Bill Text: IL SB3005 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Amends the University of Illinois Act. Provides that notwithstanding any other provisions of law, the University may form one or more limited liability companies to own any current or future intellectual property attributable to the University pursuant to the Limited Liability Company Act. Requires the University to maintain a 51% ownership interest in any limited liability company formed. Allows the intellectual property to be held as a tenancy in common with all entities that hold an ownership interest in the company. Requires the payment of distributions.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2021-01-13 - Session Sine Die [SB3005 Detail]
Download: Illinois-2019-SB3005-Introduced.html
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1 | AN ACT concerning higher education.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The University of Illinois Act is amended by | |||||||||||||||||||
5 | adding Section 120 as follows:
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6 | (110 ILCS 305/120 new) | |||||||||||||||||||
7 | Sec. 120. Licensing of intellectual property. | |||||||||||||||||||
8 | Notwithstanding any other provisions of law, the University may | |||||||||||||||||||
9 | form one or more limited liability companies to own any current | |||||||||||||||||||
10 | or future intellectual property attributable to the University | |||||||||||||||||||
11 | pursuant to the Limited Liability Company Act. The University | |||||||||||||||||||
12 | shall maintain at least a 51% ownership interest in any limited | |||||||||||||||||||
13 | liability company formed under this Section. Private interests | |||||||||||||||||||
14 | may maintain up to a 49% interest in any limited liability | |||||||||||||||||||
15 | company formed under this Section. Any intellectual property | |||||||||||||||||||
16 | held by a limited liability company may, in the Board of | |||||||||||||||||||
17 | Trustees' discretion, be held as a tenancy in common with all | |||||||||||||||||||
18 | entities that hold an ownership interest in the limited | |||||||||||||||||||
19 | liability company. A limited liability company shall pay | |||||||||||||||||||
20 | distributions to the non-University ownership interests as | |||||||||||||||||||
21 | provided in the Limited Liability Company Act.
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