The bill amends existing West Virginia law regarding agreements between state institutions of higher education and nonprofit organizations, 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 nonstock, not-for-profit corporations 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 operational success of intercollegiate athletics programs.

Key provisions of the new section include the ability for governing boards of higher education institutions to negotiate terms with these corporations, the option for institutional presidents to serve as corporate directors, and exemptions from certain existing legal provisions that typically govern state institutions. This legislative change aims to streamline the process of collaboration between higher education and nonprofit entities, ultimately benefiting the state's economy and the competitive landscape of its athletic programs.

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