(a)  There is hereby authorized, created and established a public corporation having a legal existence distinct from the state and not constituting a department of state government, to be known as the university of Rhode Island research foundation, with such powers as are set forth in this chapter, for the purposes of the development of scientific research, technology, commercialization of intellectual property and such other purposes as may be necessary to develop, promote and enhance scientific research and technology at the university of Rhode Island.

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(b)  The research foundation is authorized, created and established for the benefit of the university of Rhode Island and shall be organized exclusively for charitable, educational and scientific purposes of the university of Rhode Island within the meaning of § 501(c)(3) of the Internal Revenue Code with the following powers and purposes:

(1)  To aid and assist the university of Rhode Island in the establishment, development and fostering of scientific research and technology which will further the learning opportunities, programs, services and enterprises of the university and of the state of Rhode Island;

(2)  To assist in providing research programs at the university of Rhode Island which will provide for the advancement of education and educational programs at the university of Rhode Island and which will provide for opportunities to individuals for learning and training in subjects useful to the individual and beneficial to the community;

(3)  To promote, encourage and foster the education and training services, scientific investigations, technology development and technology commercialization at the university of Rhode Island;

(4)  To pursue, obtain and protect intellectual property rights (including patents, trademarks, tangible materials and copyrights) in and to all valuable intellectual property flowing from or belonging to the university of Rhode Island and to administer such intellectual property in conformity with applicable state and federal laws;

(5)  To carry on any other lawful purpose within the meaning of § 501(c)(3) of the Internal Revenue Code in connection with its purposes.

(c)  The research foundation and its corporate existence shall continue until terminated by law or until the corporation shall cease entirely and continuously to conduct or be involved in any business or transactions in furtherance of its purposes. Upon termination of the research foundation and its corporate existence, all of its rights, assets and properties shall pass to and be vested in the board of trustees for the benefit of the university of Rhode Island.