The bill amends and reenacts sections 18B-12-1 and 18B-12-2 of the Code of West Virginia, while also adding a new section, 18B-12-11. This new section allows state higher education institutions to enter into agreements with nonprofit organizations specifically for economic development and job creation. The bill defines terms related to these agreements and clarifies the legislative findings and purpose, emphasizing the importance of research and development in enhancing the economic welfare of the state.

Key provisions include the exemption of these nonprofit corporations from certain requirements outlined in sections 18B-12-3 and 18B-12-4, designating them as the economic development entities for the institutions, and allowing for contractual arrangements between the parties involved. The bill aims to streamline the process for higher education institutions to collaborate with nonprofit organizations to foster economic growth and job opportunities in West Virginia.

Statutes affected:
Introduced Version: 18B-12-1, 18B-12-2, 18B-12-11
Committee Substitute: 18B-12-1, 18B-12-2, 18B-12-11