CODE OF VIRGINIA

(REPEALED EFFECTIVE OCTOBER 1, 2016) AUTHORIZATION TO TRANSFER INTEREST;
GOVERNOR’S APPROVAL REQUIRED UNDER CERTAIN CIRCUMSTANCES (§ 23-4.4)

A. The boards of visitors, the State Board for Community Colleges, or their
designees are authorized to assign any interest they possess in intellectual
property or in materials in which the institution claims an interest, provided
such assignment is in accordance with the terms of the institution’s
intellectual property policies adopted pursuant to subsection A of § 23-4.3.
However, the Governor’s prior written approval shall be required for
transfers of such property developed wholly or predominately through the use of
state general funds, exclusive of capital assets, and either (i) such property
was developed by an employee of the institution acting within the scope of his
assigned duties, or (ii) such property is to be transferred to an entity other
than the Innovation and Entrepreneurship Investment Authority, an entity whose
purpose is to manage intellectual properties on behalf of nonprofit
organizations, colleges and universities, or an entity whose purpose is to
benefit the respective institutions. The Governor may attach conditions to these
transfers as he deems necessary. In the event the Governor does not approve such
transfer, the materials shall remain the property of the respective institutions
and may be used and developed in any manner permitted by law.

B. The president of each state-supported institution of higher education,
including the chancellor of the Virginia Community College System, shall,
beginning with fiscal year 2016, include in its six-year plan adopted pursuant
to § 23-38.87:17 the following for the most recently ended fiscal year: (i) the
assignment during the year of any intellectual property interests to a person or
nongovernmental entity by the institution, any foundation supporting the
intellectual property research performed by the institution, or any entity
affiliated with the institution; (ii) the value of externally sponsored research
funds received during the year from a person or nongovernmental entity by the
institution, any foundation supporting the intellectual property research
performed by the institution, or any entity affiliated with the institution; and
(iii) the number and types of patents awarded during the year to the
institution, any foundation supporting the intellectual property research funded
by the institution, or any entity affiliated with the institution that were
developed in whole or part from externally sponsored research provided by a
person or nongovernmental entity. The plan shall report separate aggregate data
on (a) those persons or nongovernmental entities that have a principal place of
business in Virginia as reflected in the assignment agreement or awarding
documents and (b) those persons or nongovernmental entities that do not have a
principal place of business in Virginia as reflected in the assignment agreement
or awarding documents.

HISTORY: 1986, c. 358; 2003, c. 708; 2006, cc. 77, 899; 2009, cc. 325, 810;
2015, cc. 579, 580.