(a) In order to carry out the purposes of this chapter and to support the activities of centers described in this chapter, to the extent authorized by its governing board, an institution of higher education may:
(1) enter into agreements establishing royalties, fees, and other consideration for technology developed in whole or part by the institution;
(2) accept equity interests in, convertible promissory debt instruments issued by, or a combination of equity interests in and convertible promissory debt instruments issued by organizations that license, manage, or otherwise administer rights to technology belonging to the institution or under its control in exchange for such rights, in whole or in part;
(3) accept equity interests in, convertible promissory debt instruments issued by, or a combination of equity interests in and convertible promissory debt instruments issued by organizations that license or otherwise have rights in the institution’s technology as consideration for its providing monetary, business, scientific, or engineering services or technical assistance;
(4) use income from the commercialization of technology to fund the activities of the center;
(5) solicit, accept, and administer gifts, grants, and donations;
(6) enter into contracts for legal services with a competent lawyer or law firm to:
(A) prepare, file, pursue, and maintain patent applications in the United States or foreign jurisdictions;
(B) secure copyright protection for computer software;
(C) prepare, file, and pursue trademark and service mark applications;
(D) pursue litigation to prevent or stop infringement of any intellectual property rights of the institution; or
(E) handle any other legal matter related to the operation and activities of the center; and
(7) enter into such other business arrangements as may be appropriate for achieving the purposes of this chapter.
(b) The fees or other compensation paid in connection with a legal services contract authorized by Subsection (a) may be paid on a contingency fee basis, at an hourly rate, or on another basis the governing board of the institution considers appropriate.