A. Notwithstanding the provisions of Section 9 [53-7B-9 N.M. Stat. Ann.] of the New Mexico Research Applications Act, Section 10-16-7, 13-1-190, 21-1-17 or 21-1-35 N.M. Stat. Ann. or of any other statute, ordinance or policy regulating the conduct of public employees, an officer or employee of a university who is principally involved in research, public service, economic development or instruction may, subject to Subsection B of this section, apply to the secretary of economic development for permission to establish and maintain a substantial interest in a private entity that provides or receives equipment, material, supplies or services in connection with the research applications center in order to facilitate the transfer of technology developed by the officer or employee from the research applications center to commercial and industrial enterprises for economic development.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

B. The secretary of economic development may grant the permission only if all of the following conditions are met:

(1)     the employer of the officer or employee certifies to the secretary that the employer does not object to the proposed relationship;

(2)     the officer or employee provides a detailed description of the officer’s or employee’s interest in the private entity;

(3)     the nature of the proposed undertaking is fully described;

(4)     the officer or employee demonstrates, to the satisfaction of the secretary, that the proposed undertaking may benefit the economy of this state;

(5)     the officer or employee demonstrates to the satisfaction of the secretary that the proposed undertaking will not adversely affect research, public service or instructional activities at any educational institution; and

(6)     the officer’s or employee’s interest in the private entity or benefit from the interest will not adversely affect any substantial state interest.

C. An officer or employee of a university who is principally involved in research, public service, economic development or instruction may develop, create or commercialize new intellectual property for the state and encourage new opportunities for business and increased jobs. Intellectual property created by an employee or agent of a university associated with the research applications center shall be owned by the university. Intellectual property created jointly shall be owned jointly. If the intellectual property is created using federal funds, the applicable federal laws and regulations shall govern the ownership.

D. The board may establish policies for the implementation of this section.