 16-32.1-2
§ 16-32.1-2 Creation and powers. –(a) There is hereby authorized, created and established a public corporationhaving a legal existence distinct from the state and not constituting adepartment of state government, to be known as the University of Rhode IslandResearch Foundation, with such powers as are set forth in this chapter, for thepurposes of the development of scientific research, technology,commercialization of intellectual property and such other purposes as may benecessary to develop, promote and enhance scientific research and technology atthe University of Rhode Island.
(b) The research foundation is authorized, created andestablished for the benefit of the University of Rhode Island and shall beorganized exclusively for charitable, educational and scientific purposes ofthe University of Rhode Island within the meaning of § 501(c)(3) of theInternal Revenue Code with the following powers and purposes:
(1) To aid and assist the University of Rhode Island in theestablishment, development and fostering of scientific research and technologywhich will further the learning opportunities, programs, services andenterprises of the University and of the state of Rhode Island;
(2) To assist in providing research programs at theUniversity of Rhode Island which will provide for the advancement of educationand educational programs at the University of Rhode Island and which willprovide for opportunities to individuals for learning and training in subjectsuseful to the individual and beneficial to the community;
(3) To promote, encourage and foster the education andtraining services, scientific investigations, technology development andtechnology commercialization at the University of Rhode Island;
(4) To pursue, obtain and protect intellectual propertyrights (including patents, trademarks, tangible materials and copyrights) inand to all valuable intellectual property flowing from or belonging to theUniversity of Rhode Island and to administer such intellectual property inconformity with applicable state and federal laws;
(5) To carry on any other lawful purpose within the meaningof § 501(c)(3) of the Internal Revenue Code in connection with itspurposes.
(c) The research foundation and its corporate existence shallcontinue until terminated by law or until the corporation shall cease entirelyand continuously to conduct or be involved in any business or transactions infurtherance of its purposes. Upon termination of the research foundation andits corporate existence, all of its rights, assets and properties shall pass toand be vested in the board of governors for higher education for the benefit ofthe University of Rhode Island.