The bill amends and reenacts sections of the Code of West Virginia related to agreements between institutions of higher education and private corporations aimed at enhancing operational, economic, fiscal, and educational development activities, particularly in intercollegiate athletics. It authorizes state institutions to contract with private corporations for these purposes, allowing for the transfer of real and personal property to qualifying entities. The bill also clarifies that the activities of these private corporations are exempt from certain state requirements and procedures, thereby streamlining the process for institutions to engage in research and development and athletic programs.

Additionally, the bill repeals a previous section (18B-12-10) concerning the assignment or transfer of property to certain corporations, indicating a shift in how such transactions are managed. It establishes that the governing boards of state institutions can delegate responsibilities and rights to these corporations, which must be organized as nonprofit entities under the Internal Revenue Code. The legislation aims to foster collaboration between educational institutions and private entities to enhance the competitive nature of higher education and intercollegiate athletics in West Virginia.

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