SB3005 101ST GENERAL ASSEMBLY

LRB101 17678 CMG 67105 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3005

Introduced 2/5/2020, by Sen. Chapin Rose

SYNOPSIS AS INTRODUCED:

110 ILCS 305/120 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.

A BILL FOR

AN ACT concerning higher education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The University of Illinois Act is amended by adding Section 120 as follows:

(110 ILCS 305/120 new)

Sec. 120. 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 Trustees' 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 in the Limited Liability Company Act.