|SB3568 Engrossed||LRB100 20414 AXK 35742 b|
AN ACT concerning education.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The University of Illinois Act is amended by
adding Section 100 as follows:
(110 ILCS 305/100 new)
Licensing of intellectual property.
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. The University
shall maintain at least a 51% ownership interest in any limited
liability company formed under this Section. Private interests
may maintain up to a 49% interest in any limited liability
company formed under this Section. Any intellectual property
held by a limited liability company may, in the Board of
Trustee's discretion, be held as a tenancy-in-common with all
entities that hold an ownership interest in the limited
liability company. A limited liability company shall pay
distributions to the non-University ownership interests as
provided for in the Limited Liability Company Act.