West Virginia Code 18B-12-3 – Boards authorized to contract with corporations; characteristics of corporations
Each governing board for a state institution of higher education is hereby authorized to enter into agreements and any other contractual relationships with one or more corporations formed with respect to such state institution of higher education, but only if each such corporation meets the following descriptions:
Terms Used In West Virginia Code 18B-12-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporate directors: means the board of directors of a corporation. See West Virginia Code 18B-12-1
- Corporation: means a nonstock, not-for-profit corporation established under the general corporation laws of the state which meets the description presented by section three of this article. See West Virginia Code 18B-12-1
- 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.
- 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
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- State institution of higher education: means any university, college, or community and technical college under the jurisdiction of a governing board as that term is defined in this section. See West Virginia Code 18B-1-2
(1) The president and the president's appointees from the institution shall constitute a majority of the voting corporate directors.
(2) The corporation must be organized as 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, to foster and support research at the respective state institution of higher education and to provide evaluation, development, patenting, management and marketing services for inventions of the faculty, staff and students of such state institution of higher education.
(3) The meetings of the corporate directors shall be subject to the provisions of section three, article nine-a, chapter six of this code.
(4) Upon dissolution of the corporation, the assets of the corporation shall be transferred to such entity as the appropriate governing board shall designate for the benefit of the state institution of higher education: Provided, That such recipient shall be an organization operated exclusively for charitable, educational or scientific purposes as shall at such time qualify as an exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986, as amended.