Texas Education Code - Section 51.912. Equity Ownership; Business Participation
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Texas Lawyer > Education Code > Texas Education Code - Section 51.912. Equity Ownership; Business Participation
§ 51.912. EQUITY OWNERSHIP; BUSINESS PARTICIPATION. (a)
It is not a violation of Chapter 572, Government Code, or any other
statute, rule, regulation, or the common law of the State of Texas
for:
(1) an employee of a university system or an
institution of higher education as defined in Section 61.003 of
this code, who conceives, creates, discovers, invents, or develops
intellectual property, to own or to be awarded any amount of equity
interest or participation in, or, if approved by the institutional
governing board, to serve as a member of the board of directors or
other governing board or an officer or an employee of, a business
entity that has an agreement with the state or a political
subdivision of the state relating to the research, development,
licensing, or exploitation of that intellectual property; or
(2) an individual, at the request and on behalf of a
university system or an institution of higher education as defined
in Section 61.003 of this code, to serve as a member of the board of
directors or other governing board of a business entity that has an
agreement with the state or a political subdivision of the state
relating to the research, development, licensing, or exploitation
of intellectual property in which the university system or
institution of higher education has an ownership interest.
(b) An employee or individual covered by Subsection (a) of
this section must report to the appropriate person or persons at the
system or institution at which the person is employed or on behalf
of which the person is serving the name of such business entity in
which the person has an interest or for which the person serves as a
director, officer, or employee.
(c) The governing board of each system and institution shall
include in the appropriate annual report required by Section 51.005
the information that is provided to it under Subsection (b) of this
section during the preceding fiscal year.
Added by Acts 1987, 70th Leg., ch. 845, § 2, eff. Aug. 31, 1987.
Amended by Acts 1995, 74th Leg., ch. 76, § 5.95(38), eff. Sept.
1, 1995; Acts 1995, 74th Leg., ch. 823, § 5, eff. Aug. 28, 1995.
Section: 51.906 51.908 51.909 51.9095 51.910 51.911 51.9111 51.912 51.913 51.914 51.915 51.916 51.917 51.918 51.919
Last modified: August 10, 2007
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