1. (a) A grant or loan awarded under this part is contingent on the recipient:

   1. (1) submitting to the Commission approval from an institutional review board; and

   2. (2) entering into a memorandum of understanding with the Corporation that:

      1. (i) establishes the scope of the State's ownership or other financial interest in the commercialization and other benefits of the results, products, inventions, and discoveries of State-funded stem cell research; and
      2. (ii) to the extent consistent with federal and State law, reflects the intellectual property policies of the institution.
2. (b) A recipient shall submit the approval required under subsection (a)(1) of this section within 6 months after the award of the grant or loan.

3. (c) The Corporation may not disburse grant or loan money to a recipient until:

   1. (1) the recipient has obtained the approval required under subsection (a)(1) of this section; and
   2. (2) the recipient and the Corporation have entered into the memorandum of understanding required under subsection (a)(2) of this section.

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008. Amended by Acts 2020, c. 580, § 1, eff. Oct. 1, 2020.