The bill amends existing West Virginia law regarding agreements between state institutions of higher education and nonprofit corporations, specifically focusing on economic development and intercollegiate athletics. It introduces a new section, 18B-12-11, which allows state higher education institutions to enter into agreements with nonprofit organizations that are established for the sole purpose of economic development and job creation. The bill emphasizes the importance of these agreements in fostering economic growth and enhancing the competitive nature of intercollegiate athletics.

Key provisions of the new section include the ability for governing boards of higher education institutions to form contractual relationships with qualifying nonprofit corporations, with specific exemptions from certain existing legal provisions. Notably, the bill allows the president of the institution and their appointees to serve as voting corporate directors of these nonprofits, and it exempts the meetings of these directors from public meeting requirements. Additionally, the assets of the nonprofit corporations and the agreements made with them are not subject to certain existing regulations, thereby streamlining the process for economic development initiatives within the state's higher education system.

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