Bill Text: IL SB3005 | 2019-2020 | 101st General Assembly | Introduced

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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.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3005 Detail]

Download: Illinois-2019-SB3005-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB3005 Introduced 2/4/2020, 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.
LRB101 17678 CMG 67105 b
A BILL FOR
SB3005 LRB101 17678 CMG 67105 b
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.