Bill Text: IL SB3568 | 2017-2018 | 100th General Assembly | Engrossed


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 State 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 a company. Requires the payment of distributions.

Spectrum: Bipartisan Bill

Status: (Engrossed) 2018-05-31 - Rule 19(a) / Re-referred to Rules Committee [SB3568 Detail]

Download: Illinois-2017-SB3568-Engrossed.html



SB3568 EngrossedLRB100 20414 AXK 35742 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 100 as follows:
6 (110 ILCS 305/100 new)
7 Sec. 100. 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
17Trustee's 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 for in the Limited Liability Company Act.
feedback