West Virginia Code 18B-12A-3 – Establishment of centers for economic development and technology advancement; doctoral institutions authorized to enter into agreements
There is authorized the establishment of independent entities to be known as centers for economic development and technology advancement. Each center shall be formed with respect to a specific doctoral institution and each center shall meet the following conditions:
Terms Used In West Virginia Code 18B-12A-3
- Center: means a center for economic development and technology advancement created pursuant to section three of this article. See West Virginia Code 18B-12A-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Doctoral institution: means a state institution of higher education as defined in subsection (d), section one, article eight of this chapter. See West Virginia Code 18B-12A-2
- Governing body: means the governing body of a center created pursuant to the provisions of this article. See West Virginia Code 18B-12A-2
- Laws of the state: includes the Constitution of the State of West Virginia and the Constitution of the United States, and treaties and laws made in pursuance thereof. See West Virginia Code 2-2-10
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- President: means the chief executive officer of a center employed pursuant to section five of this article. See West Virginia Code 18B-12A-2
(1) Representatives from private sector business and industry constitute a majority of the voting members of the governing body of each center;
(2) The president of the appropriate doctoral institution or a senior member of the doctoral institution's administrative staff is a member of the appropriate governing body.
(3) Each center shall be organized as one of the following:
(A) A nonprofit, nonstock corporation under the general corporation laws of the state exclusively for charitable, educational or scientific purposes within the meaning of section 501(c) of the Internal Revenue Code of 1986, as amended; or
(B) A corporation, partnership, limited partnership, limited liability company or other form of entity authorized to be formed under this code.