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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of public institutions of higher |
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education to make certain investments to support technology |
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commercialization. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 153.006(a), Education Code, is amended |
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to read as follows: |
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(a) In order to carry out the purposes of this chapter and to |
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support the activities of centers described in this chapter, to the |
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extent authorized by its governing board, an institution of higher |
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education may: |
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(1) enter into agreements establishing royalties, |
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fees, and other consideration for technology developed in whole or |
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part by the institution [it]; |
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(2) accept equity interests in, convertible |
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promissory debt instruments issued by, or a combination of equity |
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interests in and convertible promissory debt instruments issued by |
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organizations that license, manage, or otherwise administer rights |
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to technology belonging to the institution [it] or under its |
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control in exchange for such rights, in whole or in part; |
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(3) accept equity interests in, convertible |
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promissory debt instruments issued by, or a combination of equity |
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interests in and convertible promissory debt instruments issued by |
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organizations that license or otherwise have rights in the |
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institution's [its] technology as consideration for its providing |
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monetary, business, scientific, or engineering services or |
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technical assistance; |
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(4) use income from the commercialization of |
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technology to fund the activities of the center; |
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(5) solicit, accept, and administer gifts, grants, and |
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donations; |
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(6) enter into contracts for legal services with a |
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competent lawyer or law firm to: |
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(A) prepare, file, pursue, and maintain patent |
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applications in the United States or foreign jurisdictions; |
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(B) secure copyright protection for computer |
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software; |
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(C) prepare, file, and pursue trademark and |
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service mark applications; |
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(D) pursue litigation to prevent or stop |
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infringement of any intellectual property rights of the |
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institution; or |
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(E) handle any other legal matter related to the |
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operation and activities of the center; and |
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(7) enter into such other business arrangements as may |
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be appropriate for achieving the purposes of this chapter. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2013. |
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