The bill amends and reenacts sections 18B-12-2, 18B-12-3, and 18B-12-4 of the Code of West Virginia, while repealing section 18B-12-10. It authorizes institutions of higher education to enter into agreements with private corporations to conduct operational, economic, fiscal, and educational development activities related to intercollegiate athletics. The legislation emphasizes the importance of enhancing research and development opportunities at state institutions and allows for the transfer of real and personal property to qualifying private corporations. Additionally, it clarifies that the activities of these corporations are exempt from certain state requirements and procedures.

Key provisions include the stipulation that the majority of voting corporate directors for these private corporations must be employees of the institution or its affiliates, and that the corporations must operate as nonprofit entities under the Internal Revenue Code. The bill also outlines the responsibilities of these corporations, including serving as fiscal agents for sponsored projects and managing intellectual property developed by faculty, staff, and students. The repeal of section 18B-12-10 removes previous restrictions on the assignment or transfer of property to these corporations, thereby streamlining the process for institutions to collaborate with private entities for the benefit of their athletic programs and research initiatives.

Statutes affected:
Introduced Version: 18B-12-2, 18B-12-3, 18B-12-4, 18B-12-10
Committee Substitute: 18B-12-2, 18B-12-3, 18B-12-4, 18B-12-10
Engrossed Committee Substitute: 18B-12-2, 18B-12-3, 18B-12-4, 18B-12-10
Enrolled Committee Substitute: 18B-12-2, 18B-12-3, 18B-12-4, 18B-12-10