101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB1308

 

Introduced 2/7/2019, by Sen. Chapin Rose

 

SYNOPSIS AS INTRODUCED:
 
110 ILCS 305/105 new

    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.


LRB101 06905 AXK 51937 b

 

 

A BILL FOR

 

SB1308LRB101 06905 AXK 51937 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The University of Illinois Act is amended by
5adding Section 105 as follows:
 
6    (110 ILCS 305/105 new)
7    Sec. 105. Licensing of intellectual property.
8Notwithstanding any other provisions of law, the University may
9form one or more limited liability companies to own any current
10or future intellectual property attributable to the University
11pursuant to the Limited Liability Company Act. The University
12shall maintain at least a 51% ownership interest in any limited
13liability company formed under this Section. Private interests
14may maintain up to a 49% interest in any limited liability
15company formed under this Section. Any intellectual property
16held by a limited liability company may, in the Board of
17Trustees' discretion, be held as a tenancy in common with all
18entities that hold an ownership interest in the limited
19liability company. A limited liability company shall pay
20distributions to the non-University ownership interests as
21provided in the Limited Liability Company Act.