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| | SB3568 Engrossed | | LRB100 20414 AXK 35742 b |
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| 1 | | AN ACT concerning 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 100 as follows:
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| 6 | | (110 ILCS 305/100 new) |
| 7 | | Sec. 100. 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 | | Trustee's 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 for in the Limited Liability Company Act.
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